Question
In: Accounting
Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter...
Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $10 par value, 6 percent, 50,000 shares. During January and February, the following stock transactions were completed:
a. Collected $169,000 cash and issued 13,000 shares of common stock.
b. Issued 11,500 shares of preferred stock at $23 per share; collected in cash.
Net income for the year was $43,000; cash dividends declared and paid at year-end were $12,000.
Required: Prepare the stockholders’ equity section of the balance sheet at December 31.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Witt Corporation received its charter during January of this year. The charter authorized the following stock:...
Witt Corporation received its charter during January of this
year. The charter authorized the following stock: Preferred stock:
10 percent, $13 par value, 22,400 shares authorized Common stock:
$11 par value, 50,900 shares authorized During the year, the
following transactions occurred in the order given: a. Issued a
total of 39,000 shares of the common stock at $15 cash per share.
b. Sold 6,800 shares of the preferred stock at $19 cash per share.
c. Sold 4,100 shares of the...
Witt Corporation received its charter during January of this year. The charter authorized the following stock:...
Witt Corporation received its charter during January of this
year. The charter authorized the following stock: Preferred stock:
10 percent, $11 par value, 22,700 shares authorized Common stock:
$9 par value, 50,500 shares authorized During the year, the
following transactions occurred in the order given: a. Issued a
total of 39,800 shares of the common stock at $13 cash per share.
b. Sold 7,500 shares of the preferred stock at $17 cash per share.
c. Sold 3,300 shares of the...
Witt Corporation received its charter during January of this year. The charter authorized the following stock:...
Witt Corporation received its charter during January of this
year. The charter authorized the following stock:
Preferred stock: 10 percent, $11 par value, 21,900 shares
authorized
Common stock: $9 par value, 50,300 shares authorized
During the year, the following transactions occurred in the
order given:
Issued 38,200 shares of the common stock for $13 per
share.
Sold 6,900 shares of the preferred stock for $17 per
share.
Sold 3,600 shares of the common stock for $16 per share and
2,100...
Witt Corporation received its charter during January of this year. The charter authorized the following stock:...
Witt Corporation received its charter during January of this
year. The charter authorized the following stock:
Preferred stock: 10 percent, $13 par value, 22,400 shares
authorized
Common stock: $11 par value, 51,500 shares authorized
During the year, the following transactions occurred in the
order given:
Issued 38,300 shares of the common stock for $15 per
share.
Sold 5,900 shares of the preferred stock for $19 per
share.
Sold 3,100 shares of the common stock for $18 per share and
1,400...
Jack, a geologist, opened a business organized as a C corporation called Geo-Jack (GJ) in January...
Jack, a geologist, opened a business organized as a C
corporation called Geo-Jack (GJ) in January of this year. Jack
is the sole shareholder. Assume GJ reports on a calendar
year and uses the accrual method of accounting. For
each item below, indicate its effect on Jack’s taxable income and
you must clearly indicate whether it is positive or negative.
In January, GJ rented a small business office about 12 miles
from Jack’s home. GJ paid $14,000, which represented a...
ack, a geologist, opened a business organized as a C corporation called Geo-Jack (GJ) in January...
ack, a geologist, opened a business organized as a C corporation
called Geo-Jack (GJ) in January of this year. Jack is the sole
shareholder. Assume GJ reports on a calendar year and uses the
accrual method of accounting. For each item below, indicate its
effect on Jack’s taxable income and you must clearly indicate
whether it is positive or negative. (0.5 points each, 4 points
total)
In January, GJ rented a small business office about 12 miles
from Jack’s home....
Jack, a geologist, opened a business organized as a C corporation called Geo-Jack (GJ) in January...
Jack, a geologist, opened a business organized as a C
corporation called Geo-Jack (GJ) in January of this year. Jack
is the sole shareholder. Assume GJ reports on a calendar
year and uses the accrual method of accounting. For
each item below, indicate its effect on Jack’s taxable income and
you must clearly indicate whether it is positive or negative.
In an attempt to get his name and new business recognized, GJ
paid $9,000 for a one-page ad in the...
A central air conditioning unit was installed on January 1, 2000at an initial cost of...
A central air conditioning unit was installed on January 1, 2000
at an initial cost of
P650,000 and was expected to have a salvage value of P50,000 after
a life of 7 years. a.
What amount of depreciation had accumulated in a
sum-of-the-years’-digit method at the
end of 2003? b. Using the declining balance method, determine the
depreciation charged
for 2004 and the book value at the end of 2004. c. If the equipment
was sold on Jan 1,
2005...
Here are the transactions of Rock Medical Company (a service company organized as a corporation), for...
Here are the transactions of Rock Medical Company (a service
company organized as a corporation), for the month of March. Record
the following transactions for Rock Medical Company. Mar 1 Jim Rock
invests $50,000 cash in exchange for common stock in Rock Medical
Company. 1 Takes out a $5,000, 30-day short term note payable with
an annual interest rate of 6%. 1 Purchases medical equipment on
account from JK Enterprises for $22,800. 3 Pays rent for office
space, $1,500 for...
Here are the transactions of Rock Medical Company (a service company organized as a corporation), for...
Here are the transactions of Rock Medical Company (a service
company organized as a corporation), for the month of March. Record
the following transactions for Rock Medical Company.
Mar 1 Jim Rock
invests $50,000 cash in exchange for common stock in
Rock Medical Company.
1
Takes out a $5,000, 30-day short term note
payable with an annual
interest rate of
6%.
1
Purchases medical equipment on account from JK
Enterprises
...
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