Problem 13-04A a-c (Part Level Submission) (Video) Monty Corporation is authorized to issue 20,000 shares of...

Problem 13-04A a-c (Part Level Submission) (Video)

Monty Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders’ equity balances.

Preferred Stock (12,000 shares)		$600,000
Paid-in Capital in Excess of Par—Preferred Stock		70,500
Common Stock (65,500 shares)		327,500
Paid-in Capital in Excess of Par—Common Stock		650,000
Retained Earnings		290,000

During 2020, the following transactions occurred.

Feb.	1	Issued 2,000 shares of preferred stock for land having a fair value of $121,000.
Mar.	1	Issued 1,200 shares of preferred stock for cash at $70 per share.
July	1	Issued 15,000 shares of common stock for cash at $7 per share.
Sept.	1	Issued 350 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable.
Dec.	1	Issued 8,000 shares of common stock for cash at $7.50 per share.
Dec.	31	Net income for the year was $258,000. No dividends were declared.

Solutions

Expert Solution

Note: You didnt' mentioned the Requirements properly. So, If you are in need of any further clarification, Press the like button and Mention it in the Comment Box. Thank You

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Problem 1-04A a-c (Part Level Submission) (Video) Maria Miller started her own consulting firm, Sheridan Consulting,...

Problem 1-04A a-c (Part Level Submission) (Video) Maria Miller started her own consulting firm, Sheridan Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie invested $7,500 cash in the business. 2 Paid $850 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $130 to advertise in the County News. 9 Received $4,400 cash for services performed. 12 Withdrew $1,200 cash for personal use. 15 Performed $5,600...

Problem 24-02A a-c (Video) (Part Level Submission) Blossom Corporation accumulates the following data relative to jobs...

Problem 24-02A a-c (Video) (Part Level Submission) Blossom Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.40 $2.25 Raw materials units 11,200 10,500 Direct labor payroll $171,350 $164,160 Direct labor hours 14,900 15,200 Manufacturing overhead incurred $214,552 Manufacturing overhead applied $216,752 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $65,250 Variable overhead rate per...

PUKALANI Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of...

PUKALANI Corporation was organized on January 1, 2018. It is authorized to issue 20,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year. Jan. 1 Issued 77,000 common shares for cash at $3 per share. Mar. 1 Issued 12,400 preferred shares for cash at $56 per share. May 1 Issued 123,000 common shares for cash at $5 per share. Sept. 1 Issued 4,500 common shares for cash...

Mendoza Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of...

Mendoza Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the fi rst year. Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000...

Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations...

Problem 12-02A a-c (Part Level Submission) (Video) At the end of its first year of operations on December 31, 2020, Sheridan Company’s accounts show the following. Partner Drawings Capital Art Niensted $23,400 $42,100 Greg Bolen 14,500 30,500 Krista Sayler 10,000 22,500 The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2020 has not been closed to the partners’ capital accounts. To record the division of net income for the year 2020 under each...

Problem 23-5A a, c (Video) (Part Level Submission) Sunland Company manufactures a variety of tools and...

Problem 23-5A a, c (Video) (Part Level Submission) Sunland Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for the year ended December 31, 2020, and relevant budget data are as follows. Actual Comparison with Budget Sales $1,401,000 $100,000 favorable Variable cost of goods sold 680,000 55,000 unfavorable Variable selling and administrative expenses 126,000 25,000 unfavorable Controllable fixed cost of goods sold...

Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017,...

Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017, Monty took part in the following selected transactions. 1. Issued 5,300 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $4,900. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 500 shares...

Problem 4-2A (Part Level Submission) The adjusted trial balance columns of the worksheet for Monty Company...

Problem 4-2A (Part Level Submission) The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,000 112 Accounts Receivable 10,800 126 Supplies 1,800 130 Prepaid Insurance 1,800 157 Equipment 27,400 158 Accumulated Depreciation—Equipment 5,200 200 Notes Payable 14,600 201 Accounts Payable 6,300 212 Salaries and Wages Payable 2,600 230 Interest Payable 500 311 Common Stock...

Monty Corp. was organized on January 1, 2017. It is authorized to issue 23,500 shares of...

Monty Corp. was organized on January 1, 2017. It is authorized to issue 23,500 shares of 6%, $53 par value preferred stock and 459,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,190 shares of preferred stock for cash at $54 per share. May 1 Issued 114,500 shares...

Problem 1: Pires corporation was organized on January 1, 2020. It is authorized to issue 20,000...

Problem 1: Pires corporation was organized on January 1, 2020. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,00 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued...

Subjects