Homework Answers
| Date | Account Title & explanations | Debit | Credit |
| 1-Feb | Land | 128000 | |
| 10% Preferred stock(2200*50) | 110000 | ||
| Paid-in-capital in excess of Par-Preferred stock(128000-110000) | 18000 | ||
| 1-Mar | Cash(1200*70) | 84000 | |
| 10% Preferred stock(1200*50) | 60000 | ||
| Paid-in-capital in excess of Par-Preferred stock(84000-60000) | 24000 | ||
| 1-Jul | Cash(15000*8) | 120000 | |
| Common stock(15000*5) | 75000 | ||
| Paid-in-capital in excess of Par-Common stock(120000-75000) | 45000 | ||
| 1-Sep | Patent | 28000 | |
| 10% Preferred stock(450*50) | 22500 | ||
| Paid-in-capital in excess of Par-Preferred stock(28000-22500) | 5500 | ||
| 1-Dec | Cash(8000*8.50) | 68000 | |
| Common stock(8000*5) | 40000 | ||
| Paid-in-capital in excess of Par-Common stock(68000-40000) | 28000 | ||
| 31-Dec | Income summary | 259000 | |
| Retained Earnings | 259000 | ||
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Problem 13-04A a-c (Part Level submission) twdeo Concord Corporation is authorized to issue 25,000 shares of...
Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 shares...
Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 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 (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $525,000 73,500 342,500 700,000 310,000 (b) Enter the beginning balances in the...
Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 shares...
Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 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 (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $525,000 73,500 342,500 700,000 310,000 During 2020, the following transactions occurred. Feb....
Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and...
Concord Corporation is authorized to issue 23,500 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 (10,500 shares) $525,000 Paid-in Capital in Excess of Par—Preferred Stock 68,500 Common Stock (63,500 shares) 317,500 Paid-in Capital in Excess of Par—Common Stock 750,000 Retained Earnings 330,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,000 shares of preferred stock for...
Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of...
Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 82,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,850 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares...
I need help with part C. Thank you Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation...
I need help with part C. Thank you
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares or 896, $100 par value preferred stock, and 464,000 shares or no-par common stock with a stated value or $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares...
Sunland Company was organized on January 1, 2020. It is authorized to issue 14,000 shares of...
Sunland Company was organized on January 1, 2020. It is
authorized to issue 14,000 shares of 8%, $100 par value preferred
stock, and 550,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year:
Jan. 10
Issued 80,500 shares of common stock for cash at $6 per
share.
Mar. 1
Issued 4,400 shares of preferred stock for cash at $105 per
share.
Apr. 1
Issued 24,500 shares...
ONLY PART C Problem 14-02A a-c (Part Level Submission) The post-closing trial balance of Sheridan Corporation...
ONLY PART C
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Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is...
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Blue Spruce Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares...
Blue Spruce Corporation was organized on January 1, 2020. It is
authorized to issue 12,000 shares of 8%, $100 par value preferred
stock, and 462,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year.
Jan.
10
Issued 77,000 shares of common stock for cash at $6 per
share.
Mar.
1
Issued 5,500 shares of preferred stock for cash at $110 per
share.
Apr.
1
Issued 25,000...
Problem 11-06A a-b (Part Level Submission) whispering Winds Corp. has been authorized to issue 20,000 shares...
Problem 11-06A a-b (Part Level Submission) whispering Winds Corp. has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,120,000 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. $125,000 19,000 1,120,000 1,660,000 Preferred Stock Paid-in Capital in Excess of Par- Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock...
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Problem 13-04A a-c (Part Level Submission) (Video) Whispering Winds Corporation is authorized to issue 22,500 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 (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (68,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $525,000 73,500 342,500 700,000 310,000 During 2020, the following transactions occurred. Feb....
Concord Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 82,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,850 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares...
I need help with part C. Thank you
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares or 896, $100 par value preferred stock, and 464,000 shares or no-par common stock with a stated value or $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares...
Sunland Company was organized on January 1, 2020. It is
authorized to issue 14,000 shares of 8%, $100 par value preferred
stock, and 550,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year:
Jan. 10
Issued 80,500 shares of common stock for cash at $6 per
share.
Mar. 1
Issued 4,400 shares of preferred stock for cash at $105 per
share.
Apr. 1
Issued 24,500 shares...
ONLY PART C
Problem 14-02A a-c (Part Level Submission) The post-closing trial balance of Sheridan Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (16,000 shares issued) Common Stock (259,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $800,000 2,590,000 259,000 410,000 259,000 921,900 A review of the accounting records reveals the following. 2. No errors have been made in recording 2020...
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per...
Blue Spruce Corporation was organized on January 1, 2020. It is
authorized to issue 12,000 shares of 8%, $100 par value preferred
stock, and 462,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year.
Jan.
10
Issued 77,000 shares of common stock for cash at $6 per
share.
Mar.
1
Issued 5,500 shares of preferred stock for cash at $110 per
share.
Apr.
1
Issued 25,000...
Problem 11-06A a-b (Part Level Submission) whispering Winds Corp. has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,120,000 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. $125,000 19,000 1,120,000 1,660,000 Preferred Stock Paid-in Capital in Excess of Par- Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock...
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