Homework Answers
Journal entries
| Date | account and explanation | Debit | Credit |
| Mar 23 | Cash | 120000 | |
| Common Stock | 120000 | ||
| Apr 12 | Inventory | 60000 | |
| Equipment | 10000 | ||
| Common Stock | 610000 | ||
| Apr 17 | Cash (1500*11) | 16500 | |
| Preferred stock | 16500 | ||
Stockholder's equity
| Paid in Capital | |
| Common stock | 190000 |
| Preferred stock | 16500 |
| Total paid in capital | 206500 |
| Retained earnings | 65000 |
| Total Stockholder's equity | 271500 |
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Exercise 13-10 The articles of incorporation for Novak Technology Inc. authorize the issuance of 100,000 preferred...
The articles of incorporation for Plum Corp. authorize the company to issue 100,000 $5 preferred shares...
The articles of incorporation for Plum Corp. authorize the
company to issue 100,000 $5 preferred shares and 500,000 common
shares. During its first fiscal year of operations, Plum Corp.
completed the following selected transactions:
Required
Record the transactions in the general journal.
Prepare the shareholders’ equity section of the Plum Corp.
balance sheet at November 30, 2020.
hint 2 Issuing shares and preparing the shareholders’
equity section of the balance sheet
2. Total shareholders’ equity, $435,000
2019 Dec. 4 Issued...
Issuing shares and preparing the shareholders' equity section of the balance sheet Problem 13-3A Riverbend Inc....
Issuing shares and preparing the shareholders' equity section of the balance sheet Problem 13-3A Riverbend Inc. was organized in 2016. At December 31, 2016, Riverbend Inc.'s balance sheet reported the following shareholders' equity: Preferred shares, $4.00, 200,000 shares authorized, none issued $ 0 Common shares, 1,000,000 shares authorized, 150,000 shares issued and outstanding 225,000 Retained earnings (Deficit) (50,000) Total shareholders' equity $175,000 5. Total shareholders' equity, 5613,750 768 Part 3 Accounting for Partnerships and Corporate Transactions Required Answer the following...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.9 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,250 common shares at $5.3 each. 20 Issued 8,000 common shares to promoters who provided legal services that helped to establish the company. These services had a...
Borner Communications’ articles of incorporation authorized the issuance of 180 million common shares. The transactions described...
Borner Communications’ articles of incorporation authorized the issuance of 180 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders' Equity ($ in millions) Common stock, 165 million shares at $1 par 165 Paid-in capital—excess of par 495 Retained earnings 275 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for...
Borner Communications’ articles of incorporation authorized the issuance of 125 million common shares. The transactions described...
Borner Communications’ articles of incorporation authorized the issuance of 125 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders’ Equity ($ in millions) Common stock, 105 million shares at $1 par $ 105 Paid-in capital – excess of par 315 Retained earnings 295 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.1 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,350 common shares at $4.5 each. 20 Issued 5,000 common shares to promoters who provided legal services that helped to establish the company. These services had a...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of 160 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (s in millions) Common stock, 145 million shares at $1 par $145 Paid in capital - excess of par 435 Retained earnings 255 orded d ok Required: Assuming that Borner Communications retires shares it reacquires (restores their status...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
Below are several activities and events of Cumberland Corporation for its first year in business 2018:...
Below are several activities and events of Cumberland Corporation for its first year in business 2018: October 10 Filed Articles of Incorporation with the Secretary of State. The Articles authorize 10,000 shares of S1 par common stock and 1,000 shares of cumulative, 10%, $50 par value preferred stock. October 15 October 20 October 21 Required: 1. Issue 4,000 shares of common stock for $5 cash per share. Issue 200 shares of preferred stock for $12,000. Issued an additional 3,000 shares...
E13-24 Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet The...
E13-24 Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet The charter of Evergreen Corporation authorizes the issuance of 900 shares of preferred stock and 1,400 shares of common stock. During a two-month period, Evergreen completed these stock-issuance transactions: Mar. 23 Issued 230 shares of $3 par value common stock for cash of $15 per share. Apr. 12 Received inventory with a market value of $27,000 and equipment with a market value of $19,000 for...
The articles of incorporation for Plum Corp. authorize the
company to issue 100,000 $5 preferred shares and 500,000 common
shares. During its first fiscal year of operations, Plum Corp.
completed the following selected transactions:
Required
Record the transactions in the general journal.
Prepare the shareholders’ equity section of the Plum Corp.
balance sheet at November 30, 2020.
hint 2 Issuing shares and preparing the shareholders’
equity section of the balance sheet
2. Total shareholders’ equity, $435,000
2019 Dec. 4 Issued...
Issuing shares and preparing the shareholders' equity section of the balance sheet Problem 13-3A Riverbend Inc. was organized in 2016. At December 31, 2016, Riverbend Inc.'s balance sheet reported the following shareholders' equity: Preferred shares, $4.00, 200,000 shares authorized, none issued $ 0 Common shares, 1,000,000 shares authorized, 150,000 shares issued and outstanding 225,000 Retained earnings (Deficit) (50,000) Total shareholders' equity $175,000 5. Total shareholders' equity, 5613,750 768 Part 3 Accounting for Partnerships and Corporate Transactions Required Answer the following...
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.9 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,250 common shares at $5.3 each. 20 Issued 8,000 common shares to promoters who provided legal services that helped to establish the company. These services had a...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of 160 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (s in millions) Common stock, 145 million shares at $1 par $145 Paid in capital - excess of par 435 Retained earnings 255 orded d ok Required: Assuming that Borner Communications retires shares it reacquires (restores their status...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
Below are several activities and events of Cumberland Corporation for its first year in business 2018: October 10 Filed Articles of Incorporation with the Secretary of State. The Articles authorize 10,000 shares of S1 par common stock and 1,000 shares of cumulative, 10%, $50 par value preferred stock. October 15 October 20 October 21 Required: 1. Issue 4,000 shares of common stock for $5 cash per share. Issue 200 shares of preferred stock for $12,000. Issued an additional 3,000 shares...
E13-24 Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet The charter of Evergreen Corporation authorizes the issuance of 900 shares of preferred stock and 1,400 shares of common stock. During a two-month period, Evergreen completed these stock-issuance transactions: Mar. 23 Issued 230 shares of $3 par value common stock for cash of $15 per share. Apr. 12 Received inventory with a market value of $27,000 and equipment with a market value of $19,000 for...
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