1 | Note:- Format of Balance sheet was not given in question | ||
Particulars | Amount 2019 ($) | Amount 2018 ($) | |
Equity and Liabilities | |||
Common Stock | 720,000 | 720,000 | |
Less: Treasury Shares | - | (21,600) | |
5% Preferred Stock | 55,000 | 850,000 | |
Retained Earnings | 62,000 | 51,950 | |
Total Equity | 837,000 | 1,600,350 |
Sun Corporation | |||||
2 | |||||
Particulars | 31-Dec-18 | 31-Dec-19 | |||
Stockholder's Equity | |||||
Preferred Stock - Jan 12, 2018 | 50,000 | 50,000 | |||
Preferred Stock - March 3, 2019 | - | 750,000 | |||
Common Stock - Jan 5, 2018 | 60,000 | 60,000 | |||
Common Stock - Apr 5, 2018 | 300,000 | 300,000 | |||
Common Stock - May 5, 2019 | - | (9,000) | |||
Paid in Capital in excess of Par - Common (Jan 5, 2018) | 30,000 | 30,000 | |||
Paid in Capital in excess of Par - Common (Apr 5, 2018) | 330,000 | 330,000 | |||
Paid in Capital in excess of Par - Common (May 5, 2019) | - | (12,600) | |||
Paid in Capital in excess of Par - Preferred (Jan 12, 2018) | 5,000 | 5,000 | |||
Paid in Capital in excess of Par - Preferred (Mar 3, 2019) | - | 45,000 | |||
Total Paid in Capital | 775,000 | 1,548,400 | |||
Retained Earnings | |||||
Revenue | 150,000 | 210,000 | |||
Operating Expenses | (88,000) | (98,000) | |||
Dividend paid 15 Feb 2019 - Preferred (Since record date is in FY 2019, hence transaction is recorded in 2019) | - | (2,500) | |||
Dividend declared on 31 Dec 2019 - Preferred | - | (40,000) | |||
Dividend declared on 31 Dec 2019 - Common | - | (17,550) | |||
Total Retained Earnings | 62,000 | 51,950 | |||
Total Stockholder's equity | 837,000 | 1,600,350 |
12 Chapter 8 In-class Review Sun Corporation received a charter that authorized the issuance of 100,000...
Sun Corporation received a charter that authorized the issuance of 116,000 shares of $5 par common stock and 21,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 17,400 shares of the $5 par common stock for $7 per share. 12 Sold 2,100 shares of the 5 percent preferred stock for $110 per share. Apr. 5 Sold 23,200 shares of the $5 par...
Sun Corporation received a charter that outhorized the issuance of 94,000 shares of $3 par common stock and 21,000 shares of $75 par 4 percent cumulative preferred stock Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,100 shares of the $3 par common stock for $5 per share. 12 Sold 2,180 shares of the 4 percent preferred stock for $85 per share. Apr. 5 Sold 18,880 shares of the $3 par...
Sun Corporation received a charter that authorized the issuance of 104,000 shares of $4 par common stock and 19,000 shares of $75 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 15,600 shares of the $4 par common stock for $6 per share. 12 Sold 1,900 shares of the 5 percent preferred stock for $85 per share. Apr. 5 Sold 20,800 shares of the $4 par...
Sun Corporation received a charter that authorized the issuance of 103,000 shares of $6 par common stock and 19,000 shares of $125 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 15,450 shares of the $6 par common stock for $8 per share. 12 Sold 1,900 shares of the 4 percent preferred stock for $135 per share. Apr. 5 Sold 20,600 shares of the $6...
Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 Sun Corporation received a charter that authorized the issuance of 100,000 shares of $ 10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Jan.5 12 Apr. 5 2018 Sold 6,000 shares of the $10 par common stock for $15 per share. Sold...
Explain how you calculated Jan.12 please as well as fill in the following Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $5 par common stock and 19,000 shares of $125 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,700 shares of the $5 par common stock for $7 per...
Required information Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 105,000 shares of $7 par common stock and 22,000 shares of $125 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 15,750 shares of the $7...
i honeslty do not know what the questions is aski g me to do there i need help where its red! thank you Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 (The following information applies to the questions displayed below) Sun Corporation received a charter that authorized the issuance of 99,000 shares of $7 par common stock and 18.000 shares of $100 par, 5 percent cumulative preferred stock. Sun...
On January 5, 2017, Sheridan Corporation received a charter granting the right to issue 5,500 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,400 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 21,900 shares of common stock at $ 16 per share. Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair...
Explain how you solved 2019 Dec.31st Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $5 par common stock and 19,000 shares of $125 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,700 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the...