Journal entries | |||
particulars | debit | credit | |
cash (4600*4*36) | 662400 | ||
common stock | 662400 | ||
cash (5600*36) | 201600 | ||
common stock | 201600 | ||
cash (7600*24) | 182400 | ||
preferred stock | 76000 | ||
additional paid in capital preferred stock | 106400 | ||
2) | |||
Balance sheet (partial) | |||
stockholders equity | |||
Contributed capital | |||
common stock | 864000 | ||
preferred stock | 76000 | ||
additional paid in capital preferred stock | 106500 | ||
Total contributed capital | 1046500 | ||
retained earning | 32000 | ||
total stockholders equity | 1078500 |
Ava School of Learning obtained a charter at the start of the year that authorized 50,000...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock. par value $10. During the year, the following selected transactions occurred: a. Collected $36 cash per share from four individuals and issued 4,600 shares of common stock to each Issued 5.600 shares of common stock to an outside investor at $36 cash per share. cIssued 7.600 shares of preferred stock at $24 cash...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $40 cash per share from four individuals and issued 5,000 shares of common stock to each. b. Issued 6,000 shares of common stock to an outside investor at $40 cash per share. c. Issued 8,000 shares of preferred stock at...
Ava School of Learning obtained a charter at the start of the year that authorized 50.000 shares of no-par common stock and 20,000 shs of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $40 cash per share from four individuals and issued 5,000 shares of common stock to each. b. Issued 6,000 shares of common stock to an outside investor at $40 cash per share. c. Issued 8,000 shares of preferred stock at...
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $37 cash per share from four individuals and issued 4,700 shares of common stock to each. b. Issued 5,700 shares of common stock to an outside investor at $37 cash per share. c. Issued 7,700 shares of preferred stock at...
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $13 per share, 12,900 shares authorized. During the year, the following selected transactions were completed: a. Sold and issued 6,500 shares of common stock for cash at $26 per share. b. Sold and issued 1,900 shares of common stock for cash at $31 per share. c. At year-end, the accounts reflected income of $8,000. No dividends were declared....
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $10 par value, 13,400 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $20 per share. b. Sold 2,800 shares of common stock for cash at $25 per share. C. At year-end, the accounts reflected income of $6,300. No dividends were declared. 2. Prepare the stockholders' equity section...
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 $441,000 cash and issued 21,000 shares of common stock. b. Issued 15,500 shares of preferred stock at $31 per share; collected in cash. Net income for the...
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 $400,000 cash and issued 20,000 shares of common stock. b. Issued 15,000 shares of preferred stock at $30 per share; collected in cash. Net income for the...
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the followin Common stock, $6 par value, 115,000 shares authorized Preferred stock, 7 percent, par value $10 per share, 4,900 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,700 shares of common stock at $20 cash per share. b. Sold and issued 1,300 shares of preferred stock at $24 cash...
United Resources Company obtained a charter from the state in January of this year. The charter authorized 214,000 shares of common stock with a par value of $2. During the year, the company earned $481,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 89,000 shares of the common stock in an initial public offering at $18 cash per share. b. Repurchased 30,000 shares of the previously issued shares at $21 cash per share....