Homework Answers
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr 1 | Cash (51,100*14) | 715,400 | |
| Common stock (51,100*7) | 357,700 | ||
| Paid in capital in excess of par - Common | 357,700 | ||
| Apr 1 | Cash (1200*3) | 3600 | |
| Preferred stock | 1200 | ||
| Paid in capital in excess of par - Preferred | 2400 | ||
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Blue Spruce Corp. began operations on April 1 by issuing 51,100 shares of $7 par value...
Practice Do It! Review 2 Swifty Corporation began operations on April 1 by issuing 59,000 shares...
Practice Do It! Review 2 Swifty Corporation began operations on April 1 by issuing 59,000 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,400 shares of common stock to attorneys in settlement of their bill of $26,800 for organization costs. In addition, Swifty issued 1,100 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are...
Blue Spruce Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $49. D...
Blue Spruce Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $49. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 18,500 shares for cash at $59 per share. July 1 Issued 12,000 shares for cash at $63 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented...
Blue Spruce Corp. had the following transactions during the current period. Mar. 2 Issued 6,100 shares...
Blue Spruce Corp. had the following transactions during the current period. Mar. 2 Issued 6,100 shares of $5 par value common stock to attorneys in payment of a bill for $36,600 for services performed in helping the company to incorporate. June 12 Issued 57 500 shares of $5 par value common stock for cash of $359,375 July 11 Issued 1.200 shares of $100 par value preferred stock for cash at $10 per share. Nov. 28 Purchased 2,500 shares of treasury...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Problem 11-1A (Part Level Submission) Blue Spruce Corp. was organized on January 1, 2019. It is...
Problem 11-1A (Part Level Submission) Blue Spruce Corp. was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 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 4,400 shares of preferred stock for cash at $105 per...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
On January 1, 2020, the stockholders’ equity section of Blue Spruce Corporation shows common stock ($4...
On January 1, 2020, the stockholders’
equity section of Blue Spruce Corporation shows common stock ($4
par value) $1,200,000; paid-in capital in excess of par $1,030,000;
and retained earnings $1,190,000. During the year, the following
treasury stock transactions occurred.
Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions...
The stockholders' equity accounts of Blue Spruce Corp. on January 1.2022 were as follows. Preferred Stock...
The stockholders' equity accounts of Blue Spruce Corp. on January 1.2022 were as follows. Preferred Stock 17%. $100 par noncumulative, 3.500 shares authorized) Common Stock ($4 stated value. 210,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (3.500 common shares) $210.000 700,000 10.500 336,000 481.600 28.000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity, Feb. 1 Mar. 20 Oct...
Blue Spruce Corp. has the following transactions during August of the current year. Aug. 1 Issues...
Blue Spruce Corp. has the following transactions during August
of the current year.
Aug. 1
Issues shares of common stock to investors in exchange for
$10,170.
4
Pays insurance in advance for 3 months, $1,720.
16
Receives $710 from clients for services rendered.
27
Pays the secretary $740 salary.
Journalize the transactions. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered....
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...
Practice Do It! Review 2 Swifty Corporation began operations on April 1 by issuing 59,000 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,400 shares of common stock to attorneys in settlement of their bill of $26,800 for organization costs. In addition, Swifty issued 1,100 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are...
Blue Spruce Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $49. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 18,500 shares for cash at $59 per share. July 1 Issued 12,000 shares for cash at $63 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented...
Blue Spruce Corp. had the following transactions during the current period. Mar. 2 Issued 6,100 shares of $5 par value common stock to attorneys in payment of a bill for $36,600 for services performed in helping the company to incorporate. June 12 Issued 57 500 shares of $5 par value common stock for cash of $359,375 July 11 Issued 1.200 shares of $100 par value preferred stock for cash at $10 per share. Nov. 28 Purchased 2,500 shares of treasury...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Problem 11-1A (Part Level Submission) Blue Spruce Corp. was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 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 4,400 shares of preferred stock for cash at $105 per...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
On January 1, 2020, the stockholders’
equity section of Blue Spruce Corporation shows common stock ($4
par value) $1,200,000; paid-in capital in excess of par $1,030,000;
and retained earnings $1,190,000. During the year, the following
treasury stock transactions occurred.
Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions...
The stockholders' equity accounts of Blue Spruce Corp. on January 1.2022 were as follows. Preferred Stock 17%. $100 par noncumulative, 3.500 shares authorized) Common Stock ($4 stated value. 210,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (3.500 common shares) $210.000 700,000 10.500 336,000 481.600 28.000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity, Feb. 1 Mar. 20 Oct...
Blue Spruce Corp. has the following transactions during August
of the current year.
Aug. 1
Issues shares of common stock to investors in exchange for
$10,170.
4
Pays insurance in advance for 3 months, $1,720.
16
Receives $710 from clients for services rendered.
27
Pays the secretary $740 salary.
Journalize the transactions. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered....
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...
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