prepare genral entries Wallings 12 - Saved L Review View Help Alternate Demo Problem Chapter 12...
Uzi Company received a charter granting the right to issue 200,000 shares of $2 par value common stock and 10,000 shares of 9% cumulative and nonparticipating, $50 par value preferred stock that is callable at $80 per share. Selected transactions are presented below. 2014 Feb. 19 Issued 45,000 shares of common stock at par for cash. 22 Gave the corporation’s promoters 30,000 shares of common stock for their services in getting the corporation organized. The directors valued the services at...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
Problem 12-8B Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec 31, 2020 = $754,500: 3. Equity, Dec 31, 2020 = $4,345,500 Pace Oil & Gas Corp. began operations in 2018. Its balance sheet reported the following components of equity on December 31, 2018. Pace Oil & Gas Corp. Equity Section of the Balance Sheet December 31, 2018 $ 780,000 Contributed capital: Preferred shares. $1.80 non-cumulative, unlimited shares authorized: 25.000...
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 $13.8 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020Jan.12Issued 40,200 common shares at $4.2 each.20Issued 8,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $30,000.31Issued 74,000 common...
1. Prepare journal entries to record the transactions and closings for 2020 (assume the retirements were the first ever recorded by Zen Aerospace). Assume share dividends and cash dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign....
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...
On January 5, 2020, Whispering Corporation received a charter granting the right to issue 5,300 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,000 shares of common stock at $17 per share. Feb. 1 Issued to Sanchez Corp. 4,400 shares of preferred stock for the following assets: equipment with a fair value of $47,300; a factory building with a fair...
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...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...