Shelby Corporation was organized in January to operate an air-conditioning sales and service business. The charter...
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...
Chapter 11 Chapter 11 Homework Saved Micros Update 13 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 0.55 points 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...
E11-4 Reporting the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-3, LO 11-4] 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 $169,000 cash and issued 13,000 shares of common stock. b. Issued...
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...
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....
Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock. $19 par value, 99,600 shares authorized Preferred stock, $43 par value, 8 percent, 59,300 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $38 cash per share. b. Sold 20,200 shares of...
Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $15 par value, 99,500 shares authorized Preferred stock, $49 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,800 shares of common stock at $30 cash per share. b. Sold 20,400 shares of...
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...
North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $i, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 39,000 shares of the common stock for $16 per share. b. Issued 12,000 shares of the preferred stock at $17 per share. c. Issued 2,900 shares of the common stock at $21...
Green Line Corporation was organized in January 2019. During 2019, Green Line engaged in the following stockholders' equity activities: Secured approval for a corporate charter that authorizes Green Line to sell 1,500,000, $2 par common shares and 200,000, $25 par preferred shares. Sold 120,000 of the common shares for $9 per share. Sold 65,000 of the preferred shares for $32 per share. Repurchased 15,000 shares of the common stock at a cost of $11 per share. Earned net income of...