Question

Newly formed S&J Iron Corporation has 63,000 shares of $5 par common stock authorized. On March 1, 2018, S&J Iron issued 9,500 shares of the stock for $11 per share. On May 2, the company issued an additional 20,000 shares for $20 per share. S&J Iron was not affected by other events during 2018. Required: a. Record the transactions in a horizontal statements model. In the Cash Flow column, indi cate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, 2018, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, 2018, balance sheet? Complete this question by entering your answers in the tabs below. Req A Req 8 to E b. Determine the amount S&J Iron would report for common stock on the December 31, 2018, balance sheet. c. Determine the amount S8U Tron would report for paid-in capital in excess of par d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, 2018, balance sheet? Show less A b. Common stock c. Paid-in capital in excess of par d. Total paid-in capital e. Total assets e Req A

Answer 1

DE G H I J K L M N O P Cash Flow Income Statement Revenue - Expense = Net Income Event Balance Sheet = Liabilities + Stockholders' Equity + Common Stock + PIC in Excess 47,500 + 57,000 100.000 + 300.000 147.500 + 357.000 Assets Cash 104,500 400.000 504,500 1-Mar 2-May| Balance + + 104,500 FAL 400.000 FAN 504,500 +

b. Common stock	147,500
c. Paid in capital in excess of par	357,000
d. Total paid in capital	504,500
e. Total assets	504,500