ZuoTi.Pro
Question

11. The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning...

11.

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:

Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000
Paid-In Capital in Excess of Par—Preferred Stock 165,220
Common Stock, $3 par (5,000,000 shares authorized, 1,690,000 shares issued) 5,070,000
Paid-In Capital in Excess of Par—Common Stock 1,014,000
Retained Earnings 30,836,000

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

Jan. 5 Issued 454,700 shares of common stock at $8, receiving cash.
Feb. 10 Issued 11,800 shares of preferred 1% stock at $61.
Mar. 19 Purchased 46,500 shares of treasury stock for $8 per share.
May 16 Sold 20,700 shares of treasury stock for $10 per share.
Aug. 25 Sold 5,700 shares of treasury stock for $7 per share.
Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock.
31 Paid the cash dividends.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Journal Entries
Date Accounting titles & Explanations Debit Credit
5-Jan Cash   (454700*8) 3637600
Common stock (454700*3) 1364100
Paid in capital in excess of par- CS (454700*5)) 2273500
10-Feb Cash (11800*61) 719800
Preferred stock (11800*50) 590000
Paid in capital in excess of par -PS (11800*11) 129800
19-Mar Treasury stock 372000
Cash (46,500*8) 372000
16-May Cash (20700*10) 207000
Treasury stock (20700*8) 165600
Paid in capital in excess of par -TS (20700*2) 41400
25-Aug Cash (5700*7) 39900
Paid in capital in excess of par-TS   5,700
Treasury stock (5700*8) 45600
6-Dec Cash dividend 328,500
Dividends payable 328,500
(preferred (75100+11800)*0.50- 43450
(Common (2,124,600*.1)- 212460
total 255910
31-Dec Dividends payable 328,500
cash 328,500
common shares outstanding on the date of dividend
beg,.bal 1,690,000
issued 454,700
Treasury -46,500
reissued 20,700
reissued 5,700
End bal 2,124,600
0 0
Add a comment
Know the answer?
Add Answer to:
11. The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...

    The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) $3,980,000 Paid-In Capital in Excess of Par—Preferred Stock 159,200 Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000 Paid-In Capital in Excess of Par—Common Stock 1,215,500 Retained Earnings 31,497,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as...

  • following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the...

    following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) $4,095,000 Paid-In Capital in Excess of Par—Preferred Stock 155,610 Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) 5,340,000 Paid-In Capital in Excess of Par—Common Stock 1,602,000 Retained Earnings 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Jan....

  • Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...

    Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $125 par (70,000 shares authorized, 35,000 shares issued) $4,375,000 Paid-In Capital in Excess of Par—Preferred Stock 700,000 Common Stock, $25 par (800,000 shares authorized, 320,000 shares issued) 8,000,000 Paid-In Capital in Excess of Par—Common Stock 1,040,000 Retained Earnings 29,924,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are...

  • The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...

    The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $4,095,000 Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) Paid-In Capital in Excess of Par–Common Stock Retained Earnings 155,610 5,340,000 1,602,000 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:...

  • The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of...

    The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000 Paid-In Capital in Excess of Par—Preferred Stock 165,220 Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) 6,060,000 Paid-In Capital in Excess of Par—Common Stock 1,212,000 Retained Earnings 35,446,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as...

  • Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of Parks Construction...

    Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year Preferred 1% Stock, 350 par (100.000 shares authorized, 79,600 shares issued) Paid-In Capital in Excess of ParPreferred Stock Common Stock, 53 par (5,000 000 shares authorized. 1.870.000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $3,980,000 159,200 5,610 000 1.215,500 31,497,000 During the year, the corporation completed a number of transactions affecting the...

  • Selected Stock Transactions A Corporation sells and services pipe welding equipment. The following selected accounts appear...

    Selected Stock Transactions A Corporation sells and services pipe welding equipment. The following selected accounts appear in the ledger of the corporation at the beginning of the current year: Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par—Preferred Stock 300,000 Common Stock, $15 par (800,000 shares authorized, 260,000 shares issued) 3,900,000 Paid-In Capital in Excess of Par—Common Stock 510,000 Retained Earnings 15,285,000 During the year, the corporation completed a number of...

  • ... Daley Welding Corporation sells and services pipe welding equipment in Illinois. The following selected accounts...

    ... Daley Welding Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Daley Welding Corporation on May 1, 2012, the beginning of the current fiscal year: Preferred 2% Stock, $40 par (50,000 shares authorized, 40,000 shares issued) .... ..... $ 1,600,000 Paid-In Capital in Excess of Par-Preferred Stock 240,000 Common Stock, $8 par (1,000,000 shares authorized, 750,000 shares issued)... 6,000,000 Paid-In Capital in Excess of Par--Common Stock ........ 2,500,000 Retained Earnings...

  • The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June...

    The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $702,000 Paid-In Capital from Sale of Treasury Stock 28,800 Paid-In Capital in Excess of Par—Common Stock 18,720 Retained Earnings 1,102,000 Treasury Stock 14,535 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of The stock outstanding when a corporation has issued only...

  • E14-11 The following accounts appear in the ledger of Horner Inc, after the books are Prepare...

    E14-11 The following accounts appear in the ledger of Horner Inc, after the books are Prepare a stockholder qit dased at December 31. Common Stock, no par, $1 stated value, 400,000 shares authorized; section LO 3), AP 300,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Valu Preferred Stock, $5 par value, 896, 40,000 shares authorized; $ 300,000 30,000 1,200,000 ommon Stoc 30,000 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT