Question

Workshop 5 Problems Student Q Search Sheet E 2 " A Z OBOU Home Insert Page Layout Formulas Data Review View , Calibri (Body) - 12 - A A B I U A E = 3 A12 x fx Kristof A B C D E F G H I J K 1 5.5 Accounting Equation & Stock Issue Points: 15 items @ 2 points - 30 points Wrap Text Merge & Center - General $ % Insert Delete Format ) . Conditional Format Cell Sort & Formatting as Table Styles : Filter L M N O P Q R S T U V W X Y 4 Directions: Complete the accounting equation and problems below based off the information and transactions provided 6 Background Information: Kristof was is newly formed, has 60,000 shares of $15 par common stock authorized March 1, 2018 Kristoff issued 7,000 shares of stock for $18 per share May 2, 2018 an additional 12,000 shares at $20 per share were issued Income Statement 11 Al Complete the accounting equation Kristof Accounting Equation Balance Sheet 15 Event Assets Liabilities Stockholders Equity 16 Cash + Common Sto. PIC in Excess 17 1-Mar $ 105,000 18 2 May $ 180,000 19 Total $ 285,000 Revenue - Expense - Net Income 21 22 23 a) Determine the amount Kristoff would report for common stock on December 31, 2018 b) Determine the amount Kristoff would report for paid-in capital in excess of par. c) What is the total amount of capital distributed by the owners? d) What amount of total assets would Kristoff report on the December 21,2018 balance sheet? 24 25 26 a 27 b) 28 c) 29 d) Common Stock Paid in Capital in excess of par Total Paid in Capital Total Assets Problem 5.1 Problem 5.2 Problem 5.3 Problem 5.4 Problem 5.5 Problem 5.6 + Ready A -- + 100%

Answer 1

• Requirements

Requirement A
Event	Cash	Liabilities	Common Stock	PIC in Excess	Revenues	Expenses	Net Income
Mar-01	$126,000		$105,000	$21,000
May-02	$240,000		$180,000	$60,000
	$366,000	$0	$285,000	$81,000	$0	$0	$0

--Working

Requirement A
Event	Cash	Liabilities	Common Stock	PIC in Excess	Revenues	Expenses	Net Income
Mar-01	=7000*18		=7000*15	=126000-105000
May-02	=12000*20		=12000*15	=240000-180000

• Other requirements

b.	Common Stock	$285,000
c.	Paid in Capital in Excess of Par	$81,000
d.	Total Paid in Capital	$366,000
e.	Total Assets	$366,000