North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8...

Question

Question

North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent,

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

NORTH WIND AVIATION
Balance Sheet (Partial)
At December 31
Stockholders' Equity
Contributed Capital:
Preferred Stock, authorized 20,000 shares, $10 Par, 13,200 (12,000+1,200) shares outstanding (13,200 * $10)	$132,000
Paid-in Capital in Excess of Preferred Stock ($17 - $10 = $7 * 13,200)	$92,400
Common Stock, authorized 50,000 shares, $1 par, 41,900 shares (39,000 + 2,900) outstanding (41,900*$1)	$41,900
Paid-in Capital in Excess of Common Stock [($16-$1 = $15 * 39,000) + ($21 - $10 = $11 * 2,900)]	$616,900
Total Stockholders' Equity	$883,200

Add a comment

Answer 2

Similar Homework Help Questions

North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8...

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 $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 40,000 shares of the common stock for $15 per share b. Issued 10,000 shares of the preferred stock at $16 per share. c. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of...
North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8...

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 $1, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 49,000 shares of the common stock for $11 per share. Issued 10,000 shares of the preferred stock at $12 per share. Issued 3,900 shares of the common stock at $16 per share and...
E11-3 Preparing the Stockholders' Equity Section of the Balance Sheet (LO 11-2, LO 11-4) North Wind...

E11-3 Preparing the Stockholders' Equity Section of the Balance Sheet (LO 11-2, LO 11-4) 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 $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 45,000 shares of the common stock for $20 per share. b. Issued 12,000 shares of the preferred stock...

Can someone please help explain how to solve this problem and find the numbers. Thank you....

Can someone please help explain how to solve this problem and find the numbers. Thank you. E11-3 Preparing the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-4] 25 pints 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 $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of...
Tandy Company was issued a charter by the state of Indiana on January 15 of this...

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...
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...

Green Line Corporation was organized in January 2019. During 2019, Green Line engaged in the following...

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...
E11-3 (Algo) Determining the Effects of the issuance of common and Preferred Stock LO11-1, 11-3, 11-7,...

E11-3 (Algo) Determining the Effects of the issuance of common and Preferred Stock LO11-1, 11-3, 11-7, 11-8 Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock. $6 par value, 120,000 shares authorized Preferred stock, 6 percent, par value $6 per share, 5.100 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,100 shares of common stock...
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 $400,000 cash and issued 20,000 shares of common stock. b. Issued 15,000 shares of preferred stock at $30 per share; collected in cash. Net income for the...

Carson Corporation has the following capital stock outstanding at December 31, 2019: 9% Preferred stock, $100...

Carson Corporation has the following capital stock outstanding at December 31, 2019: 9% Preferred stock, $100 par value, cumulative 15,000 shares issued and outstanding $1,500,000 Common stock, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding $3,500,000 The preferred stock was issued at $110 per share. The common stock was issued at $16 per share. Instructions Prepare the paid-in capital section of the balance sheet at December 31, 2019. Carson Corporation Balance Sheet (partial) As of...

North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8...

Homework Answers