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Directed Reading Guide LO1. What is a corporation? a) List some of a corporation's unique characteristics:...
List two corporate characteristics considered to be advantages of a corporation and list two corporate characteristics...
List two corporate characteristics considered to be advantages of a corporation and list two corporate characteristics considered to be disadvantages of a corporation What is legal capital? Why are corporations required to have legal capital? Why would a corporation issue both common and preferred stock? If a corporation issued 50,000 shares of $100-par value, 8% preferred stock, what is the annual PER SHARE dividend? exact number, no tolerance We were unable to transcribe this imageWhy is disclosing dividends in arrears...
Strong CHapter z Recording Business Transactions Directed Reading Guide LOI, what is an account? a) In...
Strong CHapter z Recording Business Transactions Directed Reading Guide LOI, what is an account? a) In your own words, what is an account? i) Assets: List some examples of assets. (CASH), (Deposits) and (laventories Liabilities: List some examples of liabilities( Warranty Liability), Salaries Payable and Customer deposits ii) iii) Equity: List the four equity accounts. b) In your own words, what is a chart of accounts? c) In your own words, what is a ledger?
350,000 Kell Corporation Stockholder's Equity 12/31/XX Paid-in-Capital From stock: Preferred Stock, cumulative. 10,000 shares authorized, 7,000...
350,000 Kell Corporation Stockholder's Equity 12/31/XX Paid-in-Capital From stock: Preferred Stock, cumulative. 10,000 shares authorized, 7,000 shares issued $ Common Stock, no par, 50,000 shares authorized, 40,000 shares issued Total Paid-in-Capital from stock $ Additional Paid-in-Capital: In excess of par value - preferred stock S 49,000 In excess of stated value - common stock 240.000 Total Additional Paid-in-Capital s Total Paid-in-Capital S Retained Earnings s Total Paid-in-Capital and Retained Earnings S Less: Treasury Stock - Common (1.000 shares) Total Stockholder's...
The following is a summary of all relevant transactions of ABC Corporation since it was organized...
The following is a summary of all relevant transactions of ABC Corporation since it was organized in 2019. 16,950 shares were authorized and 8,000 shares of common stock($50 par value) were issued at a price of $60. In 2012, 1,000 shares were issued as a stock dividend when the stock was selling for $68. 300 shares of common stock were bought at a cost of $72 per share. These 300 shares are still in the company treasury. 11,300 preferred shares...
The following is a summary of all relevant transactions of ABC Corporation since it was organized...
The following is a summary of all relevant transactions of ABC Corporation since it was organized in 2019 16,950 shares were authorized and 8,000 shares of common stock ($50 parvalue) were issued at a price of $60. In 2012, 1,000 shares were issued as a stock dividend when the stock was selling for $68 300 shares of common stock were bought at a costof S72 per share. These 300 shares are still in the company treasury 11,300preferred shares were authorized...
The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below: ...
The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below: Preferred Stock, 6%, $15 stated value, 50,000 shares authorized; 10,000 issued and outstanding 150,000 Paid-in capital in excess of stated value-preferred stock 30,000 Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding 2,500,000 Paid-in capital in excess of par value-common stock 1,200,000 Retained earnings 600,000 During 2019, the following stock transactions...
The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below: Preferred...
The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below: Preferred Stock, 6%, $15 stated value, 50,000 shares authorized; 10,000 issued and outstanding Paid-in capital in excess of stated value-preferred stock Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding 150,000 30.000 2,500,000 Paid-in capital in excess of par value-common stock Retained earnings 1,200,000 600,000 During 2019, the following stock transactions occurred: Jan. 18 Issued 5,000 shares of common stock at $30...
Chapter 14 Long-Term Liabilities Directed Reading Guide LO1. How are long-term notes payable and mortgages payable...
Chapter 14 Long-Term Liabilities Directed Reading Guide LO1. How are long-term notes payable and mortgages payable accounted for? In your own words, what is a long-term liability? Long term-liabilities are liabilities that do not need to be paid within one year or within the entity’s operating cycle, whichever is longer. Both long-term notes payable and mortgages payable are common long-term liabilities. To record the purchase of a building for $150,000, paying $100,000 in cash and signing a 30-year mortgage...
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued...
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 6,800 shares of $2 par value common stock for $46. It authorized 20,000 shares. • Issued 1,700 shares of 12%, $10 par value preferred stock for $51. It authorized 3,000 shares. • Reacquired 340 shares of common stock for $58 each. • Retained earnings is impacted by reported net income of $78,000 and cash dividends of $29,000, Prepare the stockholders' equity section of Draco's...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
List two corporate characteristics considered to be advantages of a corporation and list two corporate characteristics considered to be disadvantages of a corporation What is legal capital? Why are corporations required to have legal capital? Why would a corporation issue both common and preferred stock? If a corporation issued 50,000 shares of $100-par value, 8% preferred stock, what is the annual PER SHARE dividend? exact number, no tolerance We were unable to transcribe this imageWhy is disclosing dividends in arrears...
Strong CHapter z Recording Business Transactions Directed Reading Guide LOI, what is an account? a) In your own words, what is an account? i) Assets: List some examples of assets. (CASH), (Deposits) and (laventories Liabilities: List some examples of liabilities( Warranty Liability), Salaries Payable and Customer deposits ii) iii) Equity: List the four equity accounts. b) In your own words, what is a chart of accounts? c) In your own words, what is a ledger?
350,000 Kell Corporation Stockholder's Equity 12/31/XX Paid-in-Capital From stock: Preferred Stock, cumulative. 10,000 shares authorized, 7,000 shares issued $ Common Stock, no par, 50,000 shares authorized, 40,000 shares issued Total Paid-in-Capital from stock $ Additional Paid-in-Capital: In excess of par value - preferred stock S 49,000 In excess of stated value - common stock 240.000 Total Additional Paid-in-Capital s Total Paid-in-Capital S Retained Earnings s Total Paid-in-Capital and Retained Earnings S Less: Treasury Stock - Common (1.000 shares) Total Stockholder's...
The following is a summary of all relevant transactions of ABC Corporation since it was organized in 2019. 16,950 shares were authorized and 8,000 shares of common stock($50 par value) were issued at a price of $60. In 2012, 1,000 shares were issued as a stock dividend when the stock was selling for $68. 300 shares of common stock were bought at a cost of $72 per share. These 300 shares are still in the company treasury. 11,300 preferred shares...
The following is a summary of all relevant transactions of ABC Corporation since it was organized in 2019 16,950 shares were authorized and 8,000 shares of common stock ($50 parvalue) were issued at a price of $60. In 2012, 1,000 shares were issued as a stock dividend when the stock was selling for $68 300 shares of common stock were bought at a costof S72 per share. These 300 shares are still in the company treasury 11,300preferred shares were authorized...
The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below: Preferred Stock, 6%, $15 stated value, 50,000 shares authorized; 10,000 issued and outstanding Paid-in capital in excess of stated value-preferred stock Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding 150,000 30.000 2,500,000 Paid-in capital in excess of par value-common stock Retained earnings 1,200,000 600,000 During 2019, the following stock transactions occurred: Jan. 18 Issued 5,000 shares of common stock at $30...
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 6,800 shares of $2 par value common stock for $46. It authorized 20,000 shares. • Issued 1,700 shares of 12%, $10 par value preferred stock for $51. It authorized 3,000 shares. • Reacquired 340 shares of common stock for $58 each. • Retained earnings is impacted by reported net income of $78,000 and cash dividends of $29,000, Prepare the stockholders' equity section of Draco's...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
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