Homework Answers
a.
| Balance Sheet | |||||||||
| Transaction | Cash Asset | + | Non Cash Assets | = | Liabilities | + | Contributed Capital | + | Earned Capital |
| Jan-05 | 130,000.00 | + | - | = | - | + | 130,000.00 | + | - |
| Jan-18 | - 64,000.00 | + | - | = | - | + | - 64,000.00 | + | - |
| Mar-12 | 19,000.00 | + | - | = | - | + | 19,000.00 | + | - |
| Jul-17 | 7,000.00 | + | - | = | - | + | 7,000.00 | + | - |
| Oct-01 | 180,000.00 | + | - | = | - | + | 180,000.00 | + | - |
| Income Statement | |||||
| Revenue | - | Expenses | = | Net Income | |
| Jan-05 | - | - | - | = | - |
| Jan-18 | - | - | - | = | - |
| Mar-12 | - | - | - | = | - |
| Jul-17 | - | - | - | = | - |
| Oct-01 | - | - | - | = | - |
b.
| Stockholders' Equity | ||
| Paid-in capital | ||
| 8% Preferred stock, $25 par value, 50,000 shares authorized, 5,000 shares issued and outstanding | 125,000.00 | |
| Common stock, $5 par value, 500,000 shares authorized; 360,000 shares issued | 1,800,000.00 | 1,925,000.00 |
| Additional paid-in capital Paid-in capital in excess of par value-preferred stock | 55,000.00 | |
| Paid-in capital in excess of par value-common stock | 880,000.00 | |
| Paid-in capital from treasury stock | 2,000.00 | 937,000.00 |
| Total paid-in capital | 2,862,000.00 | |
| Retained earnings | 710,900.00 | |
| 3,572,900.00 | ||
| Less: Treasury stock (2,500 shares) at cost | - 40,000.00 | |
| Total Stockholders' Equity | 3,532,900.00 |
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