Homework Answers
Date Account Debit Credit
Nov 1, 2016 Cash $93,600
Subscription receivable $93,600
(Being full payment received from preferred stockholders)
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2. In August of 2016 a company issued subscribed stock and recorded the following journal entry:...
On August 3, 2016, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares...
On August 3, 2016, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by November 1, 2016. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock. Required:...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016:...
2) XYZ Company has provided balance sheet information for the year just ended, August 31, 2016: Cash $40,000 Accounts receivable 50,000 Building 100,000 Accumulated depreciation (40,000) Total assets $150,000 Accounts payable $30,000 Long-Term Loan 70,000 Total liabilities 100,000 Shareholders' Equity 50,000 Total Liabilities & Shareholders' Equity $150,000 The company has also provided the following information for the upcoming year: Revenue is expected to be $200,000 and...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time,...
Pattern Company purchased 100% of Stock Company on January 2, 2013, for $450,000. At the time, Stock’s capital stock was $300,000, and its retained earnings were $150,000. At the time, Pattern and Stock had no intercompany transactions. Any excess of value implied by the purchase price over book value is attributable to land. A. Prepare the journal entry to record Pattern’s investment in Stock. B. Prepare the entry to eliminate Pattern’s investment in Stock. C. Complete the workpaper. Pattern Company and Stock Company...
On August 1, 2016, Alpha Company entered into a capital lease, and correctly recorded the leased...
On August 1, 2016, Alpha Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $50,000. The annual interest rate implicit in the lease was 6%, and the first lease payment of $2,000 is due at the end of each month of the lease. Use this information to prepare the General Journal entry (without explanation) for the August 31, 2016 monthly lease payment. If no entry is required then write "No Entry Required." (Round your answer...
Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect...
Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect shareholders' equity: 1. Southern Exposure's articles of incorporation authorizes the issuance of 1 million common shares, and the issuance of 100,000 preferred shares, which pay an annual dividend of $2 per share. 2. A total of 240,000 common shares are issued for $5 a share. 3. A total of 15,000 preferred shares are issued for $14 per share. 4. The full annual dividend on...
Pronghorn Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash: 760,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2016, at $18.00 per share. 250,000 shares of $110 par value, 7.50% cumulative, preferred stock were authorized, and 61,000 shares were issued on January 1, 2016, at $150 per share. Net income for the years ended December 31, 2016 and 2017, was $1,490,000 and $2,570,000, respectively. No dividends were...
Statement of Shareholders' Equity Example: Stanley, Inc. reported the following information for the year of 2016:...
Statement of Shareholders' Equity Example: Stanley, Inc. reported the following information for the year of 2016: Stanley is a calendar year corporation. Net Income of $120,000 Declared and paid a cash dividend of $10,000 Unrealized loss on AFS Securities of $60,000 The company issued 1,000 shares of common stock for $20 per share • Stanley reported the following account balances at January 1, 2016 (beginning of year): Common Stock, $5par Additional Paid-In Capital, common stock Accumulated Other Comprehensive Income Retained...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Grouper Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $8 cumulative, 400,000 shares authorized, 140,000 shares issued and outstanding $28,000,000 Common Shares, no par value, unlimited shares authorized, 460,000 shares issued and outstanding $12,420,000 The following transactions occurred, in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 117,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Statement of Shareholders' Equity Example: Stanley, Inc. reported the following information for the year of 2016: Stanley is a calendar year corporation. Net Income of $120,000 Declared and paid a cash dividend of $10,000 Unrealized loss on AFS Securities of $60,000 The company issued 1,000 shares of common stock for $20 per share • Stanley reported the following account balances at January 1, 2016 (beginning of year): Common Stock, $5par Additional Paid-In Capital, common stock Accumulated Other Comprehensive Income Retained...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
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