Need financial accounting help please
1. In the books of Fremantle Corporation :
Date | General Journal | Debit | Credit |
$ | $ | ||
Jan 1 | No journal entry required | 0 | 0 |
Mar 31 | Bonds Payable | 90,000 | |
Premium on Bonds Payable | 3,000 | ||
Common Stock ( 90 bonds x 125 shares x $ 2) | 22,500 | ||
Paid-in Capital in Excess of Par Value: Common Stock | 70,500 | ||
June 1 | Equipment | 60,000 | |
Preferred Stock | 55,000 | ||
Paid-in Capital in Excess of Par Value: Preferred Stock | 5,000 | ||
Sept 1 | Treasury Stock | 200,000 | |
Cash | 200,000 | ||
Nov 21 | Cash | 115,000 | |
Common Stock | 10,000 | ||
Paid-in Capital in Excess of Par Value: Common Stock | 105,000 | ||
Dec 28 | Cash | 24,000 | |
Treasury Stock | 20,000 | ||
Paid-in Capital: Treasury Stock | 4,000 | ||
Dec 31 | Income Summary | 107,000 | |
Retained Earnings | 107,000 |
2.
Cash | |||
Nov 21 | 115,000 | Sept 1 | 200,000 |
Dec 28 | 24,000 | ||
Equipment | |||
June 1 | 60,000 | ||
Bonds Payable | |||
Mar 31 | 90,000 | Balance, Jan 1 | 90,000 |
Balance, Dec 31 | 0 | ||
Premium on Bonds Payable | |||
March 31 | 3,000 | Balance, Jan 1 | 3,000 |
Balance, Dec 31 | 0 | ||
Preferred Stock | |||
Balance, Jan 1 | 440,000 | ||
June 1 | 55,000 | ||
Balance, Dec 31 | 495,000 | ||
Common Stock | |||
Balance, Jan 1 | 160,000 | ||
Mar 31 | 22,500 | ||
Nov 21 | 10,000 | ||
Balance, Dec 31 | 192,500 | ||
Paid-in Capital in Excess of Par Value : Preferred Stock | |||
Balance, Jan 1 | 200,000 | ||
June 1 | 5,000 | ||
Balance, Dec 31 | 205,000 | ||
Paid-in Capital in Excess of Par Value: Common Stock | |||
Balance, Jan 1 | 800,000 | ||
Mar 31 | 70,500 | ||
Nov 21 | 105,000 | ||
Balance, Dec 31 | 975,500 | ||
Treasury Stock | |||
Sep 1 | 200,000 | Dec 28 | 20,000 |
Balance, Dec 31 | 180,000 | ||
Paid-in Capital : Treasury Stock | |||
Dec 28 | 4,000 | ||
Balance, Dec 31 | 4,000 | ||
Retained Earnings | |||
Balance, Jan 1 | 550,000 | ||
Dec 31 | 107,000 | ||
Balance, Dec 31 | 657,000 |
Need financial accounting help please Stockholders' Equity Transactions, Journal Entries, and T-Accounts The stockholders equity of...
Stockholders’ Equity Transactions, Journal Entries, and
T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1
follows:
8 Percent preferred stock, $110 par value, 20,000 shares
authorized; 4,000 shares issued and outstanding
$440,000
Common stock, $4 par value, 10,000 shares
authorized; 40,000 shares issued and outstanding
160,000
Paid-in capital in excess of par value-Preferred stock
200,000
Paid-in capital in excess of par value-Common stock
800,000
Retained earnings
550,000
Total Stockholders' Equity
$2,150,000
The following transactions, among others, occurred during the...
Stockholders’ Equity: Transactions and Balance Sheet
Presentation The stockholders’ equity of Summit Corporation at
January 1 follows: 7 Percent preferred stock, $100 par value,
20,000 shares authorized; 5,000 shares issued and outstanding
$500,000 Common stock, $15 par value, 100,000 shares authorized;
40,000 shares issued and outstanding 600,000 Paid-in capital in
excess of par value-Preferred stock 24,000 Paid-in capital in
excess of par value-Common stock 360,000 Retained earnings 325,000
Total Stockholders' Equity $1,809,000 The following transactions,
among others, occurred during the...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value-Preferred stock 24,000 Paid-in capital in excess of par value-Common stock 360,000 Retained earnings 325,000 Total Stockholders' Equity $1,809,000 The following transactions, among others, occurred during the...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Willis Corporation at January 1 appear below: 8 Percent preferred stock, $10 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $68,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued...
a. Set up T-accounts for the stockholders’ equity
accounts as of the beginning of the year and enter the January 1
balances.
b. Prepare journal entries to record the foregoing
transactions and post to T-accounts above in part a. Do not prepare
the journal entry for the Dec. 31 transaction, but post the
appropriate amount to the Retained Earnings T-account. Determine
the ending balances for the stockholders’ equity
accounts.
c. Prepare the December 31 stockholders’ equity section
of the balance...
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Cooper Corporation at January 1 follow: Common stock, $1 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $150,000 Paid-in capital in excess of par value (common stock) 600,000 Retained earnings 366,000 During the year, the following transactions occurred: Jan. 5 Issued 20,000 shares of common stock for $15 cash per share. 18 Purchased 4,000 shares of common stock as treasury stock at $14 cash per share....
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Windham Corporation at January 1 appear below: 8 Percent preferred stock, $30 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $204,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued...
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value-Preferred stock 24,000 Paid-in capital in excess of par value-Common stock 360,000 Retained earnings 325,000 Total Stockholders' Equity $1,809,000 The following transactions, among others, occurred during the...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized: 5,000 shares issued and outstanding $500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value-Preferred stock 24,000 Paid-in capital in excess of par value-Common stock 360,000 Retained earnings 325,000 Total Stockholders' Equity $1,809,000 The following transactions, among others, occurred during the...
Stockholders' Equity: Transactions and Balance Sheet Presentation The stockholders' equity accounts of Willis Corporation at January 1 appear below: 8 Percent preferred stock, $10 par value, 50,000 shares authorized; 6,800 shares issued and outstanding $68,000 Common stock, $10 par value, 200,000 shares authorized; 50,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-Preferred stock 68,000 Paid-in capital in excess of par value-Common stock 200,000 Retained earnings 270,000 During the year, the following transactions occurred: Jan. 10 Issued...