Sept. 1 Nov. 1 eTextbook and Media List of Accounts.pdf

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Sept. 1 Nov. 1 eTextbook and Media List of Accounts (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares of 8%,$100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at \$110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at \$6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at \$110 per share..

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Acc 227 week 7 dq 1

comphoucifor1973

Question 1 The common stock of Warner Inc. is currently selling at $117 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $73 per share. 6.01 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (a) (b) (To record the declaration.) (To record the distribution.) Question 2 On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,400 shares of $103 par value, 6% cumulative and nonparticipating preferred stock, and 52,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,720 shares of common stock at $18 per share. Feb. 1 Issued to Sanchez Corp. 4,500 shares of preferred stock for the following assets: equipment with a fair value of $59,390; a factory building with a fair value of $172,900; and land with an appraised value of $326,300. July 29 Purchased 1,850 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 1,850 treasury shares at $14 per share. Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $183,440 net income. (a) Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit January 11 February 1 July 29 August 10 December 31 December 31 (b) Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) PHELPS CORPORATION Stockholders’ Equity December 31, 2012 $ $ $ Question 3 On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $119 par value, issued and outstanding 10,800 shares $1,285,200 Common stock, $10 par value, issued and outstanding 241,200 shares 2,412,000 To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 commo ...

Question 1The common stock of Warner Inc. is currently s.docx

IRESH3

Complete Week Four Assignment in WileyPLUS: • Exercise Do It! 11-1 • Exercise E11-15 • Exercise E11-16 • Problem P11-6A • Problem P11-8A Week 4 assignment Question 1 Correct. Indicate whether each of the following statements is true or false. 1. The corporation is an entity separate and distinct from its owners. (True) 2. The liability of stockholders is normally limited to their investment in the corporation. (True) 3. The relative lack of government regulation is an advantage of the corporate form of business. (False) 4. There is no journal entry to record the authorization of capital stock. (True) 5. No-par value stock is quite rare today. (False)

Week 4 wiley plus assignment

DonnieMax

On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts. Common Stock, $1 par, 250,000 shares issued 250,000 Paid-in Capital –excess of par, common 500,000 Paid-in Capital- excess of par, preferred 100,000 Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000 Retained Earning 2,000,000 Treasury Stock at cost, 5,000 shares. 25,000 During 2013, Frascom,Inc had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share) February 17: Distributed the property dividends. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. .

On January 1, 2013 Frascom had the following account balances in its.docx

arnit1

Print by: Diana Urresta Waith AB116: Accounting II / 116_Unit 07 Assignment *Problem 13-1A DeLong Corporation was organized on January 1, 2014. It is authorized to issue 14,800 shares of 8%, $100 par value preferred stock, and 497,600 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,400 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,600 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 23,400 shares of common stock for land. The asking price of the land was $90,800. The fair value of the land was $90,000. May 1 Issued 79,400 shares of common stock for cash at $4.70 per share. Aug. 1 Issued 10,400 shares of common stock to attorneys in payment of their bill of $43,900 for services performed in helping the company organize. Sept. 1 Issued 11,900 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,580 shares of preferred stock for cash at $110 per share. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref Debit Credit Balance J5 J5 Common Stock Date Explanation Ref Debit Credit Balance J5 J5 J5 J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref Debit Credit Balance J5 J5 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref Debit Credit Balance J5 J5 J5 J5 J5 Prepare the paid-in capital section of stockholders’ equity at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.) DELONG CORPORATION Balance Sheet (Partial) December 31, 2014 $ $ $ Question Attempts: 0 of 5 used Copyright © 2000-2014 by John Wiley & Sons, Inc. or related companies. All rights reserved. Print by: Diana Urresta Waith AB116: Accounting II / 116_Unit 07 Assignment *Problem 13-6A Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity. The preferred stock was issued for land having a fair value of $142,900. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $14. In December, 500 shares of treasur.

Print by Diana Urresta Waith AB116 Accounting II 116_Uni.docx

ChantellPantoja184

Problem 1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate. (a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable). (b) Issued capital stock for $4,000 of equipment. (c) Sold equipment for $8,000, book value $8,000. (d) Paid cash dividend, $3,000 (declared in prior year). (e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000. (f) Purchased equipment for $12,000 in exchange for a note payable due in two years. (g) The cash balance on January 1, 2010 was $10,000. 2. Mucky Corporation was just formed. The following accounts of Mucky Corporation, with code letters, are needed to record the transactions given below. You are to indicate the appropriate journal entry for each transaction by entering the code letters and the correct amounts. A. Cash G. Bonds payable B. Remaining assets H. Contributed capital in excess of par C. Retained earnings I. Treasury stock D. Common stock, par $20 J. Other accounts not listed E. Dividends payable K. Dividends declared F. Accounts payable L. No entry needed Transaction Debits Credits Code Amount Code Amount 1. Sold and issued 10 common shares at par. Disregard in subsequent transaction. A $200 D $200 2. Sold and issued 5,000 shares common stock at $26 per share. A $130000 D H $100000 $30000 3. Issued a 10% stock dividend when the stock was selling at $30 per share. K $10020 E $10020 4. Declared a cash dividend of $1 per share on the shares outstanding. K $5010 E $5010 5. Paid the cash dividend of $1 per share declared earlier (see above). E $5010 A $5010 6. Purchased 100 shares of treasury stock at $27 per share. I $2700 A $2700 7. Issued a 2-for-1 stock split when the market price was $30 per share. 3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars: Balance Sheet 2010 2011 Cash and cash equivalents $ 1,250 $ 1,432 Short-term investments 953 571 Accounts and other receivables 153 146 Merchandise inventories 1,884 2,094 Prepaid expenses and other current assets 167 486 Total current assets 4,407 4,729 Total property and equipment, net 4,339 4,439 Other assets 1,022 1,097 Total assets 9,768 10,265 Accounts payable 1,023 1,022 Accrued expenses and other current liabilities 881 866 Income taxes payable 245 319 Current portion of long-term debt 452 657 Total current liabilities 2,601 2,864 Total long-term liabilities 2,842 3,427 Total liabilities 5,443 6,291 Total stockholders’ equity 4,325 3,974 Total liabilities and stockholders’ equity 9,768 10,265 Income Statement Net sal ...

Problem 1. Use the following information to prepare a s.docx

wkyra78

During 2024, several events and transactions affected the retained earnings of Consolidated Paper Required: 1. Prepare the appropriate entries for these events a. On March 3, the board of directors declared a property dividend of 205,000 shares of Leasco internationat common stock that Consolidated Poper had purchased in January as an investment (book value $604,000 ) The investment shares had a fair value of $3 per share and were distributed March 31 to shareholders of record March is. b. On Moy 3, a 5 for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $11 per share. c. On July 5, a 286 common stock dividend was declared and distributed. The market value of the common stock was $11 per share. a On December 1, the board of directors dectared the 9.0% cosh dividend on the 81000 preferred shares, payable on December 28 to shareholders of record December 20 . e. On December 1, the board of directors dectared a cosh dividend of 50.50 per share on its common shares, payable on December 28 to shareholders of record December 20 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Papec, incorporated ot Decenber 31, 2024. Net income for the yeor was $710,000..

During 2024, several events and transactions affected the retained ea.pdf

ambikasalon

The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

The stockholders' equity accounts of Sheffield Corporation on January.pdf

aasmaainternational

All answers must be on the answer sheet provided. $ and . needed Question 1 (30 points) QUESTION 1A On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 The following events occurred during 2015 and were not recorded: a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each. d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each. e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each. f. On October 1, Raleigh declared full year dividends for preferred stock ( see outstanding shares in table above). g. Then, paid preferred shareholders on October 15 h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares. i. Then, paid common shareholders on October 15. j. On December 15, Raleigh split common stock 2 shares for 1. QUESTION 1B Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014 b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding. c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding d Additional paid-in capital: Preferred stock in excess of par value is $34,000 Common stock in excess of stated value is $437,000 Requirements: Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014. Question 2 (5 points) On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000. Requirements: Prepare the January 1 and December 31 general journal entries for XYZ Company. How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016? Question 3 (10 points) The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.

All answers must be on the answer sheet provided. $ and . needed.docx

milissaccm

Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $555,600 Treasury stock 90,720 Retained earnings 2,426,200 Paid-in capital in excess of par—common stock 1,321,900 Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) WILCO CORPORATION Stockholders’ Equity December 31, 2012 $ : $ Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 7/1/12 9/1/12 11/1/12 Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital. Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 20 June 1 Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100 Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,330 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,670 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330. May 1 Issued 80,330 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize. Sept. 1 Issued 10,290 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,940 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 M.

Wilco Corporation has the following account balances at December 3.docx

alanfhall8953

The stockholders' equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 294,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,400 common shares) Feb. 1 Mar. 20 Oct. 1 Nov. Dec. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 1 $264,000 Dec. 31 940,800 13,200 470,400 699,500 35,200 Issued 4,400 shares of common stock for $30,800. Purchased 1,400 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2027. Paid the dividend declared on December 1. The stockholders equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,400 shares of common stock for $30,800. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $8 per share. Oct. 1 Declareda 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec 1 Deciared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31. 2027. Dec. 31 Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2027, balances. Do not include the beginning balance in Retained (b) Record the 2027 transactions in the tabular summary. Include margin explanations for the changes in revenues and expenses. (Round answers to 0 decimal ploces, eg. 5,275.) - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Increases in Discount on Bonds Poyable require a negotive sign or parentheses. - Increases in Treasury Stock require a negative sign or parentheses. (a) BaL. (b) Feb, 1 Mar.20 Oct. 1 Nov. 1 Dec 1 Dec. 31 $$$$ 30,800 . Stockholders' Equity Retained Earnings Treasury Stock Revenue Expense Dividend ; $$ 5 I. Retained Earnings Expense $ Dividend $ Commonstock Dividends Interest expense Paid-in- capital in excess of common stock Paid in-capital in excess of preferred stock Preferred stock.

The stockholders equity accounts of Ivanhoe Corporation on January .pdf

Clothcafejpr

Winnie Corporation was organized on January 1, 2022. It is authorized to issue 100,000 sibrtansactions occurred stock with a stated value of $4 per share. The following select equity, debt and invest during the first year of operations. Jan. 15 Issued 30,000 shares of common stock for cash at $7 per share. Feb. 1 Issued $1 , 000 , 000 , 10$5 , 5 -year bonds at 100 . Mar. 8 Purchased 6,000 shares of Wes Corporation common stock ( 6% interest) for $240 , 000 cash. Apr. 15 Purchased 6,000 shares of common stock for the treasury at $42 , 000 . May 1 Purchased 100 , $1 , 0009% Jenny bonds for $100 , 000 . Interest is payable semiannually on May 1 and November 1 . 4 Sold 4,000 shares of treasury stock for $36 , 000 . 15 Issued 10,000 shares of common stock for cash at $10 per share. 17 Sold the remaining 2,000 shares of treasury stock for $8 , 000 . 19 Declared a cash dividend of $2 per share to stockholders on record on May 31. Jun. 15 Paid the $2 cash dividend. Sept. 1 Purchased 40,000 shares of JW Company common stock for $600 , 000 ( $15 per share). This represents 30% of JW's outstanding shares. Oct. 1 Sold 4,000 shares of Wes Corporation Common Stock for $168 , 000 . Nov. 1 Received the semiannual interest on the Jenny bonds. 2 Declared a 10% stock dividend to stockholders of record on November 15, distributable Nov. 30. On Nov. 2, the market price of the stock was $8 per share. 5 Wes Corporation declared and paid a $25 , 000 cash dividend. 28 JW Company declared and paid a cash dividend of $50 , 000 . 30 Issued the shares for the stock dividend. Dec. 31 Wes Corporation reported net income of $150 , 000 . The market price of Wes was $38 per share. 31 The Jenny Company Bonds had a fair value of $103 , 000 . 31 JW Company reported a net income of $200 , 000 for the year. 31 Accrued interest expense on the bonds. 31 Accrued interest revenue on the bonds. Instructions: Journalize the above transactions. Prepare the adjusting entries at December 31,2022 , to report the investment securities at fair value. All securities are considered to be short-term, except for the JW Company commn stock..

Winnie Corporation was organized on January 1- 2022- It is authorized.pdf

aadheshwarahmednagar

Problem 13-3A The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock (8%, $49 par, cumulative, 10,200 shares authorized) $ 387,100 Common Stock ($1 stated value, 1,937,100 shares authorized) 1,408,700 Paid-in Capital in Excess of Par—Preferred Stock 123,200 Paid-in Capital in Excess of Stated Value—Common Stock 1,496,800 Retained Earnings 1,814,400 Treasury Stock (10,300 common shares) 51,500 During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,100 shares of common stock for $123,900. Apr. 14 Sold 6,000 shares of treasury stock—common for $33,800. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $456,600. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT .

Problem 13-3AThe stockholders’ equity accounts of Ashley Corpo.docx

ChantellPantoja184

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