Advance Accounting Journal Entry And Stockholders Equity Homework Help
- August 9, 2017
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- Category: Accounting QA
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1. Skyhawk Corporation received its charter during January 2009. The charter authorized the following capital stock
Preferred stock: 10 percent, par $10, authorized 21,000 shares.
Common stock: par $8, authorized 50,000 shares.
During 2009, the following transactions occurred in the order given:
a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share.
b. Sold 5,500 shares of the preferred stock at $16 per share.
c. Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26.
d. Net income for the year was $51,000.
Required:
Prepare the stockholders’ equity section of the balance sheet at December 31, 2009.
2. Kelly, Incorporated, was issued a charter on January 15, 2009, that authorized the following capital stock
Common stock, no-par, 103,000 shares.
Preferred stock, 9 percent, par value $8 per share, 4,000 shares.
The board of directors established a stated value on the no-par common stock of $10 per share.
During 2009, the following selected transactions were completed in the order given:
a. Sold and issued 20,000 shares of the no-par common stock at $16 cash per share.
b. Sold and issued 3,000 shares of preferred stock at $20 cash per share.
c. At the end of 2009, the accounts showed net income of $40,000.
Required:
1. Prepare the stockholders’ equity section of the balance sheet at December 31, 2009.
2. Assume that you are a common stockholder. If Kelly needed additional capital, would you prefer to have it issue additional common stock or additional preferred stock? Explain.
3. Carter Corporation was organized in January 2009 to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following capital stock
Common stock, $10 par value, 98,000 shares.
Preferred stock, $50 par value, 8 percent, 59,000 shares.
During January and February 2009, the following stock transactions were completed:
a. Sold 78,000 shares of common stock at $20 per share and collected cash.
b. Sold 20,000 shares of preferred stock at $80 per share; collected the cash and immediately issued the stock.
c. Bought 4,000 shares of common stock from a current stockholder for $20 per share.
Required:
Net income for 2009 was $90,000; cash dividends declared and paid at year end were $30,000. Prepare the stockholders’ equity section of the balance sheet at December 31, 2009.
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4. Butler Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $10 per share, 11,500 shares. During the first year, the following selected transactions were completed
a. Sold and issued 5,600 shares of common stock for cash at $20 per share.
b. Sold and issued 1,000 shares of common stock for cash at $25 per share.
c. At year-end, the accounts reflected a $6,000 loss. Because a loss was incurred, no income tax expense was recorded.
Required:
1. Give the journal entry required for each of these transactions.
2. Prepare the stockholders’ equity section as it should be reported on the year-end balance sheet.
3. Can the company pay dividends at this time? Explain.
5. Travis Corporation was organized in 2009 to operate a tax preparation business. The charter authorized the following capital stock: common stock, par value $2 per share, 80,000 shares. During the first year, the following selected transactions were completed:
a. Sold and issued 50,000 shares of common stock for cash at $50 per share.
b. Bought 1,000 shares from a stockholder for cash at $52 per share.
Required:
1. Give the journal entry required for each of these transactions.
2. Prepare the stockholders’ equity section as it should be reported on the year-end balance sheet.
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