🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeClass Notes1,200,000US530,000

ACCT 3113 Lecture Notes - Lecture 1: Green Day, Retained Earnings, Dividend

166 views2 pages
skychinchilla317
18 Aug 2016
School
OSU
Department
Accounting
Course
ACCT 3113
Professor
Dr.Schwartz

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Brief exercises: 15-4, 5, 7, 10, 11, 13. 15-4: ravonette corp issued 300 shares of par value common stock and 100 shares of par value preferred stock for a lump sum of ,500. The common stock has a market price of per share, and the preferred stock has a market price of per share. Prepare the journal entry to record the issuance. 15-5: on february 1, 2014, buffalo corp issued 3,000 shares of its par value common stock for land worth ,000. Prepare the journal entry for feb 1, 2014. Paid-in capital excess of par common stock. 15-7: sprinkle inc. has outstanding 10,000 shares of par value common stock. Sprinkle reacquired 100 shares at per share. On sept. 1, sprinkle reissued 60 shares at per share. On november 1, sprinkle reissued 40 shares at per share. Prepare sprinkle"s journal entries to record these transactions using the cost method.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

ACCT 3001
Final Exam
Study Guide
ACCT 3001 : Final Exam Review Problems 2
azuremammoth471
ACCT 2001 Chapter : Ch 12 Practice 1
azuremammoth471
ACCT 2001 Chapter : Ch 12 Practice Key
azuremammoth471

Related Questions

Complete each question record transactions


Question 1

Hernandez Company had the following stock transactions duringthe year:

  1. Issued 25,000 shares of $1 par common stock for $25,000.

  2. Issued 20,000 shares of $1 par common stock for $22,000cash.

  3. Issued 22,000 shares of $1 par common stock for $21,000cash.

  4. Issued 2,000 shares of $50 par, 8% preferred stock for $100,000cash.

  5. Issued 1,000 shares of $50 par, 8% preferred stock for $49,000cash.

  6. Issued 1,000 shares of $50 par 8% preferred stock for$51,500

  7. Issued 2,500 shares of no-par common stock for $11,875 cash

  8. Issued 1,500 shares of no par 7% preferred stock for $72,000cash.


Question 2

Kris Kraft Stores had the following stock transactions duringthe year.

  1. Issued 4,000 shares of no par common stock with a stated valueof $10 per share for $40,000 cash.

  2. Issued 6,000 shares of no par common stock with a stated valueof $8 per share for $50,000 cash.

  3. Issued 5,000 shares of no par 6% preferred stock with a statedvalue of $15 per share for $75,000 cash.

  4. Issued 3,000 shares of no par 6% preferred stock with a statedvalue of $20 per share for $58,000 cash.

  5. Issued 10,000 shares of $8 par common stock with a $9 fairmarket value for a building with an uncertain fair marketvalue.

  6. Issued 10,000 shares of $5 common stock for land with a fairmarket value of $50,000.

  7. Issued 8,000 shares of $50 par, 8% preferred stock for land witha fair market value of $405,000.


Question 3

During the year ended December 21, 2013, Smith Company completedthe following transactions:

  1. 04/15 Declared a semiannual dividend of $0.80 per share onpreferred stock and $0.05 per share on common stock to shareholdersof record on 05/05, payable on 05/10. Currently, 4,000shares of $100 par preferred stock and 50,000 shares of $1 parcommon stock are outstanding.

  2. 05/05 Record date of record entry.

  3. 05/10 Paid cash dividends.

  4. 10/15 Declared semiannual dividend of $0.80 per share onpreferred stock and $0.50 per share on common stock to shareholdersof record on November 5, payable on November 20.

  5. 11/5 Record date of record entry.

  6. 11/20 Paid cash dividends

  7. 11/22 Declared a 10% stock dividend to shareholders of record onDecember 8, distributable on December 16. Market valueof the common stock was estimated to be $8.

  8. 12/08 Record date of record entry.

  9. 12/16 issued certificated for common stock dividend.

  10. 12/20 Board of directors declared a two for one common stocksplit.





Problem 15-3

Hatch Company has two classes of capital stock outstanding: 7%,$20 par preferred and $5 par common. At December 31, 2014, thefollowing accounts were iHatch Company has two classes of capitalstock outstanding: 7%, $20 par preferred and $5 par common. AtDecember 31, 2014, the following accounts were included instockholders’ equity.

Preferred Stock, 151,800 shares $ 3,036,000
Common Stock, 2,120,000 shares 10,600,000
Paid-in Capital in Excess of Par—Preferred Stock 203,700
Paid-in Capital in Excess of Par—Common Stock 27,240,000
Retained Earnings 4,547,000


The following transactions affected stockholders’ equity during2015.

Jan. 1 40,300 shares of preferred stock issued at $22 per share.
Feb. 1 53,500 shares of common stock issued at $21 per share.
June 1 2-for-1 stock split (par value reduced to $2.50).
July 1 39,700 shares of common treasury stock purchased at $9 pershare. Hatch uses the cost method.
Sept. 15 10,600 shares of treasury stock reissued at $11 per share.
Dec. 31 The preferred dividend is declared, and a common dividend of55¢ per share is declared.
Dec. 31 Net income is $2,279,000.


Prepare the stockholders’ equity section for Hatch Company atDecember 31, 2015.

Prepare journalentries to record each of the following independent stock issuesituations.
(a) Sherri Hui Corporation issued100,000 shares of $1 par value common stock. The issue price was$30 per share.
(b) Ariana Corporation issued50,000 shares of no par common stock for $10 per share.
(c) Laser Golf issued 40,000shares of $100 par value preferred stock. The issue price was $102per share.
(d) Charleston Industries issued5,000 shares of $5 par value common stock for land with a fairvalue of $75,000.