MGAB02H3 Study Guide - Final Guide: Accounts Payable, Toronto Stock Exchange, Dillo

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peachturtle345

6 Jan 2016

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Barton corporation was created on january 1, 2012. Barton is authorized by its articles of incorporation to issue 100,000 shares of cumulated preferred shares and an unlimited number of common shares. The following transactions relating to shareholders" equity occurred during the first two years of the company"s operations. Issued 200,000 common shares at per share. Issued 100,000 common shares in exchange for a building valued at ,000 and merchandise inventory valued at ,000. Paid a cash reimbursement to the company"s founders for ,000 of organization costs; these costs are to be amortized over ten years. Issued 12,000 preferred shares for cash at per share. The income summary account for 2012 had a ,000 credit balance and was to be closed. Issued 100,000 common shares for cash at per share. The income summary account for 2013 had a ,000,000 credit balance and was to be closed. Common div pay (540 000 - 240 000)

Related Questions

The Publix Corporation is authorized to issue 100,000 shares of5%, $60 par value preferred stock and 5,000,000 shares of no-parcommon stock with a stated value of $3 per share. During 2012, itsfirst year of operation, the company has the followingtransactions.

Jan. 1 Issued 15,000 shares of preferredstock for cash at $105 per share.

Jan. 15 Issued 500,000 shares of common stockfor cash at $10 per share.

Mar. 2 Issued 20,000 shares of common stockfor land. The land had an

asking price of $310,000. The stock is currently selling

on anational exchange at $15 per share.

Apr. 30 Issued 4,000 shares of common stockto attorneys in payment of

their bill for $72,000 for legal services rendered in helpingthe

company incorporate.

Sept. 5 Purchased 12,000 shares of its owncommon stock at

$17 per share.

Dec. 6 Sold 8,000 shares of the treasurystock at $20 per share.

Dec. 10 Sold the remaining treasury stock for$15 per share.

INSTRUCTIONS

A) Journalize the transactions for Publix Corporation.

beigeant409

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued) $6,000,000

Paid-In Capital in Excess of ParâPreferred Stock 420,000

Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued) 24,000,000

Paid-In Capital in Excess of ParâCommon Stock 1,850,000

Retained Earnings 115,400,000

During the year, the corporation completed a number of transactions affecting the stockholdersâ equity. They are summarized as follows:

Jan. 5 Issued 400,000 shares of common stock at $11, receiving cash.

Feb. 10 Issued 5,000 shares of preferred 2% stock at $90.

Mar. 19 Purchased 150,000 shares of treasury common for $10 per share.

May 16 Sold 80,000 shares of treasury common for $13 per share.

Aug. 25 Sold 20,000 shares of treasury common for $9 per share.

Dec. 6 Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock.

31 Paid the cash dividends.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

jademoose551

The stockholders' equity section of Gupta Company at December 31, 2013 follows:

8% preferred stock, $25 par value, 50,000 shares authorized; 7,200 shares issued and outstanding....... $180,000

Common Stock, $10 par value, 200,000 shares authorized; 40,000 shares issued and outstanding..... $400,000

Paid-In capital excess of par value (preferred)......... $68,000

Pain-IN capital in excess par value (common).... $200,000

Retained Earnings... $280,000

During 2014, the following transactions ocurred:

Jan 10 Issued 28,000 shares of common stock for $16 per share

Jan 23 Repurchased 8,000 shares of common stock at $18 per share

Mar 14 Sold half of the treasury shares acquired Jan 23 for $20 per share

July 15 Issued 2,800 shares of preferred stock for $128,000 cash

Nov 15 Sold 1,000 of the treasury shares acquired Jan 23 for $24 per share

Questions:

a0 Use the financial statement effects template to indicate the effects from cash of these transactions.

b) Prepare the December 31, 2014, stockholders' equity section of the balance sheet assuming the company reports 2014 net income of $62,000.

sangriacattle788

MGAB02H3 Study Guide - Final Guide: Accounts Payable, Toronto Stock Exchange, Dillo

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