smith corporation had the following accounts at January
1,2021:
Common shares, unlimited number of shares authorized,...
smith corporation had the following accounts at January
1,2021:
Common shares, unlimited number of shares authorized, 7,000
shares were
issued
$197,000
Preferred shares $9.50 cumulative, unlimited number of shares
authorized; 2000 shares issued $63,500
Retained
earnings $263,000
During the year, the company paid the preferred dividend and
paid a $1.50 dividend to the common shareholders. The company had a
profit of $333,000
Instructions:
Prepare the shareholders equity section of the balance
sheet at December 31,2021.
Preferred shares,a authorized 100,000 shares; issued 33,000
shares $ 1,155,000
Common shares (unlimited authorized, 51,000 issued)...
Preferred shares,a authorized 100,000 shares; issued 33,000
shares $ 1,155,000
Common shares (unlimited authorized, 51,000 issued)
1,275,000
Contributed surplus 107,000
Total paid-in capital 2,537,000
Retained earnings 2,962,600
Total shareholders’ equity $ 5,499,600
a The preferred shares have a $2 dividend rate, are cumulative,
and participate in distributions in excess of a $3 dividend on the
common shares. Q. No dividends were paid in 2018 or 2019. On
December 31, 2020, Ayayai wants to pay a cash dividend of $5 per...
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated
value common stock and 50,000...
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated
value common stock and 50,000 shares of $ 5 par value preferred
stock.
XYZ Corporation issued 10,000 shares common stock for $
50,000.00. cash. XYZ Corporation issued 5,000 shares preferred
stock for $ 55,000.00 cash.
XYZ Corporation issued 5000 shares of common stock to its
attorneys in payment of $ 25,000 legal fees in helping to organize
the corporation.
XYZ Corporation issued 15,000 shares of common stock for land,...
Sarasota Corp. is authorized to issue both preferred and common
stock. The par value of the...
Sarasota Corp. is authorized to issue both preferred and common
stock. The par value of the preferred is $ 50. During the first
year of operations, the company had the following events and
transactions pertaining to its preferred stock.
Feb. 1
Issued 50,800 shares for cash at $ 128 per
share.
July 1
Issued 150,600 shares for cash at $ 71 per share.
a. Journalize the transactions.
b. Post to the stockholders’ equity accounts. (Use
T-accounts.)
Concord Corporation is authorized to issue both preferred and
common stock. The par value of the...
Concord Corporation is authorized to issue both preferred and
common stock. The par value of the preferred is $50. During the
first year of operations, the company had the following events and
transactions pertaining to its preferred stock. Feb. 1 Issued
52,500 shares for cash at $53 per share. July 1 Issued 70,000
shares for cash at $59 per share.
Journalize the transactions.
Post to the stockholders’ equity accounts. (Use T-accounts.)
Mendoza Corporation was organized on January 1, 2020. It is
authorized to issue 20,000 shares of...
Mendoza Corporation was organized on January 1, 2020. It is
authorized to issue 20,000 shares of 6%, $40 par value preferred
stock, and 500,000 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 100,000 shares of common stock for
cash at $3 per share.
Mar. 1 Issued 10,000 shares of preferred stock for
cash at $55 per share.
Apr. 1 Issued 25,000 shares...
Swifty Corporation’s
charter authorized 2 million shares of $14 par value common shares,
and 400,000 shares...
Swifty Corporation’s
charter authorized 2 million shares of $14 par value common shares,
and 400,000 shares of 9% cumulative and non-participating preferred
shares, with a par value of $100 per share. The corporation made
the following share transactions through December 31, 2017: 250,000
common shares were issued for $3.75 million and 9,000 preferred
shares were issued for machinery valued at $1,263,000.
Subscriptions for 11,900 common shares have been taken, and 40% of
the subscription price of $20 per share has...
Pina Colada Inc. was organized on January 1, 2020. It is
authorized to issue an unlimited...
Pina Colada Inc. was organized on January 1, 2020. It is
authorized to issue an unlimited number of common shares and 90,000
preferred shares with a $6 dividend. The following share
transactions were completed during the first year:
Jan. 10 Issued 215,000 common shares for cash at $23 per
share.
Mar. 1 Issued 16,200 preferred shares for cash at $119 per
share.
Apr. 1 Issued 3,000 common shares for land. The asking price for
the land was $67,000; its fair...
the equity account for kalimantan corp showed the
following balances on dec31 2016
preferred shares 2$...
the equity account for kalimantan corp showed the
following balances on dec31 2016
preferred shares 2$ non cumulative unlimited share
authorized 0$
common share unlimited shares authorized 100000 shares issued and
outstanding 640,000
retained earnings 864000
the company completed these transactions during 2017
jan 10 issued 20000 common shares at 9.60 cash per share
jan 15 the directors declared a 10% share dividend to jan 30
shareholders of record ,distributable on feb 15.
Autumn Corporation was organized in August. It is
authorized to issue 100,000 shares of $100 par...
Autumn Corporation was organized in August. It is
authorized to issue 100,000 shares of $100 par value 7% preferred
stock. It is also authorized to issue 500,000 shares of $5 par
value common stock. During the year, the corporation had the
following transactions
August 22 - Issued 2,000 shares of preferred
stock at $105 per share
September 3 - Issued 80,000 shares of common
stock at $13.25 per share
October 11 - Issued 12,000 shared of common
stock for land...