Required information [The following information applies to the questions displayed below.] Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $7 par value, 81,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 63,000 shares of common stock for cash at $58 per share. b. Repurchased 2,000 shares at $60 per share. 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $230,000. Note: Amounts to be deducted should be indicated with a minus sign. WILLIAMSON CORPORATION Balance Sheet (Partial) At End of This Year Stockholders' equity: Contributed capital: Common stock

Required information [The following information applies to the questions displayed below.] Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $7 par value, 81,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 63,000 shares of common stock for cash at $58 per share. b. Repurchased 2,000 shares at $60 per share. 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $230,000. Note: Amounts to be deducted should be indicated with a minus sign. WILLIAMSON CORPORATION Balance Sheet (Partial) At End of This Year Stockholders' equity: Contributed capital: Common stock

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 36P

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A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: A $1,800 credit to Common Stock. A $1,500 debit to Organization Expenses. A $300 credit to Contributed Capital in Excess of Par Value, Common Stock. A $1,800 debit to Legal Expenses. A $1,800 credit to Cash.
Madraza Corporation was incorporated on July 1, 20A with authorized ordinary share capita of P1,000,000 and preference share of P2,000,000 with par value of P100 each. During the year, the corporation had the following transactions affecting the Shareholders' Equity: 1st: 120 ordinary shares were issued for cash at par value. 2nd: 380 ordinary shares were issued in exchange for land. The fair market value of land is P50,000. 3rd: 200 ordinary shares were issued in payment of legal expenses incurred during the incorporation process, P25,000. Q-8 How much is the balance of Ordinary Share Capital account? a) P60,000 b) P70,000 c) PS0,000 d) none of these Q-9 What amount of Share Premium should be reported in the Statement of Financial Position? a) P17,000 b) P19,000 c) d) P21,000 none of these
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