Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 13, Problem 14E
Reporting paid-in capital
The following accounts and their balances were selected from the unadjusted
Prepare the Paid-In Capital portion of the stockholders’ equity section of the
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On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,000 shares of $45 par common stock at $54, and on February 27, it
issued for cash 16,510 shares of preferred stock, $10 par at S12.
Required:
a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.
b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56.
Required:
A.
Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.
B.
What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
CHART OF ACCOUNTSLegacy Rocks Inc.General Ledger
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ASSETS
110
Cash
120
Accounts Receivable
131
Notes Receivable
132
Interest Receivable
141
Merchandise Inventory
145
Office Supplies
151
Prepaid Insurance
181
Land
193
Equipment
194
Accumulated Depreciation-Equipment
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LIABILITIES
210
Accounts Payable
221
Notes Payable
226
Interest Payable
231
Cash Dividends Payable
236
Stock Dividends Distributable
241
Salaries Payable
261
Mortgage Note Payable
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EQUITY
311
Common Stock
312
Paid-In…
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:
BARNARD CORPORATION
Balance Sheet
At December 31, Prior Year
Stockholders' equity
Contributed capital
Common stock (par $15; 5,500 shares)
Paid-in capital
Total contributed capital
Retained earnings
Total stockholders' equity
$ 82,500
15,000
During the current year, the following selected transactions (summarized) were completed:
a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end).
b. Determined net income, $49,000.
c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding.
97,500
45,000
$ 142,500
Required:
Prepare a statement of stockholders' equity for the year ended December 31, current year.
Balances as of December 31, prior year
Add: Net income
Less: Dividends declared
Stock issued
Balances as of December 31, current year
Required:
Prepare a statement of stockholders' equity for the year ended December 31, current…
Chapter 13 Solutions
Financial Accounting
Ch. 13 - Of two corporations organized at approximately the...Ch. 13 - A stockbroker advises a client to buy preferred...Ch. 13 - A corporation with both preferred stock and common...Ch. 13 - An owner of 2,500 shares of Simmons Company common...Ch. 13 - Prob. 5DQCh. 13 - A corporation reacquires 60,000 shares of its own...Ch. 13 - The treasury stock in Discussion Question 7 is...Ch. 13 - What are the three classifications of restrictions...Ch. 13 - Prob. 9DQCh. 13 - What is the primary purpose of a stock split?
Ch. 13 - National Furniture Company has 25,000 shares of...Ch. 13 - Prob. 1PEBCh. 13 - On August 26, Mountain Realty Inc. issued for cash...Ch. 13 - Entries for issuing stock On January 22, Zentric...Ch. 13 - The declaration, record, and payment dates in...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Olde Wine Corporation has 250,000 shares of 40 par...Ch. 13 - Entries for stock dividends Antique Buggy...Ch. 13 - Prob. 5PEACh. 13 - Prob. 5PEBCh. 13 - Using the following accounts and balances, prepare...Ch. 13 - Prob. 6PEBCh. 13 - Prob. 7PEACh. 13 - Prob. 7PEBCh. 13 - Prob. 8PEACh. 13 - Prob. 8PEBCh. 13 - Triple Z Inc., a developer of radiology equipment,...Ch. 13 - Dividends per share Lightfoot Inc., a software...Ch. 13 - On April 20, Gallatin County Rocks Inc., a marble...Ch. 13 - On May 15, Helena Carpet Inc., a carpet...Ch. 13 - On July 11, American Lift Corporation, a...Ch. 13 - Prob. 6ECh. 13 - Issuing stock Willow Creek Nursery, with an...Ch. 13 - Occupational Products Inc., a wholesaler of office...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Senior Life Co. is an...Ch. 13 - Mystic Lake Inc. bottles and distributes spring...Ch. 13 - Prob. 12ECh. 13 - Treasury stock transactions Biscayne Bay Water...Ch. 13 - Reporting paid-in capital The following accounts...Ch. 13 - Stockholders Equity section of balance sheet The...Ch. 13 - Stockholders Equity section of balance sheet...Ch. 13 - Sumter Pumps Corporation, a manufacturer of...Ch. 13 - Stockholders Equity section of balance sheet List...Ch. 13 - The stockholders equity T accounts of I-Cards Inc....Ch. 13 - Prob. 20ECh. 13 - Prob. 21ECh. 13 - Selected dividend transactions, stock split...Ch. 13 - Prob. 23ECh. 13 - Pacific Gas and Electric Company is a large gas...Ch. 13 - For a recent year, OfficeMax and Staples are two...Ch. 13 - Sunbird Theatre Inc. owns and operates movie...Ch. 13 - Stock transactions for corporate expansion On...Ch. 13 - The following selected accounts appear in the...Ch. 13 - Morrow Enterprises Inc. manufactures bathroom...Ch. 13 - Selected transactions completed by Primo Discount...Ch. 13 - Prob. 1PBCh. 13 - Prob. 2PBCh. 13 - Selected stock transactions Diamondback Welding ...Ch. 13 - Nav-Go Enterprises Inc. produces aeronautical...Ch. 13 - Prob. 5PBCh. 13 - Prob. 1CPCh. 13 - Prob. 2CPCh. 13 - Prob. 3CPCh. 13 - Prob. 4CPCh. 13 - Prob. 5CP
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