1. Baird Products Inc. A wholesaler of office products was organized on January 30 ofthe current year with an authorization of 80,000 shares of 2% preferred stock, $75 parand 800,000 shares of $20 common stock. The following transactions were completedduring the first year of operations:Jan. 30 Issued 300,000 shares of common stock at par for cash31 Issued 750 shares of common stock at par to an attorney in payment of legal feesfor organizing the corporation.Feb 21 Issued 32,000 shares of common stock in exchange for land, buildings, andequipment with fair market prices of $150,000, $460,000 and $90,000respectivelyMarch 2 Issued 15,000 shares of preferred stock at $77.50 for cashJournalize the transactions.

Journal entries are recording of the transaction in the accounting journal in chronological order.…

Answered: 1. Baird Products Inc. A wholesaler of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $20 par value, 98,100 shares authorized Preferred stock, $47 par value, 8 percent, 60,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $40 cash per share. b. Sold 20,000 shares of preferred stock at $77 cash per share. c. Repurchased 4,900 shares of common stock for $24 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $30,900. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
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Concord Corporation had the following transactions during the current period. Mar. 2 Issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in helping the company to incorporate. June 12 Issued 70,000 shares of $5 par value common stock for cash of $437,500. July 11 Issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,800 shares of treasury stock for $72,000. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically inc when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" fo. account titles and enter O for the amounts.)
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