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A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 40,000 shares of 6%, $100 par value cumulative pre stock and 110,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions (Click the icon to view the transactions) Read the requirements More info Oct 2 Oct. 6 Oct. 9 Oct. 10 Oct 25 issued 17,000 shares of common stock for a building with a market value of $100.000 issued 950 shares of prefened stock for $130 per share issued 10,000 shares of common stock for cash of $60.000 Declared a $12,000 cash dividend for stockholders of record on Oct. 20 Use a separa Dividends Payable account for preferred and common stock Paid the cash dividend - X Requirements L. Record the transactions in the general journal 2. Prepare the stockholders' equity section of A-Mobile's balance sheet at October 31, 2024 Assume A-Mobile's net income for the month was $92,000 (Assume all temporary accounts have been closed prior to preparing the stockholders equity section of the balance sheet) X

A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 40,000 shares of 6%, $100 par value cumulative pre stock and 110,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions (Click the icon to view the transactions) Read the requirements More info Oct 2 Oct. 6 Oct. 9 Oct. 10 Oct 25 issued 17,000 shares of common stock for a building with a market value of $100.000 issued 950 shares of prefened stock for $130 per share issued 10,000 shares of common stock for cash of $60.000 Declared a $12,000 cash dividend for stockholders of record on Oct. 20 Use a separa Dividends Payable account for preferred and common stock Paid the cash dividend - X Requirements L. Record the transactions in the general journal 2. Prepare the stockholders' equity section of A-Mobile's balance sheet at October 31, 2024 Assume A-Mobile's net income for the month was $92,000 (Assume all temporary accounts have been closed prior to preparing the stockholders equity section of the balance sheet) X

FINANCIAL ACCOUNTING
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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Ee 481.

= A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 40,000 shares of 6%, $100 par value cumulative prefer stock and 110,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions (Click the icon to view the transactions) Read the requirements More info Oct. 2 Oct. Oct. 9 Oct. 10 Issued 17,000 shares of common stock for a building with a market value of $100.000 issued 950 shares of preferred stock for $130 per share issued 10,000 shares of common stock for cash of $60,000 Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Paid the cash dividend Assume A-Mobile's net income for the month was $32,000 Oct. 25 Print Done X Requirements 1. Record the transactions in the general journal 2. Prepare the stockholders' equity section of A-Mobile's balance sheet a October 31, 2024. Assume A-Mobile's net income for the month was $92,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet) Print Done
Transcribed Image Text:= A-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to issue 40,000 shares of 6%, $100 par value cumulative prefer stock and 110,000 shares of $4 par value common stock. During the first month, A-Mobile completed the following transactions (Click the icon to view the transactions) Read the requirements More info Oct. 2 Oct. Oct. 9 Oct. 10 Issued 17,000 shares of common stock for a building with a market value of $100.000 issued 950 shares of preferred stock for $130 per share issued 10,000 shares of common stock for cash of $60,000 Declared a $12,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Paid the cash dividend Assume A-Mobile's net income for the month was $32,000 Oct. 25 Print Done X Requirements 1. Record the transactions in the general journal 2. Prepare the stockholders' equity section of A-Mobile's balance sheet a October 31, 2024. Assume A-Mobile's net income for the month was $92,000. (Assume all temporary accounts have been closed prior to preparing the stockholders' equity section of the balance sheet) Print Done
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