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Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 190,000 common shares for $1.60 per share. Issued 49,000 common shares for $1.67 per share. Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services. 27823 12 17 18 24 31

Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 190,000 common shares for $1.60 per share. Issued 49,000 common shares for $1.67 per share. Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services. 27823 12 17 18 24 31

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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Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 190,000 common shares for $1.60 per share. 12 Issued 49,000 common shares for $1.67 per share. 17 Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. 18 Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services. 24 31
Transcribed Image Text:Accustart Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 190,000 common shares for $1.60 per share. 12 Issued 49,000 common shares for $1.67 per share. 17 Issued 10,700 preferred shares for $27.00 per share. Issued 499,000 common shares for $2.00 per share. 18 Repurchased 220,000 common shares at $1.90 per share. Issued 9,900 common shares in exchange for $14,850 of legal services. 24 31
Date Jan. 6 V Jan. 12 Jan. 17 Jan. 18 Jan. 24 Jan. 31 Account Iities and explanation Cash Common Shares Cash Common Shares Cash Preferred Shares Cash Common Shares Common Shares Retained Earnings Cash Professional Fees Expense Common Shares Preferred shares Common shares Numbers Average Cost $ Dedit $ 304000 81830 288900 998000 412524 5476 14850 credit 304000 What is the number and average cost of the preferred and common shares at the end of January? (Round "Average Cost" answ to 2 decimal places, e.g. 1.24.) 81830 288900 998000 418000 14850
Transcribed Image Text:Date Jan. 6 V Jan. 12 Jan. 17 Jan. 18 Jan. 24 Jan. 31 Account Iities and explanation Cash Common Shares Cash Common Shares Cash Preferred Shares Cash Common Shares Common Shares Retained Earnings Cash Professional Fees Expense Common Shares Preferred shares Common shares Numbers Average Cost $ Dedit $ 304000 81830 288900 998000 412524 5476 14850 credit 304000 What is the number and average cost of the preferred and common shares at the end of January? (Round "Average Cost" answ to 2 decimal places, e.g. 1.24.) 81830 288900 998000 418000 14850
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