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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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