Astro Corporation was started with the issue of 5.300 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $69,000 in cash revenues and paid $46,230 for cash expenses. Also, a $3,800 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Stmt of Cash Flows Balance Sheet Prepare a balance sheet, ASTRO CORPORATION Balance Sheet As of December 31. Year 1 Assets Total assets $4 Liabilities Stockholders' equity Common stock Total Paid-In Capital Total liabilities and stockholders' equity $

Astro Corporation was started with the issue of 5.300 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $69,000 in cash revenues and paid $46,230 for cash expenses. Also, a $3,800 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Stmt of Cash Flows Balance Sheet Prepare a balance sheet, ASTRO CORPORATION Balance Sheet As of December 31. Year 1 Assets Total assets $4 Liabilities Stockholders' equity Common stock Total Paid-In Capital Total liabilities and stockholders' equity $

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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During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share. July (a) 1 Journalize the transactions, assuming that the common stock has a par value of $6 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 2A 3 m tv N Debit alı Credit 4. A 1
Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, ? issue price $9 per share. Shares held as treasury stock, 11,600 shares, cost $7 per share.. Net income for the current year, $410,720. Common Stock account, $144,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $740,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) 1-a. Shares issued 1-b. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Total dividends paid on common stock during the current year is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of 6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share…
Astro Corporation was started with the issue of 4,400 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $66,650 in cash revenues and paid $44,656 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders. Prepare a statement of changes in stockholders’ equity.
During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 81,500 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,200 for services rendered in helping the company to incorporate. July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,400 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)
Bridgeport Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
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.)
Bonita Corporation has 86,000 shares of common stock outstanding. It dedares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
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