Chapter 14 Mastery Assignment Complete the following problems on an EXCEL spreadsheet. Use a different tab for each problem using the numbering provided for each problem. Remember to use the proper format for your journal entries. Each transaction should have at least two accounts (debit and credit) PA4.) Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions. Mar. 1 Issued 10,000 shares of preferred stock at $115 per share Mar. 2 Issued 120,000 shares of common stock at $12.50 per share Apr. 10 Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 10,000 shares of common stock at $15 per share Aug. 5 Issued 1,000 shares of preferred stock at $112 per share PA7.) Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Journalize the transactions. Mar. 1 Declares a cash dividend of $2 per share Mar. 30 Pays the cash dividend Jul. 10 Declares a 5% stock dividend when the stock is trading at $15 per share Aug. 5 Issues the stock dividend PA9.) Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000 Mar. 30 Pays the cash dividend Jul. 10 Declares a 3-for-1 stock split of its common shares Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split PA12.) You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise: Cash 9,000, Common stock 5,000, Accounts receivable 7,000, Accounts payable 2,000, Cash dividends declared for the year 1,000, Additional paid-in capital 4,000, Prepaid insurance 5,000, Prior period adjustment net of income tax (2,000), Unearned revenue 4,000, Retained earnings beginning of the year 6,000, Net income for the year 9,000.

Chapter 14 Mastery Assignment Complete the following problems on an EXCEL spreadsheet. Use a different tab for each problem using the numbering provided for each problem. Remember to use the proper format for your journal entries. Each transaction should have at least two accounts (debit and credit) PA4.) Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions. Mar. 1 Issued 10,000 shares of preferred stock at $115 per share Mar. 2 Issued 120,000 shares of common stock at $12.50 per share Apr. 10 Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 10,000 shares of common stock at $15 per share Aug. 5 Issued 1,000 shares of preferred stock at $112 per share PA7.) Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Journalize the transactions. Mar. 1 Declares a cash dividend of $2 per share Mar. 30 Pays the cash dividend Jul. 10 Declares a 5% stock dividend when the stock is trading at $15 per share Aug. 5 Issues the stock dividend PA9.) Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000 Mar. 30 Pays the cash dividend Jul. 10 Declares a 3-for-1 stock split of its common shares Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split PA12.) You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise: Cash 9,000, Common stock 5,000, Accounts receivable 7,000, Accounts payable 2,000, Cash dividends declared for the year 1,000, Additional paid-in capital 4,000, Prepaid insurance 5,000, Prior period adjustment net of income tax (2,000), Unearned revenue 4,000, Retained earnings beginning of the year 6,000, Net income for the year 9,000.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.2: Preparing A Statement Of Stockholders’ Equity

Problem 1WT

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