Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: Data Table Stockholders' Equity Paid-In Capital: Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding $1,600,000 Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding 1,300,000 Paid-In Capital in Excess of Par—Common 2,500,000 Total Paid-In Capital 5,400,000 Retained Earnings 12,500,000 Total Stockholders' Equity $17,900,000 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. 2. What is the par value per share of Thurman Comfort Specialists' preferred stock? 3. Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $700,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.
Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: Data Table Stockholders' Equity Paid-In Capital: Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding $1,600,000 Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding 1,300,000 Paid-In Capital in Excess of Par—Common 2,500,000 Total Paid-In Capital 5,400,000 Retained Earnings 12,500,000 Total Stockholders' Equity $17,900,000 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. 2. What is the par value per share of Thurman Comfort Specialists' preferred stock? 3. Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $700,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Comfort Specialists, Inc. reported the following
2024:
Data Table
Stockholders' Equity
|
|
Paid-In Capital:
|
|
Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding
|
$1,600,000
|
---|---|
Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding
|
1,300,000
|
Paid-In Capital in Excess of Par—Common
|
2,500,000
|
Total Paid-In Capital
|
5,400,000
|
|
12,500,000
|
Total Stockholders' Equity
|
$17,900,000
|
1.
|
Identify the different classes of stock that
Thurman
Comfort Specialists has outstanding. |
2.
|
What is the par value per share of
Thurman
Comfort Specialists' preferred stock? |
3.
|
Make two summary
Thurman
Comfort Specialists' stock for cash. Explanations are not required. |
4.
|
No preferred dividends are in arrears. Journalize the declaration of a
$700,000
dividend at June 30,
2024,
and the payment of the dividend on July 20,
2024.
Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. |
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