Beginning BalanceadEnding BalanceAssetsCash Supplies Buildings Equipment Land52,5007,900 112.000 151,000 290,00052,5007,900112.000151.000290,000#H=#LiabilitiesAccountsPayable22,50022,500NotesPayable+5,650+++*45,650 +Stockholders' EquityCommon RetainedStockEarnings175,000175,000410,250410,250 Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included thefollowing at June 30:Accounts PayableBuildingsCashCommon StockEquipmentLandNotes Payable (long-term)Retained EarningsSupplies$ 22,500112,00052,500175,000151,000290,0005,650410,2507,900During the month of July, the company had the following activities:a. Issued 5,100 shares of common stock for $510,000 cash.b. Borrowed $183,000 cash from a local bank, payable in two years.c. Bought a building for $210,750; paid $86,750 in cash and signed a three-year note for the balance.d. Paid cash for equipment that cost $284,000.e Purchased supplies for $37,000 on account.

Retained earnings are the amount that is paid as dividends to the shareholders after paying all the…

Answered: Deliberate Speed Corporation (DSC) was…

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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Concord Co. 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 $30,200 for services performed in helping the company to incorporate. June 12 July 11 Nov. 28 Issued 64,900 shares of $5 par value common stock for cash of $409,200. Date I Issued 1,175 shares of $100 par value preferred stock for cash at $130 per share. Purchased 3,000 shares of treasury stock for $82,500. 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.) Account Titles and Explanation Debit Credit
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
Astro Corporation was started with the issue of 4,500 shares of $10 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 $71,100 in cash revenues and paid $47,637 for cash expenses. Also, a $4,100 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. Balance Sheet Stmt of Cash Flows Income Stmt of Statement Changes Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1
Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. 4 Journalize the transactions. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
Astro Corporation was started with the issue of 5.500 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $68,450 in cash revenues and paid $45,862 for cash expenses. Also, a $4,800 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 Balance Sheet Prepare the income statement. Stmt of Cash Flows ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 Stmt of Changes >
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share. The journal entry for this transaction would include a a. debit to Common Stock for $95,400 b. debit to Cash for $89,900 c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890 d. credit to Common Stock for $188,790
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,000 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at $8 per share. Sept. 1 Issued 60,000 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 O for the amounts. Record entries in the order displayed in the problem statement.)
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $36 per share. b. Sold 2,300 shares of common stock for cash at $41 per share. c. At year-end, the company reported net income of $7,200. No dividends were declared. E11-5 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 0 0
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
Splish Brothers Inc. had the following transactions during the current period. Mar. 2 Issued 4,700 shares of $5 par value common stock to attorneys in payment of a bill for $27,800 for services performed in helping the company to incorporate. June 12 Issued 56,700 shares of $5 par value common stock for cash of $355,300. July 11 Issued 2,900 shares of $100 par value preferred stock for cash at $120 per share. Nov. 28 Purchased 2,260 shares of treasury stock for $77,500. Journalize the transactions. (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" for the account titles and enter 0 for the amounts.)
On May 10, the Martin Corporation issued 2,000 shares of $3.00 par value Common Stock for cash at $15.00 per share. Which of the following statements is true regarding this transaction? A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000 B) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000 C) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000 D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000 and Paid-in Capital in excess of par is credited for $30,000

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