Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 35,000 sharesof 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stocktransactions pertain to Eastport Inc.:1. Issued 19,000 shares of common stock for $14 per share.2. Issued 10,000 shares of the class A preferred stock for $30 per share.3. Issued 44,000 shares of common stock for $17 per share.RequiredPrepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.EASTPORT INC.Balance Sheet (partial)For the Year Ended Year 1Stockholders' EquityCommon stockPreferred stockPaid-in capital in excess of par, CSTotal Paid-In CapitalTotal stockholders' equity$$567,000250,000817,000$ 817,000

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Answered: Eastport Inc. was organized on June 5,…

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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Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 3,000 shares of preferred stock for cash at $750 per share May 23 Issued 6,000 shares of common stock at $12.50 per share Jun. 10 Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share Journalize the transactions.
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 60,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: Issued 25,000 shares of common stock for $14 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 49,000 shares of common stock for $17 per share. Requireda. Prepare general journal entries for these transactions.b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.
The corporate charter of Blossom Corporation allows the issuance of a maximum of 4,260,000 shares of $1 par value common stock. During its first three years of operation, Blossom issued 2,215,200 shares at $15 per share. It later acquired 85,200 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: (a) How many shares were authorized? Authorized shares i shares
Moon Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common stock and 19,000 shares of $75 par, 8 percent cumulative preferred stock. Moon Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 17,850 shares of the $7 par common stock for $9 per share. January 12 Sold 1,900 shares of the 8 percent preferred stock for $85 per share. April 5 Sold 23,800 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $302,000 in cash revenue and paid $240,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3…
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Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form.…
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $9 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Incorporated : 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $35 per share. 3. Issued 55,000 shares of common stock for $17 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of stated value-preferred stock Total Paid-In Capital EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total stockholders' equity $ 711,000 330,000 0 $ 1,041,000 $ 1,041,000
North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 41,000 shares of the common stock for $16 per share. Issued 11,000 shares of the preferred stock at $17 per share. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. Net income for the first year was $49,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31. please avoid solutions in image format thank you
Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 par common stock and 20,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 13,200 shares of the $5 par common stock for $7 per share. 12 Sold 2,000 shares of the 6 percent preferred stock for $110 per share. Apr. 5 Sold 17,600 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $316,300 in cash revenue and paid $237,300 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 400 shares of the…

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