FINANCIAL ACCTG STOCKHOLDERS' EQUITY ACCOUNTING QUIZ #3 #1 PART A: Strand Corp has 200,000 shares of $5 par Common Stock authorized and 100,000 shares of $15 par Prefreed Stock authorized Using the Balance Sheet Equation below, account for the folloiwng transactions: ASSETS = LIABILITIES ----------------------------------EQUITY---------------------------------------------- ------------------------------------------------- Cash Common Stock APIC- Comm Stk Preferred Stock APIC-Pref Stk Retained Earnings ---------------------------- revenues (exps) (dividends) on Jan 5, Strand sells 10,000 shares of its Preferred Stock for $55/share On March 10, Strand sells 25,000 shares of its Common Stock for $17/share On June 15, Strand sells 30,000 shares of its Common Stock for $22/share On Aug 29, Strand issues 32,000 shares of its Preferred Stock for $63/share On Dec 2, Strand issues 50,000 shares of its Common Stock for $31/share ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Totals $0 $0 $0 $0 $0 $0 $0 $0 $0 Assets = $0 Liabs = $0 + Equity = $0 PART B: Prepare Strand's Stockholders' Equity section: STOCKHOLDERS' EQUITY #2 PART A: Using the Balance Sheet Equation below, account for the folloiwng transactions: ASSETS = Liabilities + ----------------------------------EQUITY---------------------------------------------- -------------------------------------------- ------------------------------------------------- Cash Common Stock APIC- Comm Stk Preferred Stock APIC-Pref Stk Treasury Stock APIC- treas stk Retained Earnings ---------------------------- Example Balances $500,000 $100,000 $125,000 $200,000 $75,000 revenues (exps) (dividends) Assume Strand decides to Buy Back 1,500 shares of its Common Stock for $8/share Strand later re-issues 1,000 shares of the stock it bought back at $9/share TOTALS $500,000 $100,000 $125,000 $200,000 $75,000 $0 $0 $0 $0 $0 Assets = $500,000 Liabs = $0 + Equity = $500,000 PART B: Prepare Strand's Stockholders' Equity section: STOCKHOLDERS' EQUITY

FINANCIAL ACCTG STOCKHOLDERS' EQUITY ACCOUNTING QUIZ #3 #1 PART A: Strand Corp has 200,000 shares of $5 par Common Stock authorized and 100,000 shares of $15 par Prefreed Stock authorized Using the Balance Sheet Equation below, account for the folloiwng transactions: ASSETS = LIABILITIES ----------------------------------EQUITY---------------------------------------------- ------------------------------------------------- Cash Common Stock APIC- Comm Stk Preferred Stock APIC-Pref Stk Retained Earnings ---------------------------- revenues (exps) (dividends) on Jan 5, Strand sells 10,000 shares of its Preferred Stock for $55/share On March 10, Strand sells 25,000 shares of its Common Stock for $17/share On June 15, Strand sells 30,000 shares of its Common Stock for $22/share On Aug 29, Strand issues 32,000 shares of its Preferred Stock for $63/share On Dec 2, Strand issues 50,000 shares of its Common Stock for $31/share ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Totals $0 $0 $0 $0 $0 $0 $0 $0 $0 Assets = $0 Liabs = $0 + Equity = $0 PART B: Prepare Strand's Stockholders' Equity section: STOCKHOLDERS' EQUITY #2 PART A: Using the Balance Sheet Equation below, account for the folloiwng transactions: ASSETS = Liabilities + ----------------------------------EQUITY---------------------------------------------- -------------------------------------------- ------------------------------------------------- Cash Common Stock APIC- Comm Stk Preferred Stock APIC-Pref Stk Treasury Stock APIC- treas stk Retained Earnings ---------------------------- Example Balances $500,000 $100,000 $125,000 $200,000 $75,000 revenues (exps) (dividends) Assume Strand decides to Buy Back 1,500 shares of its Common Stock for $8/share Strand later re-issues 1,000 shares of the stock it bought back at $9/share TOTALS $500,000 $100,000 $125,000 $200,000 $75,000 $0 $0 $0 $0 $0 Assets = $500,000 Liabs = $0 + Equity = $500,000 PART B: Prepare Strand's Stockholders' Equity section: 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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Question

FINANCIAL ACCTG

STOCKHOLDERS' EQUITY

ACCOUNTING

QUIZ #3

PART A:

Strand Corp has 200,000 shares of $5 par Common Stock authorized and 100,000 shares of $15 par Prefreed Stock authorized

Using the Balance Sheet Equation below, account for the folloiwng transactions:

ASSETS

LIABILITIES

----------------------------------EQUITY----------------------------------------------

-------------------------------------------------

Cash

Common Stock

APIC- Comm Stk

Preferred Stock

APIC-Pref Stk

Retained Earnings ----------------------------

revenues

(exps)

(dividends)

on Jan 5, Strand sells 10,000 shares of its Preferred Stock for $55/share

On March 10, Strand sells 25,000 shares of its Common Stock for $17/share

On June 15, Strand sells 30,000 shares of its Common Stock for $22/share

On Aug 29, Strand issues 32,000 shares of its Preferred Stock for $63/share

On Dec 2, Strand issues 50,000 shares of its Common Stock for $31/share

----------

Totals

Assets =

Liabs = $0 +

Equity =

PART B:

Prepare Strand's Stockholders' Equity section:

STOCKHOLDERS' EQUITY

PART A:

Using the Balance Sheet Equation below, account for the folloiwng transactions:

ASSETS

Liabilities +

----------------------------------EQUITY----------------------------------------------

--------------------------------------------

-------------------------------------------------

Cash

Common Stock

APIC- Comm Stk

Preferred Stock

APIC-Pref Stk

Treasury Stock

APIC- treas stk

Retained Earnings ----------------------------

Example Balances

$500,000

$100,000

$125,000

$200,000

$75,000

revenues

(exps)

(dividends)

Assume Strand decides to Buy Back 1,500 shares of its Common

Stock for $8/share

Strand later re-issues 1,000 shares of the stock it bought back at $9/share

TOTALS

$500,000

$100,000

$125,000

$200,000

$75,000

Assets =

$500,000

Liabs = $0 +

Equity =

$500,000

PART B:

Prepare Strand's Stockholders' Equity section:

STOCKHOLDERS' EQUITY

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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