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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| FINANCIAL ACCTG | |||||||||||||||||
| 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 |
|||||||||||||||||
| ASSETS | = | LIABILITIES | ----------------------------------EQUITY---------------------------------------------- | ------------------------------------------------- | |||||||||||||
| Cash | Common Stock | APIC- Comm Stk | APIC-Pref Stk | ||||||||||||||
| 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 | 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 | |||||||||||||||||
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