Information is from first month of operations. Make a Statement of Stockholder's Equity. Stockholders Equity>Advertising UtilitiesserviceRetainedEarningsIndirectIndirectMaterialsDiscountFactoryLegalExpensesPayableLegalExpensePayableSuppliesExpenseDividendNotes Pay UnearnedRevenueCommonPaid InDividendCapital inExcess ofwageswagespayablePayableStockрayablepayablePayableCostPAR1000001500012-430036000-800420018502300-4300-42005000-5000150015005000025000-30003000120 Assets>Liabilities>Accts Rec PrepaidActs PayDepreciatio Accumulate Discountn - Factory dEquipment depreciatioCashPrepaidRentFinishedGoodsSuppRawWork inFactoryOverheadFactoryEquipmentInsurMaterialsProgress1/1 Ray incorporated B&C Inc andinvested $100,000 in exchange for100,000 shares of $1 par commonstock.1000001/1 Paid $9,000 for the first 6months of rent (Jan-June) on aproduction facility.-900090001/1 Paid $4,200 for an insurancepremium on a one-year policy.-420042001/1 Purchased a $15,000 piece offactory equipment with a 3% NotePayable which will be paid in full atthe end of 2 years. This equipmenthas an estimated life of 5 years andan estimated residual value of$3,000.15000200-2001/2 Purchased $600 of suppliesfrom Office Hoard Corp onaccount with terms 2/10, n/30.600-6001/3 Purchased $50,000 of rawmaterials from Chemical Supply Incon account50000-500001/5 Requisitioned $10,000 of rawmaterials to begin working on Job A(a batch of doodads) and another$7,000 of raw materials to beginworking on Job B.-17000170001/8 Paid off account with Office-58858812Hoard Corp with cash.1/10 Incurred $2,500 worth of directlabor costs while working on Job Aand another $1,800 of direct laborwent to Job B.43001/11 Allocated $5,000 worth offactory overhead (based on apreviously calculated rate) to Job Aand $3,600 is allocated to Job B.8600-86001/13 Job A was completed.-17500175001/16 Job A was sold for $36,000 toRetail Corp on account with FOBdestination terms.360001/17 Paid $800 for delivery chargesfor Job A.-8001/20 Incurred (but did not pay)factory overhead costs as follows:indirect wages, $4,200; indirectmaterials, $1,850; utilities, $2,300.83501/23 Paid all previously incurredwages with cash.-85001/28 Paid $5,000 for advertisingservices with cash.-50001/30 Incurred $1,500 of legalexpenses which will be paid onFebruary 10th.1/30 Received $10,000 from RetailCorp to partially pay off theiraccount.10000-100001/30 B&C Inc issued 50,000 sharesof $1 par common stock inexchange for $75,000 from Elizabeth(a new investor).750001/31 Paid $25,000 to ChemicalSupply Inc to partially pay off theaccount.-25000250001/31 Announced a $3,000 cashdividend which will be distributed onFebruary 5th.1/31 There are $120 of supplies on120hand.Balances

Shareholders: Shareholders can be defined as the individuals having ownership in the stock of the…

Answered: Information is from first month of…

Business

Accounting

Information is from first month of operations. Make a Statement of Stockholder's 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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