**Kling Incorporated Financial Transaction Analysis****Company Formation Date:**- January 1, Year 1**Assumption:**- All events occurred on January 1, Year 1, unless otherwise specified.**REQUIREMENT 1:**- Record the following transactions. Enter negative numbers with a negative sign (e.g., -10,000). For accounts where no amount is needed, enter 0.**Transaction 1:**- **Event:** Issued 12,000 shares of $6 par value common stock for $77,000 cash.**Balance Sheet Representation:**1. **Assets** - **Cash**: [Box for entry]2. **Liabilities** - **Notes Payable**: [Box for entry]**Stockholders' Equity:**- **Common Stock**: [Box for entry]- **PIC in Excess (Paid-In Capital in Excess of Par)**: [Box for entry]- **Retained Earnings**: [Box for entry]**Income Statement:**- **Revenue**: [Box for entry]- **Expenses**: [Box for entry]- **Net Income**: [Box for entry]**Diagram/Graph Explanation:**- The table is divided into sections for Assets, Liabilities, Stockholders' Equity, and Income Statement. These sections help record and analyze financial transactions by showing changes in the company's financial position. Each section has corresponding boxes for data entry.

Balance sheet is a financial statement that shows list of final ending balances of assets,…

Answered: Kling Incorporated was formed on…

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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Blossom Company has these accounts at December 31: Common Stock, $9 par, 4,800 shares issued, $43,200; Paid-in Capital in Excess of Par $34,900; Retained Earnings $47,000; and Treasury Stock, 500 shares, $11,500. Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.) Blossom Company Balance Sheet (Partial) December 31 $ $
A company declared a cash dividend of $.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. What is the entry to record the payment on the payment date? O debit Common Dividend Payable 35,000 and credit Cash 35,000 O debit Common Dividend Payable 175,000 and credit Cash 175,000 O no entry on payment date O debit Retained Earnings 175,000; credit Common Dividend Payable 175,000 79°F Rain t
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1. Analyze each transaction from issuances of stock by showing its effect on the accounting equation specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 2. 2. 2. 3. 3. 4. [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 4 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $138,500 cash. Assets = = Liabilities + + Equity
The dates of importance in connection with a cash dividend of $143,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date using the chart of accounts below. If no entry is required, enter "No Entry Required" and leave the amount boxes blank. Cash Cash Dividends Cash Dividends Payable No Entry Required Stock Dividends Stock Dividends Payable Common Stock Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Date Account Debit Credit Jan. 15 Feb. 15 I For Blank 9 Mar. 15 THIS OUESTION WILL ALSO BE CHECKED MANUALLY (to make adiustments for tvpos).
An inexperienced accountant for Blue Spruce Corp. made the following entries. July 1 Sept. 1 Cash Date Common Stock (Issued 32,000 shares of no-par common stock, stated value $8 per share) Common Stock Retained Earnings Cash (Purchased 4,000 shares issued on July 1 for the treasury at $16 per share) Account Titles and Explanation 290,000 Debit 30,000 34,000 On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 290,000 64,000 Credit
On May 1, Year 1, Love Corporation declared a $47,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare journal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an op (OA), investing activity (1A), or financing activity (FA). Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted and cash out minus sign.) Date May 01 May 15 May 31 Assets Balance Sheet Liabilities + * LOVE CORPORATION Horizontal Statements Model Common Stock Retained Earnings Revenue Required A Statement Expenses Net Income Required B > Statement of Cash Flows
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Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 50,000 b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 43,000 Accounts Receivable. Building 15,000 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 30,000 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 9 d. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital
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