Newly formed S&J Iron Corporation has 121,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 per share. On May 2, the company issued an additional 16,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1. question: b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet.c. Determine the amount S&J Iron would report for paid-in capital in excess of par.d. What is the total amount of capital contributed by the owners?e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet?
Newly formed S&J Iron Corporation has 121,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 per share. On May 2, the company issued an additional 16,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1. question: b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet.c. Determine the amount S&J Iron would report for paid-in capital in excess of par.d. What is the total amount of capital contributed by the owners?e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Newly formed S&J Iron Corporation has 121,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,000 shares of the stock for $11 per share. On May 2, the company issued an additional 16,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1.
question:
b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1,
c. Determine the amount S&J Iron would report for paid-in capital in excess of par.
d. What is the total amount of capital contributed by the owners?
e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet?
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