Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1. Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share On May 2, the company issued an additional 23.500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model: In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) If an element was not affected by the event, leave the cell blank 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 143,000 shares of $7 par common stock authorized. On March 1. Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share On May 2, the company issued an additional 23.500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model: In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) If an element was not affected by the event, leave the cell blank 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?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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Question
![Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1. Year 1. S&J Iron issued
12,000 shares of the stock for $10 per share On May 2, the company issued an additional 23.500 shares for $22 per share. S&J Iron
was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating
activity (OA), Investing activity (IA), or financing activity (FA) If an element was not affected by the event, leave the cell blank!
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?
Complete this question by entering your answers in the tabs below.
Reg A
Req B to E
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 S8J Iron report on the December 31, Year 1, balance sheet?
b. Common stock.
c. Paid-in capital in excess of par
d. Total paid-in capital
e. Total assets
< Req A
Show less](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0c53c3c-d25b-4f46-ae7f-d9559756d1d4%2Fe788b1bc-e4c2-408e-a19d-4b2a48d91cb7%2Fc1rmd2m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1. Year 1. S&J Iron issued
12,000 shares of the stock for $10 per share On May 2, the company issued an additional 23.500 shares for $22 per share. S&J Iron
was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating
activity (OA), Investing activity (IA), or financing activity (FA) If an element was not affected by the event, leave the cell blank!
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?
Complete this question by entering your answers in the tabs below.
Reg A
Req B to E
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 S8J Iron report on the December 31, Year 1, balance sheet?
b. Common stock.
c. Paid-in capital in excess of par
d. Total paid-in capital
e. Total assets
< Req A
Show less
![Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued
12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron
was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating
activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank.
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?
Complete this question by entering your answers in the tabs below.
Req A
Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing
activity (FA). If an element was not affected by the event, leave the cell blank.
Event
Req B to E
March 1
May 2
Balance Sheet
Assets = Liabilities
Cash
+
+
+
S&J IRON CORPORATION
Horizontal Statements Model
Stockholders' Equity
PIC in
Excess
Common
Stock
+
+
+
Revenue
Income Statement
Expense = Net Income
Req B to E >
Cash Flow](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0c53c3c-d25b-4f46-ae7f-d9559756d1d4%2Fe788b1bc-e4c2-408e-a19d-4b2a48d91cb7%2Fq0ooevc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued
12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron
was not affected by other events during Year 1.
Required
a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating
activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank.
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?
Complete this question by entering your answers in the tabs below.
Req A
Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing
activity (FA). If an element was not affected by the event, leave the cell blank.
Event
Req B to E
March 1
May 2
Balance Sheet
Assets = Liabilities
Cash
+
+
+
S&J IRON CORPORATION
Horizontal Statements Model
Stockholders' Equity
PIC in
Excess
Common
Stock
+
+
+
Revenue
Income Statement
Expense = Net Income
Req B to E >
Cash Flow
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