Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 per share. S&J Iron was notaffected by other events during Year 1.Requireda. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operatingactivity (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 AReq B to Eb. 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?b. Common stockc. Paid-in capital in excess of pard. Total paid-in capitale. Total assets< Req AReq B to E >Show less Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 per share. S&J Iron was notaffected by other events during Year 1.Requireda. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operatingactivity (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 ARecord 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 financingactivity (FA). If an element was not affected by the event, leave the cell blank.EventReq B to EMarch 1May 2AssetsCashBalance SheetLiabilities ++++S&J IRON CORPORATIONHorizontal Statements ModelStockholders' EquityPIC inExcessCommonStock+++Revenue< Req AIncome StatementExpense==Net IncomeReq B to E >Cash Flow

Accounting equation is one of fundamental concept being used in business. As per this, total assets…

Newly formed S&J Iron Corporation has 161,000 shares of $3 par common stock authorized. On March 1, Year 1, S&J Iron issued 11,500 shares of the stock for $10 per share. On May 2, the company issued an additional 20,000 shares for $21 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 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 S&J 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 Req B to E > Show less A

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q