Newly formed S&J Iron Corporation has 53,000 shares of $3 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 $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 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. Balance Sheet S&J IRON CORPORATION Horizontal Statements Model Income Statement
Newly formed S&J Iron Corporation has 53,000 shares of $3 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 $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 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. Balance Sheet S&J IRON CORPORATION Horizontal Statements Model Income Statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Newly formed S&J Iron Corporation has 53,000 shares of $3 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 $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
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
Assets
Cash
Balance Sheet
Liabilities
+
+
+
+
S&J IRON CORPORATION
Horizontal Statements Model
Stockholders' Equity
PIC in
Excess
Common
Stock
Revenue
< Req A
Income Statement
Expense
= Net Income
=
Req B to E >
Cash Flow
Transcribed Image Text: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 >
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