TitleInformation on adjusting entireties that took place in the company. Note, the stock amounts may need...DescriptionInformation on adjusting entireties that took place in the company. Note, the stock amounts may need to be added to the provided beginning numbers to correctly prepare financial statements. Issued 15,000 shares of $20 par common stock at $30, receiving cash.Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately.Paid the cash dividends declared in the previous bullet point..Purchased 8,000 shares of treasury common stock at $33 per share.Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.Paid the cash dividends to the preferred stockholders.Sold, at $38 per share, 2,600 shares of treasury common stock purchased in the sixth bullet point.Recorded the payment of semiannual interest on the bonds issued in in bullet point 3 and the amortization of the premium for six months. The amortization is determined using the straight-line method.The business also had a Store Supplies Expense of $21,000 during the year.For Part 1, using the data above prepare a multi-step income statement, statement of stockholders' equity , and classified balance sheet for fortune. I have also loaded some rough templates below to assist you in how to format the statements.

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Description: TitleInformation on adjusting entireties that took place in the company. Note, the stock amounts may need...DescriptionInformation on adjusting entireties that took place in the company. Note, the stock amounts may need to be added to the provided be

Statement of changes in stockholders’ equity: The statement which reports the changes in stock,…

Answered: or Part 1, using the data above prepare…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Information on adjusting entireties that took place in the company. Note, the stock amounts may need...

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Information on adjusting entireties that took place in the company. Note, the stock amounts may need to be added to the provided beginning numbers to correctly prepare financial statements.

Issued 15,000 shares of $20 par common stock at $30, receiving cash.
Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately.
Paid the cash dividends declared in the previous bullet point..
Purchased 8,000 shares of treasury common stock at $33 per share.
Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.
Paid the cash dividends to the preferred stockholders.
Sold, at $38 per share, 2,600 shares of treasury common stock purchased in the sixth bullet point.
Recorded the payment of semiannual interest on the bonds issued in in bullet point 3 and the amortization of the premium for six months. The amortization is determined using the straight-line method.
The business also had a Store Supplies Expense of $21,000 during the year.

For Part 1, using the data above prepare a multi-step income statement, statement of stockholders' equity , and classified balance sheet for fortune. I have also loaded some rough templates below to assist you in how to format the statements.

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