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orporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 wares of the stock for $12 per share. On May 2, the company issued an additional 23,500 shares for $21 per share. S&J Iron was not ected by other events during Year 1. quired Record the transactions in a horizontal statements model Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. Determine the amount S&J Iron would report for paid-in capital in excess of par

orporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 wares of the stock for $12 per share. On May 2, the company issued an additional 23,500 shares for $21 per share. S&J Iron was not ected by other events during Year 1. quired Record the transactions in a horizontal statements model Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. Determine the amount S&J Iron would report for paid-in capital in excess of par

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Newly formed S&J Iron Corporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 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. 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? 1. Prepare journal entries to record the March 1 and May 2 transactions Complete this question by entering your answers in the tabs below. Req A Reg F Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing acti financing activity (FA) Leave blank to indicate that an element was not affected by the event.) Event Reg B to E March 1 May 2 Assets Cash Balance Sheet Liabilities S&J IRON CORPORATION Horizontal Financial Statements Model Stockholders' Equity Common Stock Paid in Capital in Excess Revenue Income Statement Expense Net Income Req8 to E > Statement of Cash Flows
Transcribed Image Text:Newly formed S&J Iron Corporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 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. 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? 1. Prepare journal entries to record the March 1 and May 2 transactions Complete this question by entering your answers in the tabs below. Req A Reg F Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing acti financing activity (FA) Leave blank to indicate that an element was not affected by the event.) Event Reg B to E March 1 May 2 Assets Cash Balance Sheet Liabilities S&J IRON CORPORATION Horizontal Financial Statements Model Stockholders' Equity Common Stock Paid in Capital in Excess Revenue Income Statement Expense Net Income Req8 to E > Statement of Cash Flows
Newly formed S&J Iron Corporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 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. 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? t. Prepare journal entries to record the March 1 and May 2 transactions. 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. b. c. d. e Total assets Req F 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? Common stock Paid-in capital in excess of par Total paid-in capital < Req A RegF > Show less A
Transcribed Image Text:Newly formed S&J Iron Corporation has 64,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 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. 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? t. Prepare journal entries to record the March 1 and May 2 transactions. 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. b. c. d. e Total assets Req F 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? Common stock Paid-in capital in excess of par Total paid-in capital < Req A RegF > Show less A
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