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Preoblcm 1-SA (Part Level Subion) On has been authoried to e 20,600 shares of $100 par vake, 7%, nonmative preferred stock and 1,160,000 shares of no-par commen stek aid a $ stated vale to the common stock. At December 31, 2017, the ledger contained the folloing balances pertaining to stodhel y Prferred Stock Paid-in Capital in Excess of Por Vake-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Vake-Common Stock Treassry Shock (4,600 common shares) Retained Earnings Accurmulated Other Comprehensive Income $156,000 21,600 1,990,000 1,570,000 46,000 83,600 49,600 The oreferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock were purchased for the treasury at a per share cost of $1d o dvidends v (a) Your answer is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2 Cash 356000 Common Sbocck 356000 Cansh 46000 Thea Shock 46000 Click of

Preoblcm 1-SA (Part Level Subion) On has been authoried to e 20,600 shares of $100 par vake, 7%, nonmative preferred stock and 1,160,000 shares of no-par commen stek aid a $ stated vale to the common stock. At December 31, 2017, the ledger contained the folloing balances pertaining to stodhel y Prferred Stock Paid-in Capital in Excess of Por Vake-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Vake-Common Stock Treassry Shock (4,600 common shares) Retained Earnings Accurmulated Other Comprehensive Income $156,000 21,600 1,990,000 1,570,000 46,000 83,600 49,600 The oreferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock were purchased for the treasury at a per share cost of $1d o dvidends v (a) Your answer is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2 Cash 356000 Common Sbocck 356000 Cansh 46000 Thea Shock 46000 Click of

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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whispering Wieds Corp. has been authorized to issue 20,600 shares of $100 par vahre, 7%, oncumalative preferred stock and 1,160,000 shares of no-par common stock PLUS Nimesol, Finail Accos g Be Hele I Dete Announ eds Problem 11-SA (Part Leved Subeiesinn Weds Corp. has been authorized to issue 20,600 shares of $100 par vahre, 7%, noncumadative preferred stock and 1,160,000 shares of no-par common stock e signed a $5 stated vale to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' eguity. Preferred Stock Paid-in Capital in Excess of Par Vakue-Preferred Stock $156,000 21,600 Common Stock Puid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,600 common shares) Retained Earnings Accumulated Other Comprehensive Income 1,990,000 1,570,000 46,000 83,600 49,600 The preferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock wvere purchased for the treasury at a per share cost of $10. No dividends were declae (a) Your answver is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account a Issuance of preferred stock for cash. (2) Purchase of common treasury stock for cash. (1) Issuance of common stock for cash. (3) No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2. Cash 356000 Common Stock 356000 Cash 46000 Deasury Shock 46000 Click if you ould like to Show Work for this question: 2an h ncs
Transcribed Image Text:whispering Wieds Corp. has been authorized to issue 20,600 shares of $100 par vahre, 7%, oncumalative preferred stock and 1,160,000 shares of no-par common stock PLUS Nimesol, Finail Accos g Be Hele I Dete Announ eds Problem 11-SA (Part Leved Subeiesinn Weds Corp. has been authorized to issue 20,600 shares of $100 par vahre, 7%, noncumadative preferred stock and 1,160,000 shares of no-par common stock e signed a $5 stated vale to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' eguity. Preferred Stock Paid-in Capital in Excess of Par Vakue-Preferred Stock $156,000 21,600 Common Stock Puid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,600 common shares) Retained Earnings Accumulated Other Comprehensive Income 1,990,000 1,570,000 46,000 83,600 49,600 The preferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock wvere purchased for the treasury at a per share cost of $10. No dividends were declae (a) Your answver is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account a Issuance of preferred stock for cash. (2) Purchase of common treasury stock for cash. (1) Issuance of common stock for cash. (3) No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2. Cash 356000 Common Stock 356000 Cash 46000 Deasury Shock 46000 Click if you ould like to Show Work for this question: 2an h ncs
US Kinl, Fieecial Accouteg Be Mele 1 Thrsteen An emeds Problem L1-SA (Part Level Submivsion) ds Corp. has been authorined to issue 20,600 shares of $100 par value, 7%,, noncumdative preferred stok and 1,160,000 shares of no- par common shock. Te ration asigned a $3 stated vakse to the common shock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preforred Stock $156,000 Paid-in Capital in Excess of Par Value-Prefered Stock 21,600 Common Stock Paid-in Capital in Excess of Stated Vakue-Common Stock Treasury Stock (4,600 common shares) Retained Earnings Accumulated Other Comprehensive Income 1,990,000 1,570,000 46,000 83,600 49,600 The preferred stock vas issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock wwere purchased for the treasury at a per share cost of $10. No dividends were declarud a (a) Your answer is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accunt tilles (1) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. Issuance of preferred stock for cash. No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2 Cash 356000 Common Strck 356000 46000 Theaury Stock 46000 d you wuld ike to Show Work for this question: e0n
Transcribed Image Text:US Kinl, Fieecial Accouteg Be Mele 1 Thrsteen An emeds Problem L1-SA (Part Level Submivsion) ds Corp. has been authorined to issue 20,600 shares of $100 par value, 7%,, noncumdative preferred stok and 1,160,000 shares of no- par common shock. Te ration asigned a $3 stated vakse to the common shock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preforred Stock $156,000 Paid-in Capital in Excess of Par Value-Prefered Stock 21,600 Common Stock Paid-in Capital in Excess of Stated Vakue-Common Stock Treasury Stock (4,600 common shares) Retained Earnings Accumulated Other Comprehensive Income 1,990,000 1,570,000 46,000 83,600 49,600 The preferred stock vas issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock wwere purchased for the treasury at a per share cost of $10. No dividends were declarud a (a) Your answer is partially correct. Try again. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accunt tilles (1) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. Issuance of preferred stock for cash. No. Account Titles and Explanation Debit Credit 1. Cash 177600 Paid-in Capital in Excess of Par Value-Common St 176600 2 Cash 356000 Common Strck 356000 46000 Theaury Stock 46000 d you wuld ike to Show Work for this question: e0n
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