Date10-Jan Cash1-Mar1-Apr1-May1-Aug1-Sep1-NovAccount Titles and ExplanationCommon StockPaid-In Capital in Excess of Stated Value - Common StockCashPreferred StockPaid-In Capital in Excess of Par-Preferred StockCommon StockPaid-In Capital in Excess of Stated Value - Common StockCashCommon StockPaid-In Capital in Excess of Stated Value - Common StockCashCommon StockPaid-in Capital in Excess of Stated Value-Common StockCashPreferred StockPaid-In Capital in Excess of Par-Preferred StockDebit$ 338,000.00$ 445,500.00$ 435,750.00$ 57,500.00$ 277,500.00$$en$$$$$$$Credit169,000.00169,000.00405,000.0040,500.00166,000.00269,750.0023,000.0034,500.00250,000.0027,500.00 Sheffield Corp. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock,and 475,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completedduring the first year.Jan. 10 Issued 84,500 shares of common stock for cash at $4 per share.Mar. 1Issued 4,050 shares of preferred stock for cash at $110 per share.Apr. 1Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the landwas $83,500.Issued 83,000 shares of common stock for cash at $5.25 per share.Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed inhelping the company organize.Issued 11,500 shares of common stock for cash at $5 per share.Issued 2,500 shares of preferred stock for cash at $111 per share.MayAug.11Sept. 1Nov.1

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Answered: Sheffield Corp. was organized on…

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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During its first year of operations, Vader Corp. issued 15,000 shares of its $1 par common stock for $65,000. In June, Vader issued an additional 5,000 shares of the same $1 par common stock for $8.25 each. During September, Vader repurchased 2,500 shares for $25,000; this left Vader with 17,500 shares outstanding. What is the balance in the Common Stock account as of December 31st? $81.250 O $106,250 O $17,500 O $20,000 O None of the above.
Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8 %, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,800 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000. Mar. 1 Apr. 1 1 May Aug 1. Sept. 1 Nov. 1 Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Post entries in the…
CURCord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr May Aug. (a) (b) 1 (c) 1 Sept. 1 Nov. 1 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4,850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. Issued 76.500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41.500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 pershare. Issued 2.500 shares of preferred stock for cash at $112 pershare. Prepare the paid-in capital section of stockholders' equity…
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $11 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $16 per share. b. Issued 10,000 shares of the class A preferred stock for $30 per share. c. Issued 54,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity
Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000 shares of $10 par value preferred stock. During the year the company issued the following shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17 Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000 shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for $16 per share. a. How many common shares have been issued? b. How many common shares are outstanding? c. How many preferred shares…
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Riverbed Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 475,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 Issued 83,000 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. (a) 1 Issued 84,500 shares of common stock for cash at $4 per share. Issued 4,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. 1 Journalize the transactions. (List all debit entries before…
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On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a
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