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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Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49,500 shares for cash at $53 per share. July 1 Issued 64,500 shares for cash at $58 per share. - Your answer is partially correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Feb.1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2332000 3741000 Credit 2475000 132000 3225000 516000
Alpha Beta Inc. was organized on Jan. 1, 2021. It is authorized to issue 20,000 preference shares with P50 par value, and 50,000 shares of no-par ordinary shares with stated value of P10. The following stock transactions were completed during 2021: Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share. Mar. 1 Issued 10,000 preference shares for cash at P55 per share. Apr. 1 Issued 2,500 ordinary shares for land. The fair market value of the land was P85,000. May 1 Issued 7,500 ordinary shares for cash at P40 per share. Issued 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to services rendered in helping the company organize. Aug. 1 Sept. 1 Issued 500 ordinary shares for cash at P60 per share. Nov. 1 Issued 2,000 preference shares for cash at P53 per share. Required: Prepare the Share Capital section of the Shareholder's equity as of December 31, 2021 Summarize Total Share Capitals and Share Premiums and present the total amount.
Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances. 22 Wh Date Account Title Debit Credit you will not need all the lines in journal table
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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