Provide journal entry and balance sheet,,,,,,,,,,,,,,,,,,,,,,,,answer in text form please (without image) Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock,and 462,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completedduring the first year.Jan. 10Mar. 1Apr.MayAug111Sept. 1Nov.1Issued 77,000 shares of common stock for cash at $6 per share.Issued 5,500 shares of preferred stock for cash at $110 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 landwas $84,000.Issued 76,500 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 $44,000 for services performed inhelping the company organize.Issued 12,000 shares of common stock for cash at $7 per share.Issued 3,000 shares of preferred stock for cash at $112 per share.

The stockholders' equity includes the issued capital and retained earnings of the business. The cash…

Answered: Swifty Corporation 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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Provide journal entry and balance sheet,,,,,,,,,,,,,,,,,,,,,,,,answer in text form please (without image)

Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock,
and 462,000 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. 1
Apr.
May
Aug
1
1
1
Sept. 1
Nov.
1
Issued 77,000 shares of common stock for cash at $6 per share.
Issued 5,500 shares of preferred stock for cash at $110 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 $84,000.
Issued 76,500 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 $44,000 for services performed in
helping the company organize.
Issued 12,000 shares of common stock for cash at $7 per share.
Issued 3,000 shares of preferred stock for cash at $112 per share.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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