The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade. Issued ____shares of class A common stock. Stock has par value of ___ per share and was issued at $____ per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Par Value Issue Price S 50% of authorized shares $ 40.00 $ 70.00 Issued _____ shares of no-par class B stock (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Issue Price S 50% of authorized shares $ 70.00 Issued _______ shares of preferred stock at par value. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Issue Price S 25% of authorized shares $ 145.00 . Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of $_____. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space) First Name Initial # of Shares Issued Office Furniture Motor Truck S 50% of authorized shares $ 4,000,000.00 $ 10,000,000.00 Earned Net income $______. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space) First Name Initial Net Income S $ 1,400,000.00

The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade. Issued __shares of class A common stock. Stock has par value of _ per share and was issued at $__ per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Par Value Issue Price S 50% of authorized shares $ 40.00 $ 70.00 Issued _ shares of no-par class B stock (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Issue Price S 50% of authorized shares $ 70.00 Issued _ shares of preferred stock at par value. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). First Name Initial # of Shares Issued Issue Price S 25% of authorized shares $ 145.00 . Exchanged shares of class A common stock for Office Furniture and Equipment with an appraised value of $__ and Motor Truck with an appraised value of $_. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space) First Name Initial # of Shares Issued Office Furniture Motor Truck S 50% of authorized shares $ 4,000,000.00 $ 10,000,000.00 Earned Net income $____. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space) First Name Initial Net Income S $ 1,400,000.00

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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Issued ____shares of class A common stock. Stock has par value of ___ per share and was issued at $____ per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space).

First Name Initial	# of Shares Issued	Par Value	Issue Price
S	50% of authorized shares	$ 40.00	$ 70.00

Issued _____ shares of no-par class B stock (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space).

First Name Initial	# of Shares Issued	Issue Price
S	50% of authorized shares	$ 70.00

Issued _______ shares of preferred stock at par value. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space).

First Name Initial	# of Shares Issued	Issue Price
S	25% of authorized shares	$ 145.00

. Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of $_____. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space)

First Name Initial	# of Shares Issued	Office Furniture	Motor Truck
S	50% of authorized shares	$ 4,000,000.00	$ 10,000,000.00

Earned Net income $______. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space)

First Name Initial	Net Income
S	$ 1,400,000.00

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