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.) My first name initial is S.
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.) My first name initial is S.
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.) My first name initial is S.
4. 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.)
My first name initial is S.
Transcribed Image Text:A. 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).
firstname Initial# of shares issued
A, P, I, E, V
C, 0, R, Y
|К, 0, М, F
S, W, G, Z
D, T,L, U
N, B, J, X, H
|Par value
20.00
|Issue Price
$28.00
$40.00
30% of authorised shares $
20% of authorised shares
$
30.00
40% of authorised shares
45.00
50% of authorised shares
$62.00
$75.00
$
45.00
60% of authorised shares
$
48.00
$105.00
80% of authorised shares
$
60.00
$125.00
B. 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).
firstname Initial # of shares issued
A, P, I, E, V
C, 0, R, Y
K, Q, M, F
S, W, G, Z
D, T, L, U
|N, B, J, Х, Н
Issue Price
25.00
38.00
30% of authorised shares
$
20% of authorised shares
40% of authorised shares
$
60.00
70.00
98.00
118.00
50% of authorised shares
$
60% of authorised shares
$
80% of authorised shares
Transcribed Image Text:C. 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).
firstname Initial # of shares issued
A, P,I, E, V
C, 0, R, Y
|к, О, М, F
S, W, G, Z
D, T, L, U
N. B, J, X, H
Par Value
50% of authorised shares
$
100.00
40% of authorised shares
110.00
30% of authorised shares
$
125.00
25% of authorised shares
$
145.00
20% of authorised shares
10% of authorised shares
168.00
$
192.00
D. Exchanged
shares of class A common stock for Office Fumiture 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).
firstname Initial# of shares issued
A, P,IE, V
C, O, R, Y
|К, Q, М, F
S. W, G,Z
D, T,L,U
N, B, J, X, H
|Office Furniture Motor truck
40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
50% of authorised shares $4,000,000.00 $ 10,000,000.00
| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
20% of authorised shares $ 4,000,000.00 $ 10,000,000.00
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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