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 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 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 surname name initial. Issued ________shares of 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 surname initial in the blank/underlined space) Surname initial # of shares Par Value Issue Price S, W,G,Z 65,000 $0.40 30.00 Issued _______ shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space surname Initial # of Shares Issued S, W, G, Z 10,000 Exchanged ______ shares of common stock for land with an appraised value of $______ and a building with an appraised value of $_____. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) surname initial # of shares issued value of land value of building S, W, G, Z 200,000 $500,000 $700,000 Earned Net income $______. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) surname initial Net Income S, W G, Z $750,000. 00 Paid dividends to preferred shareholders as well as $2 per share to common stockholders.
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 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative
Issued ________shares of 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 surname initial in the blank/underlined space)
Surname initial # of shares Par Value Issue Price
S, W,G,Z 65,000 $0.40 30.00
Issued _______ shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space
surname Initial # of Shares Issued
S, W, G, Z 10,000
- Exchanged ______ shares of common stock for land with an appraised value of $______ and a building with an appraised value of $_____. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)
surname initial # of shares issued value of land value of building
S, W, G, Z 200,000 $500,000 $700,000
- Earned Net income $______. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)
surname initial Net Income
S, W G, Z $750,000. 00
- Paid dividends to preferred shareholders as well as $2 per share to common stockholders.
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