Using the information above and as guided: Prepare the journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.
Using the information above and as guided: Prepare the journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.
Using the information above and as guided: Prepare the journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.
Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. 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!!!! For example fist name Michael 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.)
The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration:
KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1.00 par value. The land has been appraised at a market value of ____ (Please refer to table below for land value under the category with your first name initial).
First Name Initial
# of shares issued
Value of land
S, W, G, Z
400,000
$1,480,000
The company sold ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1 par value.
First Name Initial
# of shares issued
S, W, G, Z
110,000
Issued ___ (please refer to table below and use only the info in line with your fist name initial) shares of $___ (please refer to table below and use only the info in line with your fist name initial) par value preferred stock. Shares were issued at par.
First Name Initial
# of shares issued
Par value
S, W, G, Z
24,000
$14
Earned net income of $___ (please refer to table below and use only the info in line with your fist name initial).
First Name Initial
Net Income
S, W, G, Z
$1,000,000
Dividend declared and paid - $0.15 per share on common stock
Dividend declared and paid - $5 per share on preferred stock
Using the information above and as guided:
Prepare the journal entries and closing entries for the above transaction
Prepare the owner’s equity section of the balance sheet based on the info above.
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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