View Policles Show Attempt History Current Attempt in Progress Swifty Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock. and 456.000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar Apr. May Aug Sept. Nov. 10 1 1 1 1 Issued 79.000 shares of common stock for cash at $4 per share. Issued 5.000 shares of preferred stock for cash at $110 pershare. Issued 23,500 shares of common stock for land. The asking price of the land was $94.500. The fair value of the land was $87.500. Issued 77,500 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $45.000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $113 per share.
View Policles Show Attempt History Current Attempt in Progress Swifty Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock. and 456.000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar Apr. May Aug Sept. Nov. 10 1 1 1 1 Issued 79.000 shares of common stock for cash at $4 per share. Issued 5.000 shares of preferred stock for cash at $110 pershare. Issued 23,500 shares of common stock for land. The asking price of the land was $94.500. The fair value of the land was $87.500. Issued 77,500 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $45.000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $113 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help
Be clear
Transcribed Image Text:View Policles
Show Attempt History
Current Attempt in Progress
Swifty Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock.
and 456.000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed
during the first year.
Jan. 10
Mar 1
Apr.
May
Aug
Sept.
Nov.
1
1
1
1
1
Issued 79.000 shares of common stock for cash at $4 per share.
Issued 5.000 shares of preferred stock for cash at $110 pershare.
Issued 23,500 shares of common stock for land. The asking price of the land was $94.500. The fair value of the land
was $87.500.
Issued 77.500 shares of common stock for cash at $5.25 per share.
Issued 11,000 shares of common stock to attorneys in payment of their bill of $45.000 for services performed in
helping the company organize.
Issued 11,000 shares of common stock for cash at $5 per share.
Issued 2,000 shares of preferred stock for cash at $113 per share.
Transcribed Image Text:Past to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part)
Preferred Stock
V
V
Common Stock
Paid-in Capital in Excess of Par-Preferred Stock
Paid in Capital in Excess of Statud Value-Common Stock
4
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education