Answered: Whispering Winds Corporation has the… | bartleby

FINANCIAL ACCOUNTING

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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Whispering Winds Corporation has the following accounts at December 31: Common Stock, $9 par, 5,450 shares issued, $49,050;
Paid-in Capital in Excess of Par-Common Stock $32,900; Retained Earnings $48,000; and Treasury Stock, 500 shares, $12,000.
Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information
provided in the question.)
WHISPERING WINDS CORPORATION
Balance Sheet (Partial)
December 31
Stockholders' Equity
Paid-in Capital
Capital Stock
Common Stock
49050
Additional Paid-in Capital
Paid-in Capital in Excess of Par-Common Stock
Total Paid-in Capital
Retained Earnings
Total Paid-in Capital and Retained Earnings V
: Treasury Stock
Less
Total Stockholders' Equity
%24
%24

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On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTSLegacy Rocks Inc.General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
These account balances at December 31 relate to Sportplace Inc.: Accounts Payable..... $ 51,400 Preferred Shares, $0.01, Accounts Receivable. Common Shares Bonds Payable... 81,150 860,000 shares issued 595,000 Retained Earnings 86,000 71,500 3,100 Notes Receivable 12,600 If the average issue price of Sportplace's outstanding common shares is $11.90, how many common shares are issued and outstanding? OA. 50,000 OB. 595,000 O c. 100,000 OD. Unknown Next

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