Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Chapter 11, Problem 11.5AP
(a) (1)
To determine
To prepare: the
(2)
To determine
To prepare: the journal entry for the issuance of common stock for cash.
(3)
To determine
To prepare: the journal entry for the issuance of
(b)
To determine
To Prepare: the stockholders’ equity section of balance sheet for Corporation L as of December 31, 2017.
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Sarasota Corp. was organized on January 1, 2017. It is authorized to issue 20,800 shares of 5%, $52 par value preferred stock and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
Jan.
10
Issued 72,000 shares of common stock for cash at $4 per share.
Mar.
1
Issued 1,240 shares of preferred stock for cash at $55 per share.
May
1
Issued 117,000 shares of common stock for cash at $8 per share.
Sept.
1
Issued 5,400 shares of common stock for cash at $9 per share.
Nov.
1
Issued 3,400 shares of preferred stock for cash at $56 per share.
Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation…
On January 1, 2024, Sandhill Ltd. had the following shareholders' equity accounts:
Common shares (1,010,000 issued)
Retained earnings
The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none
had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity:
Jan. 2 Issued 101,000 preferred shares for $50 per share.
Paid quarterly dividend to preferred shareholders.
Paid quarterly dividend to preferred shareholders.
Issued 110,000 common shares for $1.70 per share.
Paid quarterly dividend to preferred shareholders.
Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders.
31 Loss for the year was $99,000.
Mar.
June 30
Aug. 12
Sept. 30
Dec.
31
Dec.
(a)
$1,515,000
1,818,000
31
Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are
automatically…
Crazy Corporation was incorporated on January 1, 2023. Crazy is authorized to issue 80,000
shares of $60 par value preferred stock and 700,000 share of no - par common stock. The
board of directors established a stated value of $2 a share for the common stock. Crazy uses
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1/15 Issued 30, 000 shares of common stock to the founders of the corporation for land
valued by the board of directors at $950,000. 2/7 Sold 11,000 shares of preferred stock for
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Chapter 11 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Which is the boiler investmentcommon stock with a...Ch. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Indicate how each of these accounts should be...Ch. 11 - What three conditions must be met before a cash...Ch. 11 - Prob. 15QCh. 11 - Prob. 16QCh. 11 - Prob. 17QCh. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 20QCh. 11 - Prob. 21QCh. 11 - Prob. 22QCh. 11 - Prob. 23QCh. 11 - Prob. 24QCh. 11 - Prob. 25QCh. 11 - Prob. 26QCh. 11 - Prob. 11.1BECh. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.7BECh. 11 - Prob. 11.8BECh. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Prob. 11.1DIECh. 11 - Prob. 11.2ADIECh. 11 - Prob. 11.2BDIECh. 11 - Prob. 11.3ADIECh. 11 - Prob. 11.3BDIECh. 11 - Prob. 11.4ADIECh. 11 - Prob. 11.4BDIECh. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.4ECh. 11 - Prob. 11.5ECh. 11 - Prob. 11.6ECh. 11 - Prob. 11.7ECh. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.14ECh. 11 - Prob. 11.15ECh. 11 - Prob. 11.16ECh. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Prob. 11.5APCh. 11 - Prob. 11.6APCh. 11 - Prob. 11.7APCh. 11 - Prob. 11.8APCh. 11 - Prob. 11.1CACRCh. 11 - Prob. 11.2CACRCh. 11 - Prob. 11.1EYCTCh. 11 - Prob. 11.2EYCTCh. 11 - Prob. 11.3EYCTCh. 11 - Prob. 11.4EYCTCh. 11 - Prob. 11.5EYCTCh. 11 - DECISION MAKING ACROSS THE ORGANIZATION During a...Ch. 11 - Prob. 11.7EYCTCh. 11 - Prob. 11.8EYCTCh. 11 - Prob. 11.9EYCTCh. 11 - Prob. 11.12EYCTCh. 11 - Prob. 11.1IFRSCh. 11 - Prob. 11.2IFRSCh. 11 - Prob. 11.3IFRSCh. 11 - Prob. 11.4IFRS
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