Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)

12th Edition

ISBN: 9780134642949

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 13, Problem E13.24E

Journalizing issuance of stock and preparing the stockholders' equity section of the balance sheet

Learning Objective 2
March 23 Common Stock $690

The charter of Evergreen Corporation authorizes the issuance of 900 shares of preferred stock and 1,400 shares of common stock. During a two-month period, Evergreen completed these stock-issuance transactions:

Mar. 23 Issued 230 shares of $3 par value common stock for cash of SIS per share.
Apr. 12 Received inventory with a market value of $27,000 and equipment with a
market value of $19,000 for 320 shares of the $3 par value common Stock.

17 Issued 900 shares of $20 par value preferred stock for $20 per share.

Requirements

1. Record the transactions in the general journal.
2. Prepare the stockholders' equity section of the Evergreen balance sheet as of April 30, 2018, for the transactions given in this exercise. Retained Earnings has a balance of $73,000 at April 30, 2018.

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Chapter 13, Problem E13.23E

Chapter 13, Problem E13.25E

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From the balance sheets 12/31/2024 Accounts receivable Prepaid insurance Machines Acc. depreciation 12/31/2023 From the income statement 12/31/2024 $90,000 8,000 $80,000 12,000 Sales $750,000 Cost of sales -600,000 65,000 95,000 Operating Expenses -75,000 -30,000 -20,000 Gain on sale of machine 4,000 Additional information: Operating expenses includes depreciation expense Machines costing $30,000 were sold for $22,000 at a gain.

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Chapter 13 Solutions

Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)

Ch. 13 - Prob. 1QC Ch. 13 - Prob. 2QC Ch. 13 - Prob. 3QC Ch. 13 - Prob. 4QC Ch. 13 - Prob. 5QC Ch. 13 - Prob. 6QC Ch. 13 - Prob. 7QC Ch. 13 - Prob. 8QC Ch. 13 - Prob. 9QC Ch. 13 - Prob. 10QC

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