College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 20, Problem 5SEB
STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Mel Brothers’ stockholders’ equity accounts have the following balances:
| Common stock subscriptions receivable | $ 6,000 |
| Common stock, $6 par, 15,000 shares | 90,000 |
| 100,000 | |
| Common stock subscribed, $6 par, 5,000 shares | 30,000 |
| 50,000 |
Prepare the stockholders’ equity section of the balance sheet.
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Stockholders' Equity Section of Balance Sheet
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
Common Stock, $45 par
$3,060,000
Paid-In Capital from Sale of Treasury Stock
115,000
Paid-In Capital in Excess of Par—Common Stock
272,000
Retained Earnings
20,553,000
Treasury Stock
324,000
Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
Stockholders' Equity Section of Balance Sheet
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
Common Stock, $15 par
$553,500
Paid-In Capital from Sale of Treasury Stock
22,700
Paid-In Capital in Excess of Par-Common Stock
14,760
Retained Earnings
869,000
Treasury Stock
11,495
Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 605 shares have been
reacquired.
Goodale Properties Inc.
Stockholders' Equity
June 30
Paid-In Capital:
Total Paid-In Capital
%24
Stockholders' Equity: Transaction Descriptions from Account Data
The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverview, Inc.:
Land
(1) 65,000
(2)
54,000
(5)
Date
1
2
Cash
*1,200 shares of common stock
3
4
10,920
5
18,000 (4)
Preferred Stock, $55 Par
55,000 (1)
Required
Using this information, give detailed descriptions, including number of shares and price per share when applicable, for each of the five transactions.
General Journal
Paid-in Capital in Excess of Par
value-Common Stock
7.000 (3)
Paid-in Capital from Treasury
Stock
3,120 (5)
Common Stock
Description
Paid-in-Capital in Excess of Par Value - Preferred Stock
Issued shares of preferred stock at per share.
Issued shares of common stock at par value.
Issued shares of common stock in exchange for land.
Treasury Stock - Common
Purchased shares of treasury stock for per share.
Sold shares of treasury stock for per share.
♦ $
+
"
÷
+
47
÷
+
(3) 91,000
Debit…
Chapter 20 Solutions
College Accounting, Chapters 1-27
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers ...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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- STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity accounts had the following balances: Common stock subscriptions receivable 5,000 Common stock, 5 par, 12,000 shares 60,000 Preferred stock, 10 par, 4%, 4,000 shares 40,000 Common stock subscribed, 5 par, 3,000 shares 15,000 Paid-in capital in excess of par-common stock 4,000 Retained earnings 35,000 Prepare the stockholders equity section of the balance sheet.arrow_forwardPrepare the stockholders equity section of the balance sheet based on the following account balances: Common stock, 2 par, 60,000 shares 120,000 Preferred stock, 10 par, 5%, 4,000 shares 40,000 Common stock subscribed, 2 par, 3,000 shares 6,000 Retained earnings 17,000 The answers to the Self-Study Test Questions are at the end of the chapter (pages 811812).arrow_forwardStockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.arrow_forward
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