College Accounting, Chapter 1-15 (Looseleaf) - With Access
College Accounting, Chapter 1-15 (Looseleaf) - With Access
23rd Edition
ISBN: 9780357252260
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 20, Problem 6SPA

PAR AND NO-PAR, COMMON AND PREFERRED STOCK Hernandez Company had the following stock transactions during its first 5 years of operations:

  1. (a) Issued 25,000 shares of $1 par common stock for $25,000 cash.
  2. (b) Issued 20,000 shares of $1 par common stock for $22,000 cash.
  3. (c) Issued 2,000 shares of $50 par, 8% preferred stock for $100,000 cash.
  4. (d) Issued 1,000 shares of $50 par, 8% preferred stock for $51,500 cash.
  5. (e) Issued 2,500 shares of no-par common stock for $11,875 cash.
  6. (f) Issued 1,500 shares of no-par, $7 preferred stock for $72,000 cash.

REQUIRED

  1. 1. Prepare general journal entries for these transactions, identifying each by letter.
  2. 2. Assume that stock transactions a, b, and c occurred in year 1. The amount available for dividends at the end of year 1 is $26,000. Prepare the dividend allocation between the preferred and common shares in total and per share for year 1.
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Chapter 20 Solutions

College Accounting, Chapter 1-15 (Looseleaf) - With Access

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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