E11-5 Mesa Corporation recently hired a new accountant with extensive experience inaccounting for partnerships. Because of the pressure of the new job, the accountant wasunable to review what he had learned earlier about corporation accounting. During thefirst month, he made the following entries for the corporation's capital stock.000.00000018May 2104,000CashCapital Stock(Issued 8,000 shares of $10 par value181odrcommon stock at $13 per share)104,000TIOS10Cash530,000mowwf.co530,000Capital Stock(Issued 10,000 shares of $20 par valueala 12preferred stock at $53 per share)000.015Capital StockCash(lsलि7,200000 007,200029(Purchased 600 shares of common stockfor the treasury at $12 per share)ndz 090.04000,00000.000InstructionsOn the basis of the explanation for each entry, prepare the entries that should have beenmade for the capital stock transactions.

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Answered: E11-5 Mesa Corporation recently hired a…

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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Concord Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock. Date Account Titles and Explanation Debit Credit May 2 Cash 208,000 Capital Stock 208,000 (Issued 13,000 shares of $ 5 par value common stock at $ 16 per share) May 10 Cash 660,000 Capital Stock 660,000 (Issued 11,000 shares of $ 30 par value preferred stock at $ 60 per share) May 15 Capital Stock 14,400 Cash 14,400 (Purchased 900 shares of common stock for the treasury at $ 16 per share) May 31 Cash 13,500 Capital Stock 7,500 Gain on Sale of Stock 6,000 (Sold 750 shares of treasury stock at $…
Ayayal Corp. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock May 2 100 15 Cash Capital Stock Ossued 7,000 shares of $10 par value common stock at $13 per share) Cash Capital Stock Issued 10,000 shares of $20 par value preferred stock at $51 per share) Capital Stock (Purchased 500 shares of common stock for the treasury at $12 per share) 91.000 $10,000 6,000 91,000 510,000 6.000 SUB
Indigo Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock. May 2 Cash 112,500 Capital Stock 112,500 (Issued 7,500 shares of $12 par value common stock at $15 per share) 10 Cash 765,000 Capital Stock 765,000 (Issued 15,000 shares of $16 par value preferred stock at $51 per share) 15 Capital Stock 7,900 Cash 7,900 (Purchased 790 shares of common stock for the treasury at $10 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
Current Attempt in Progress Nash Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 13,000 shares of $5 par value common stock at $15 per share) May 10 Cash Capital Stock (Issued 11,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 520 shares of treasury stock at $18 per share) Debit Credit 195,000 880,000 12,000 9.360 195,000 880,000 12,000 5,200 4,160
(e) If dividends of $72,000 were in arrears on preferreu SLUCK, WInutu reported for retained earnings? ETT-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Prepare c stock tra (LO 2), AN May 2 Cash 104,000 104,000 Capital Stock (Issued 8,000 shares of $10 par value common stock at $13 per share) noblorb 10 Cash 530,000 Capital Stock (Issued 10,000 shares of $20 par value preferred stock at $53 per share) 530,000 12 15 Capital Stock Cash 7,200 7,200 be (Purchased 600 shares of common stock for the treasury at $12 per share) Instructions On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 1,000 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 500 shares of treasury stock at $17 per share) Debit Credit 192,000 600,000 15,000 8,500 192,000 600,000 15,000 5,000 3,500 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (List all debit entries before…
1. Cherry Corporation had the following transactions during the current period. Mar. 2 Issued 5,000 common shares to its legal counsel in payment of a bill for $30,000 for services performed in helping the company incorporate. June 12 Issued 60,000 common shares for $375,000 cash. July 11 Issued 1,000, $3 noncumulative preferred shares at $110 per share cash. Nov. 28 Issued 2,000, $3 noncumulative preferred shares at $95 per share cash. Journalize the transactions. Show steps Please.
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma
Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share.. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net income of $6,100. No dividends were declared. 2. Prepare the stockholders' equity section of the balance sheet the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity
You were engaged by Black Clover Corporation, a publicly held company whose shares are traded on thePhilippine Stock Exchange, to conduct an audit of tis 20x2 financial statements. You were told by thecompany’s controller that there were numerous equity transactions that took place in 20x2. Theshareholders’ equity accounts at December 31, 20x1, had the following balances:Preference share capital, P100 par value, 6% cumulative; 10,000shares authorized; 6,000 shares issued and outstanding P600,000Ordinary share capital, P1 par value, 600,000 shares authorized;360,000 shares issued and outstanding 360,000Share premium 720,000Retained earnings 324,000Total shareholders’ equity P2,004,000You summarized the following equity transactions during 20x2 and other information relating to theshareholders’ equity in your working papers as follows:• January 6, 20x2 Issued 14,000 shares in exchange for land. On the date issued, the shares had amarket price of P16.50 per share. The land had a carrying…
NEED ASAP. Solve correctly and show your computations. The Corporation shareholders’ equity section of the Statement of Financial Position includes the following accounts and balances: Ordinary Share Capital, P100 par, 5,000 shares issued P500,000 Ordinary Share Premium 50,000 Retained earnings 750,000 Assuming a major shareholder donated 5,000 shares when the market value of the share capital was P140 per share, and was recorded as a debit to Treasury Shares and credit to Donated Capital. How much was the increase (decrease) in the total Additional Paid In Capital? Put a parenthesis if your answer is decrease.
Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…

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