Lucas Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:Common stock, $8 par value, 111,000 shares authorizedPreferred stock, 14 percent, par value $10 per share, 4,500 shares authorizedDuring the year, the following transactions took place in the order presented:a. Sold and issued 21,500 shares of common stock at $20 cash per share.b. Sold and issued 2,400 shares of preferred stock at $24 cash per share.c. At the end of the year, the company reported net income of $41,500. No dividends were declared.Required:1. Prepare the stockholders' equity section of the balance sheet at the end of the year.Stockholders' equity:Contributed capital:Total contributed capitalTotal stockholders' equityLUCAS COMPANYBalance Sheet (Partial)At December 31, This year$

A partial balance sheet provides the reader with a concise summary of important financial details…

Answered: Common stock, $8 par value, 111,000…

Principles of Accounting Volume 1

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ISBN:9781947172685

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Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5PA: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par...

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Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 shares of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share. The entry to record the above transaction would include a a.debit to Common Stock for $85,000 b.debit to Cash for $85,000 c.credit to Paid-In Capital in Excess of Par for $51,000 d.credit to Common Stock for $136,000
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share. The entry to record the above transaction would include a a.debit to Common Stock for $86,000 b.credit to Common Stock for $140,910 c.debit to Cash for $53,680 d.credit to Paid-in Capital in Excess of Par for $87,230
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares of $9 par value common stock. During its first month of operation, the corporation issued 6,880 shares of stock at a price of $24 per share. The entry to record the above transaction would include a a.credit to Paid-In Capital in Excess of Par—Common Stock for $103,200 b.debit to Common Stock for $94,200 c.debit to Cash for $61,920 d.credit to Common Stock for $165,120
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 shares of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share. The entry to record the above transaction would include a Select one: a. debit to Cash for $85,000 b. credit to Common Stock for $136,000 c. credit to Paid-In Capital in Excess of Par for $51,000 d. debit to Common Stock for $85,000
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 shares of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share. The entry to record the above transaction would include a
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share. The journal entry for this transaction would include a a. debit to Common Stock for $95,400 b. debit to Cash for $89,900 c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890 d. credit to Common Stock for $188,790
Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,600 shares authorized Common stock: $11 par value, 51,000 shares authorized During the year, the following transactions occurred in the order given: a. Sold 39,400 shares of the common stock for $15 per share. b. Sold 5,700 shares of the preferred stock for $19 per share. c. Sold 3,500 shares of the common stock for $18 per share and 1,600 shares of the preferred stock for $29 per share. d. Net income for the year was $67,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity S 0 0
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800 shares of $6 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 7,740 shares of stock at a price of $27 per share. The entry to record the above transaction would include a:

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Common stock, $8 par value, 111,000 shares authorized Preferred stock, 14 percent, par value $10 per share, 4,500 shares authorized