he owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock.
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The owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative
- Issued 100,000 shares of common stock. Stock has par value of 0.60 per share and was issued at $30 per share.
- Issued 14,000 shares of preferred stock at par value as payment in exchange for legal services.
- Exchanged 260,000 shares of common stock for land with an appraised value of $650,000 and a building with an appraised value of $500,000.
- Earned Net income $900,000.
- Paid dividends to preferred shareholders as well as $2 per share to common stockholders.
Using the info above and as a guide:
1. Prepare the
- The issuances of stock.
- Close out net income to
retained earnings . - Dividend paid.
- Close out dividend to retained earnings.
2. Prepare Mulatto Company’s
The following information must be clearly stated/shown:
- information on par values,
- the number of shares authorized and issued where necessary.
- the sub total for the total paid in capital.
- Retained earnings.
- total stockholders’ equity.
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- Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 45, 500 shares of common stock. Stock has par value of 30 per share and was issued at $30per share. Issued 8000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $400,000 and a building with an appraised value of $650,000. Earned Net income $650,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: 1. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend paid.…The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. issued 5000 shares of common stock. Stock has par value of $0.01 per share and was issued at $30 per share issued 2000 shares of preferred stock at par value as payments in exchange for legal services exchanged 100000 shares of common stock for land with an appraised value of $250000.00 and a building with an appraised value $450000.00 earned net income of $500000.00 paid dividends to preferred shareholders as well as $2 per share to common stock. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend paid. Close out dividend to retained earnings.…
- The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. issued 5000 shares of common stock. Stock has par value of $0.01 per share and was issued at $30 per share issued 2000 shares of preferred stock at par value as payments in exchange for legal services exchanged 100000 shares of common stock for land with an appraised value of $250000.00 and a building with an appraised value $450000.00 earned net income of $500000.00 paid dividends to preferred shareholders as well as $2 per share to common stock. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend paid. Close out dividend to retained earnings.…The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Prepare the company’s journal entries and statement of owner’s equity based on the following information: Issued 5,000 shares of common stock. Stock has par value of 0.01 per share and was issued at $30 per share. Issued 5,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 120,000 shares of common stock for land with an appraised value of $300,000 and a building with an appraised value of $500,000. Earned Net income $600,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. A. Prepare the journal entries with narrations to record the following: The…The owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume the company will be formed January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stocks and 400,000, $100 par value, 5% cumulative preferred stocks. They have asked to prepare the journal entries and statement of owner’s equity based on the following information. Issued $65,000 shares of common stocks. Stock has par value of 0.40 per share and was issued at $30.00 per share Issued 10, 000 Shares of preferred stock at par value as payment in exchange for legal services. Exchanged 200,000 shares of common stock for land with appraised value of $500,000 and a building with an appraised value of $700,000 Earned Net income $750,000 Paid dividends to preferred shareholders as well as $2 per share to common stockholders.
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