Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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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.arrow_forwardPaydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.arrow_forwardWingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.arrow_forward
- EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.arrow_forwardCopper 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.arrow_forwardMacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.arrow_forward
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- 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' equityarrow_forwardTarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $36 per share. b. Sold 2,300 shares of common stock for cash at $41 per share. c. At year-end, the company reported net income of $7,200. No dividends were declared. E11-5 Part 2 2. Prepare the stockholders' equity section of the balance sheet at 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 $ 0 0arrow_forwardIncentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?arrow_forward
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