The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred stock and 650,000 shares of common stock with $2 par value. During its start-up phase, Zenith, Inc. completed the following transactions: Requirement 2. Prepare the stockholders' equity section of Zenith's balance sheet at December 31, 2018. Assume the company earned net income of $35,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) 2018 Issued 400 shares of common stock to the promoters who organized the Apr 6 corporation, receiving cash of $13,600. 12 Issued 500 shares of preferred stock for cash of $22,000. Issued 1,500 shares of common stock in exchange for land with a market 14 value of $24,000. Stockholders' Equity Paid-in capital: Total stockholders' equity

The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred stock and 650,000 shares of common stock with $2 par value. During its start-up phase, Zenith, Inc. completed the following transactions: Requirement 2. Prepare the stockholders' equity section of Zenith's balance sheet at December 31, 2018. Assume the company earned net income of $35,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) 2018 Issued 400 shares of common stock to the promoters who organized the Apr 6 corporation, receiving cash of $13,600. 12 Issued 500 shares of preferred stock for cash of $22,000. Issued 1,500 shares of common stock in exchange for land with a market 14 value of $24,000. Stockholders' Equity Paid-in capital: Total stockholders' equity

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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Fleurage Inc. is a public enterprise whose shares are traded in the over the counter market. At December 31, 2020, Fleurage had 6,000,000 authorized shares of P10 par value common stock, of which 2,800,000 shares were issued and outstanding. The stockholders' equity accounts at December 31, 2020, had the following balances. . Transactions during 2021 and other information relating to the stockholders' equity accounts were as follows: . . On January 5, 2021, Fleurage issued at P56 per share, 125,000 shares of P50 par value, 9% cumulative convertible preferred stock. Each share of preferred stock is convertible, at the option of the holder, into two shares of common stock. Fleurage. had 600,000 authorized shares of preferred stock. The preferred stock has a liquidation value equal to 125% of its par value. . Share Capital-Ordinary Share Premium-Ordinary Retained earnings . On February 1, 2021, Fleurage reacquired 25,000 shares of its common stock for P16 per share, Fleurage uses the cost…
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