Selected stock transactions The following selected accounts appear in the ledger of Upscale Construction, Inc. at the beginning of the current year: Preferred 2% stock, $80 par (200,000 shares authorized, 65,000 shares issued) $5,200,000 Paid in Capital in Excess of Par-Preferred Stock 360,000 Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued) 16,800,000 Paid in Capital in Excess of Par-Common Stock 1,290,000 Retained Earnings 110,900,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $15, receiving cash. b. Issued 6,000 shares of preferred 2% stock at $94. c. Purchased 130,000 shares of treasury common for $19 per share. d. Sold 70,000 shares of treasury common for $23 per share. e. Sold 40,000 shares of treasury common for $17 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock. g. Paid the cash dividends

Selected stock transactions The following selected accounts appear in the ledger of Upscale Construction, Inc. at the beginning of the current year: Preferred 2% stock, $80 par (200,000 shares authorized, 65,000 shares issued) $5,200,000 Paid in Capital in Excess of Par-Preferred Stock 360,000 Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued) 16,800,000 Paid in Capital in Excess of Par-Common Stock 1,290,000 Retained Earnings 110,900,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $15, receiving cash. b. Issued 6,000 shares of preferred 2% stock at $94. c. Purchased 130,000 shares of treasury common for $19 per share. d. Sold 70,000 shares of treasury common for $23 per share. e. Sold 40,000 shares of treasury common for $17 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock. g. Paid the cash dividends

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter9: Controlling Information Systems: Business Process And Application Controls

Section: Chapter Questions

Problem 7RQ

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