Issuing StockProfessional Products Inc., a wholesaler of office products,was organized on February 5 of the current year, with anauthorization of 125,000 shares of preferred 1% stock, $50par and 700,000 shares of $15 par common stock. Thefollowing selected transactions were completed during thefirst year of operations:Journalize the transactions.If an amount box does not require an entry, leave it blank.Feb. 5. Issued 140,000 shares of common stock at par forcash.Feb. 5.FeedbackCommon Stock ✔Check My WorkFeb. 5. Issued 450 shares of common stock at par to anattorney in payment of legal fees for organizing thecorporation.Feb. 5.FeedbackCheck My WorkApr. 9. Issued 18,000 shares of common stock inexchange for land, buildings, and equipment with fairmarket prices of $49,000, $268,000, and $61,000,respectively.Apr. 9.FeedbackCheck My WorkJune 14. Issued 35,000 shares of preferred stock at $64for cash.June 14.Feedback

Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 1% stock, $50 par and 700,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par fo cash. Feb. 5. Common Stock Feedback Check My Work Feb. 5. Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 1% stock, $50 par and 700,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par fo cash. Feb. 5. Common Stock Feedback Check My Work Feb. 5. Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 4% preferred stock, $60 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July 1. Issued 155,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 fill in the blank 7b1843fc0068018_2 fill in the blank 7b1843fc0068018_3 fill in the blank 7b1843fc0068018_5 fill in the blank 7b1843fc0068018_6 July 1 Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank. July 1 fill in the blank 4a065afca069fc3_2 fill in the blank 4a065afca069fc3_3 fill in the blank 4a065afca069fc3_5 fill in the blank 4a065afca069fc3_6…
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 700,000 shares of common stock at par for cash. Feb. 5 Feb. 5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 June 14. Issued 25,000 shares of preferred stock at $82 for cash. June 14 €88
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.
During Year 1, Long Beach Corporation completed the treasury stock transactions described below: Jan. 2 Reacquired 1,000 shares at $10 per share Feb. 2 Sold 400 shares at $12 per share Prepare the appropriate journal entry to record the sale of the treasury stock on February 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 2% stock, $55 par and 750,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 75,000 shares of common stock at par for cash. Feb. 5. - Select - - Select - - Select - - Select - Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. - Select - - Select - - Select - - Select - Question Content Area Apr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $119,000, $652,000, and $147,000, respectively. Apr. 9. - Select - - Select - -…
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1. Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01