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ACC 206 Week 4 Homework Chapter 13

ACC 206 Week 4 Homework Chapter 13

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ACC 206 Week 4 Homework Chapter 13 -

Brief Exercise 13-4     

On June 1, Noonan Inc. issues 3,900 shares of no-par common stock at a cash price of $8 per share.

Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 13-7

Garb Inc. issues 4,150 shares of $100 par value preferred stock for cash at $130 per share.

Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Brief Exercise 13-8

Pine Corporation has the following accounts at December 31: Common Stock, $9 par, 5,500 shares issued, $49,500; Paid-in Capital in Excess of Par—Common Stock $34,400; Retained Earnings $46,400; and Treasury Stock, 570 shares, $12,540.

Prepare the stockholders’ equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.)

 

Exercise 13-2

Andrea has prepared the following list of statements about corporations.

Identify each statement as true or false.

 

Exercise 13-4

Osage Corporation issued 1,200 shares of stock.

Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a)The stock had a par value of $6 per share and was issued for a total of $47,300.

(b)The stock had a stated value of $6 per share and was issued for a total of $47,300.

(c)The stock had no par or stated value and was issued for a total of $47,300.

(d)The stock had a par value of $6 per share and was issued to attorneys for services during incorporation valued at $47,300.

(e)The stock had a par value of $6 per share and was issued for land worth $47,300.

 

Exercise 13-7 (Part level Submission)

On January 1, 2014, the stockholders’ equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,007,000; and retained earnings $1,164,100. During the year, the following treasury stock transactions occurred.

Mar.     1                      Purchased 50,000 shares for cash at $15 per share.

July      1                       Sold 11,700 treasury shares for cash at $17 per share.

Sept.    1                      Sold 10,550 treasury shares for cash at $14 per share.

Journalize the treasury stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 

 

Problem 13-1A (Part level Submission)

DeLong Corporation was organized on January 1, 2014. It is authorized to issue 10,400 shares of 8%, $100 par value preferred stock, and 465,500 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.      10                    Issued 84,900 shares of common stock for cash at $4 per share.

Mar.     1                      Issued 5,500 shares of preferred stock for cash at $109 per share.

Apr.     1                      Issued 22,400 shares of common stock for land. The asking price of the                  land was $91,600. The fair value of the land was $84,700.

May     1                      Issued 82,900 shares of common stock for cash at $5.10 per share.

Aug.     1                      Issued 10,700 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize.

Sept.    1                      Issued 11,000 shares of common stock for cash at $6 per share.

Nov.    1                      Issued 2,320 shares of preferred stock for cash at $110 per share.

 

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

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