Atalla Co completed the following transactions in 2013, the first year of operation 1 Issued 15,000 shares of $10 par common stock for $10 per share 2 Issued 2,000 shares of $20 stated value preferred stock for $20 per share 3 Purchased 1,000 shares of common stock as treasury stock for $11 per sha...

a Atalla Co General Journal for 2013 Date Account Titles Debit Credit 1 Cash 15000 x 10 150000 Common Stock 10 par 150000 2 Cash 2000 x 20 40000 Prefe ...

Atalla Co. completed the following transactions in 2013, the first year of operation: 1. Issued 15,000 shares

Question:

Atalla Co. completed the following transactions in 2013, the first year of operation:
1. Issued 15,000 shares of $10 par for $10 per share.
2. Issued 2,000 shares of $20 stated value preferred stock for $20 per share.
3. Purchased 1,000 shares of as treasury stock for $11 per share.
4. Declared a $2,000 cash on preferred stock.
5. Sold 500 shares of treasury stock for $12 per share.
6. Paid $2,000 cash for the preferred declared in Event 4.
7. Earned cash revenues of $62,000 and incurred cash expenses of $34,000.
8. Closed revenue, expense, and accounts to the retained earnings account.
9. Appropriated $6,000 of retained earnings.

Required
a. Prepare journal entries to record these transactions and post them to T-accounts.
b. Prepare a as of December 31, 2013.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...