Question

Clarkson Chivas, Inc., was started on July 1, 2010. The company is authorized to issue 200,000 shares of 6%, $110 par value preferred stock, and 1,500,000 shares of common stock with a par value of $1 per share. The following stock transactions took place during the fiscal year ended June 30, 2011:
July 15 .... Issued 10,000 shares of common stock for cash at $2 per share
October 1.. Issued 5,000 shares of preferred stock for cash at $115 per share
January 12 .. Issued 15,000 shares of common stock for cash at $4 per share
March 10 ... Issued 7,500 shares of preferred stock for cash at $120 per share
June 1 .... Issued 25,000 shares of common stock for cash at $6 per share

Requirements
1. Show each transaction in the accounting equation.
2. Prepare the contributed capital portion of the shareholders’ equity section of the balance sheet at June 30,2011.


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  • CreatedSeptember 01, 2014
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