Question

The Sugarland Company reported the following on its balance sheet at December 31, 2012:
Common Stock, $2.25 par value, 550,000 shares authorized,
400,000 shares issued and outstanding...... $ 900,000
Paid-in Capital in Excess of Par......... 395,500
Retained Earnings............. 2,400,000

1. Assume Sugarland Company issued all of its stock during 2012 in one transaction. Journalize the company’s issuance of the stock for cash.
2. Was Sugarland Company’s main source of stockholders’ equity paid-in capital or profitable operations? How can you tell?



$1.99
Sales0
Views139
Comments0
  • CreatedApril 29, 2014
  • Files Included
Post your question
5000