Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%,

Question:

Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share.

Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share.

May 1 Issued 120,000 shares of common stock for cash at $6 per share.

Sept. 1 Issued 5,000 shares of common stock for cash at $5 per share.

Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders’ equity accounts. (Use T-accounts.)

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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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a Jan 10 Cash 70000 X 4 280000 Common Stock 70000 X 1 70000 Paidin Capital in Excess of Stated ValueCommon Stock 70000 X 3 210000 Mar 1 Cash 12000 X 53 636000 Preferred Stock 12000 X 50 600000 Paidin Capital in Excess of Par ValuePreferred Stock 12000 X 3 36000 May 1 Cash 120000 X 6 720000 Common Stock 120000 X 1 120000 Paidin Capital in Excess of Stated ValueCommon Stock 120000 X 5 600000 Sept 1 Cash 5000 X 5 25000 Common Stock 5000 X 1 5000 Paidin Capital in Excess of Stated ValueCommon Stock 5000 X 4 20000 Nov 1 Cash 3000 X 56 168000 Preferred Stock 3000 X 50 150000 Paidin Capital in Excess of Par ValuePreferred Stock 3000 X 6 18000 b c TIDWELL CORPORATION Partial Balance Sheet December 31 2014 Stockholders equity Paidin capital Capital stock 6 Preferred stock 50 par value 20000 shares authorized and 15000 shares issued 750000 Common stock nopar 1 stated value 500000 shares authorized 195000 shares issued 195000 Total capital stock 945000 Additional paidin capital Paidin capital in excess of par valuepreferred stock 54000 Paidin capital in excess of stated valuecommon stock 830000 Total additional paidin capital 884000 Total paidin capital 1829000 Preferred Stock Common Stock 31 111 1231 Bal 110 51 91 1231 Bal 600000 150000 750000 70000 120000 5000 195000 Paidin Capital in Excess of Par Value Preferred Stock 31 111 1231 Bal Paidin Capital in Excess of Stated Value ...View the full answer

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