-CE Newly formed S&J Iron Corporation has 100,000 shares of $5 par common stock authorized. On...

 

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-CE Newly formed S&J Iron Corporation has 100,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,500 shares of the stock for $12 per share. On May 2, the company issued an additional 24,000 shares for $19 per share. S&J Iron was not affected by other events during Year 1, Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? f. Prepare journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Req A Req F Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Leave blank to indicate that an element was not affected by the event.) Show less A Event Req B to E March 1 May 2 Assets Cash S&J IRON CORPORATION Horizoral Financial Statements Model Balance Sheet Liabilities + Stockholders' Equity Paid in Capital In Excess Common Stock Income Statement Revenue <Req A Expense Net Income Req B to E> Statement of Cash Flows -CE Newly formed S&J Iron Corporation has 100,000 shares of $5 par common stock authorized. On March 1, Year 1, S&J Iron issued 9,500 shares of the stock for $12 per share. On May 2, the company issued an additional 24,000 shares for $19 per share. S&J Iron was not affected by other events during Year 1, Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? f. Prepare journal entries to record the March 1 and May 2 transactions. Complete this question by entering your answers in the tabs below. Req A Req F Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Leave blank to indicate that an element was not affected by the event.) Show less A Event Req B to E March 1 May 2 Assets Cash S&J IRON CORPORATION Horizoral Financial Statements Model Balance Sheet Liabilities + Stockholders' Equity Paid in Capital In Excess Common Stock Income Statement Revenue <Req A Expense Net Income Req B to E> Statement of Cash Flows

Answer rating: 100% (QA)

Solution a Balance sheet Assets Liabilities Stockholders equity I... View the full answer