NOTE: IF YOU DON'T KNOW WHAT TO DO, PLEASE DON'T PUT ANYTHING DOWN!!! ASK A QUESTION IN THE COMMENTS IF YOU NEED ANY CLEARANCE.

Identify characteristics of a corporation.

E13.1 (LO 1), C Andrea has prepared the following list of statements about corporations.

1. A corporation is an entity separate and distinct from its owners.

2. As a legal entity, a corporation has most of the rights and privileges of a person.

3. Most of the largest U.S. corporations are privately held corporations.

4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.

5. The net income of a corporation is not taxed as a separate entity.

6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.

7. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders.

8. The board of directors of a corporation legally owns the corporation.

9. The chief accounting officer of a corporation is the controller.

10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.

Instructions

Identify each statement as true or false. If false, indicate how to correct the statement.

Identify characteristics of a corporation.

E13.12 (LO 2, 3), AN The stockholders' equity section of Haley Corporation at December 31 is as follows.

Haley Corporation

Balance Sheet (partial)

Paid-in capital.

Preferred stock, 10,000 shares authorized, 6,000 shares issued and outstanding.	$300,000
Common stock, no par, 750,000 shares authorized, 600,000 shares issued.	$1,200,000
Total paid-in capital.	$1,500,000
Retained earnings.	$1,858,000
Total paid-in capital and retained earnings.	$3,358,000
Less: Treasury stock (10,000 common shares).	$64,000
Total stockholders' equity.	$3,294,000

Instructions

From a review of the stockholders' equity section, as chief accountant, make a memo to the president of the company answering the following questions.

A) How many shares of common stock are outstanding?

B) Assuming there is a stated value, what is the stated value of the common stock?

C) What is the par value of the preferred stock?

Make a stockholders' equity section.

P13.2 (LO 2, 3), APFechter Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of ParCommon Stock $200,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions.

March 1	Purchased 5,000 shares at $8 per share.
June 1	Sold 1,000 shares at $12 per share.
September 1	Sold 2,000 shares at $10 per share.
December 1	Sold 1,000 shares at $7 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000.

Instructions

A) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income.

B) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.)

b. Treasury Stock $8,000.

C) Make the stockholders' equity section for Fechter Corporation on December 31, 2022.

c. Total stockholders' equity $829,000.

Journalize and post transactions and prepare the stockholders' equity section.

P13.4 (LO 1, 2, 3), APPeck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances.

PLEASE DO IN MICROSOFT EXCEL!!!

Preferred Stock (10,000 shares).	$500,000
Paid-in Capital in Excess of ParPreferred Stock.	$75,000
Common Stock (70,000 shares).	$350,000
Paid-in Capital in Excess of ParCommon Stock.	$700,000
Retained Earnings.	$300,000

During 2022, the following transactions occurred.

February 1	Issued 2,000 shares of preferred stock for land having a fair value of $120,000.
March 1	Issued 1,000 shares of preferred stock for cash at $65 per share.
July 1	Issued 16,000 shares of common stock for cash at $7 per share.
September 1	Issued 400 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable.
December 1	Issued 8,000 shares of common stock for cash at $7.50 per share.
December 31	Net income for the year was $260,000. No dividends were declared.

Instructions

PLEASE DO IN MICROSOFT EXCEL!!!

A) Journalize the transactions and the closing entry for net income.

B) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Use T-accounts.)

C) Make a stockholders' equity section on December 31, 2022.

c. Total stockholders' equity $2,570,000

Make stockholders' equity section.

Can someone assist me in my Accounting exercises: E13.1. E13.12, P13.2, and P13.4.

NOTE: IF YOU DON'T KNOW WHAT TO DO, PLEASE DON'T PUT ANYTHING DOWN!!! ASK A QUESTION IN THE COMMENTS IF YOU NEED ANY CLEARANCE.