Refer to the following transactions. a. Issued 400 shares of $100 par value preferred stock at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Refer to the following transactions. a. Issued 400 shares of $100 par value preferred stock at par. b. Issued 800 shares of $100 par value preferred stock in exchange for land that had an appraised value of $102,00o. c. Issued 20,000 shares of $5 par value common stock for $12 per share. d. Purchased 3,710 shares of common stock for the treasury at $13 per share. e. Sold 2,300 shares of the treasury stock purchased in transactiond for $15 per share. f. Declared a cash dividend of $1.85 per share on the preferred stock outstanding, to be paid early next year. g. Deciared and issued an 5% stock dividend on the common stock when the market price per share of common stock was $16. Problem 8-30 (Algo) Part 1 Required: Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) and the amount in the appropriate column. Do nat show items that affect net income in the retained eamings column. You should assume that the transactions occurred in the listed chronological sequence and that no stock had been previously issued. (Hint Remember to consider appropriate effects of previous transactions) Transaction Cash Other Assets Liabilities Paid-in Capital Retained Earnings Treasury Stock Net Income Preu Refer to the following transactions. a. Issued 400 shares of $100 par value preferred stock at par. b. Issued 800 shares of $100 par value preferred stock in exchange for land that had an appraised value of $102,00o. c. Issued 20,000 shares of $5 par value common stock for $12 per share. d. Purchased 3,710 shares of common stock for the treasury at $13 per share. e. Sold 2,300 shares of the treasury stock purchased in transactiond for $15 per share. f. Declared a cash dividend of $1.85 per share on the preferred stock outstanding, to be paid early next year. g. Deciared and issued an 5% stock dividend on the common stock when the market price per share of common stock was $16. Problem 8-30 (Algo) Part 1 Required: Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) and the amount in the appropriate column. Do nat show items that affect net income in the retained eamings column. You should assume that the transactions occurred in the listed chronological sequence and that no stock had been previously issued. (Hint Remember to consider appropriate effects of previous transactions) Transaction Cash Other Assets Liabilities Paid-in Capital Retained Earnings Treasury Stock Net Income Preu
Expert Answer:
Answer rating: 100% (QA)
Explanation Common stock Stock dividend200005 100055000 Solution Other Retained earni Ass Liabilitie... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Which equation is the equation of the line, in point -slope form; that has a slope of 12 and passes through the point (-1,14) ? a. y-14=-12(x+1) b. y+14=12(x-1) c. y-14=12(x-1) d. y-14=12(x+1)
-
Indigo, Inc. is a company that manufactures and sells a single product. Unit sales for each of the four quarters of 2020 are projected as follows. Quarter First Second Third Fourth Annual total Units...
-
A 20-year maturity bond with par value of $1,000 makes annual coupon payments at a coupon rate of 6%. Find the bond equivalent and effective annual yield to maturity of the bond for the following...
-
Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars). The assets included: i. Land - valued at $420,000 ii. Building - valued at $400,000...
-
Select one of the four Ps, and make the case that it is more important than the other three. Then make the case that all are equally important.
-
Play the role of Tom Gifford, and develop a simulation model for financial planning. Write a report for Toms boss and, at a minimum, include the following: 1. Without considering the random...
-
ERP and blockchain Blockchain provides an opportunity for companies to interact with other companies in a secure. transparent way. Using sources from the Internet, determine how a company would...
-
The Canton Corporation shows the following income statement. The firm uses FIFO inventory accounting. CANTON CORPORATION Income Statement for 2013 Sales $272,800 (17,600 units at $15.50) Cost of...
-
i asked here before and thise answers are incorrect please help A $1,000 par value bond has a 9 percent coupon, which is paid on a semiannual basis. It matures in either 1 year or 15 years. Current...
-
A randomized controlled trial comparing two drugs for treating insomnia is said to have 85% power to detect a 20% relative reduction (RR=0.80) in sleep problems nine months following treatment at the...
-
Part A. Explain the meaning of the following concepts as discussed in the lesson. 1. Unique selling proposition 2. Improved revenue 3. Loyal customers 4. Sales strategy 5. Clear differentiation
-
How do contemporary urbanization trends influence the ecological footprint of cities, and what strategies are being implemented to mitigate adverse environmental impacts ?
-
What role do technological advancements play in shaping urbanization, and how can smart city initiatives contribute to more efficient and sustainable urban environments ?
-
Describe a brief summary describing historical and political background of the country and what has led to the current economic and demographic conditions in the Solomon Islands
-
Identify another strategy your peer could use to build trust with the Garcias and explain how it would complement the strategies your peer described. Describe additional ways your peer could partner...
-
solve this. The requireds are in the case. You, CPA, have recently obtained a position with Green Inc. (Green), a manufacturer and distributor of environmentally friendly cleaning products.Jason and...
-
A primary government; any organization for which the primary government is financially accountable; other organizations for which the nature and sigificance of their relationship would be misleading...
-
A consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000....
-
Farmer Jones keeps rabbits; Farmer Smith grows lettuce on adjoining land. The rabbits like to visit Farmer Smith. True or False: Farmer Jones should reimburse Farmer Smith for the damage, since it is...
-
Each potential user of the Phoenix River Bridge is willing to pay up to $299 per crossing, provided there are no other cars to slow him down. When there are more cars, willingness to pay goes down....
-
Widgets are provided by a competitive constant-cost industry where each firm has fixed costs of $30. The following chart shows the industry-wide demand curve and the marginal cost curve of a typical...
-
Give one example each of when an auditor might render an unqualified opinion with an explanatory paragraph, a qualified opinion, and an adverse opinion. When might a disclaimer be an acceptable...
-
Assume the successor auditor requests permission from a potential client to discuss with the predecessor the reasons and circumstances for the firms withdrawal from the engagement. What ethical...
-
Assume a local health club, Texas Two-Step (TTS), records 100 percent of amounts received from annual membership fees in the month the cash is received, which is the first month of the new year. The...
Study smarter with the SolutionInn App