ACCN 2010 Chapter 11 Homework Assignment | Tulane University
- Tulane University / ACCN 2010
- 12 Jul 2021
- Price: $12
- Accounting & Economics Assignment Help / Finance
ACCN 2010 Chapter 11 Homework Assignment 1 | Tulane University
On
January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The stock
has a stated value of $4 per share. During the year, the following transactions
occurred.
|
Apr. 1 |
Issued 20,250 additional shares of common stock
for $12 per share. |
|
|
June 15 |
Declared a cash dividend of $1.60 per share to
stockholders of record on June 30. |
|
|
July 10 |
Paid the $1.60 cash dividend. |
|
|
Dec. 1 |
Issued 9,000 additional shares of common stock
for $13 per share. |
|
|
Dec. 15 |
Declared a cash dividend on outstanding shares of
$2.00 per share to stockholders of record on December 31. |
|
(a) |
Prepare the entries, if any, on each of the three dates
that involved dividends. (Record journal
entries in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Round answers to 0 decimal places, e.g. 1,225.) |
.2.
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Grouper Corp. at December 31, 2022.
|
Common Stock ($2 stated value) |
$1,760,000 |
|
|
Paid-in Capital in Excess of Par Value—Preferred Stock |
49,500 |
|
|
Paid-in Capital in Excess of Stated Value—Common Stock |
1,155,000 |
|
|
Preferred Stock (6%, $100 par, noncumulative) |
660,000 |
|
|
Retained Earnings |
1,467,400 |
|
|
Treasury Stock (13,200 common shares) |
79,200 |
Prepare the stockholders’ equity section of the
balance sheet at December 31, 2022. (Enter
account name only and do not provide descriptive information.)
3.
Grouper Corp. was organized on
January 1, 2022. It is authorized to issue 22,000 shares of 6%,
$53 par value preferred stock and 456,000 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 68,000 shares of common stock for cash at
$6 per share. |
|
|
Mar. |
1 |
Issued 1,160 shares of preferred stock for cash
at $56 per share. |
|
|
May |
1 |
Issued 113,000 shares of common stock for cash
at $7 per share. |
|
|
Sept. |
1 |
Issued 4,600 shares of common stock for cash at
$4 per share. |
|
|
Nov. |
1 |
Issued 2,600 shares of preferred stock for cash
at $57 per share. |
Journalize the transactions. (Record
journal entries in the order presented in the problem. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
(b)
Post to the stockholders’ equity
accounts. (Post entries in the order of journal entries
posted in the previous part.)
(c)
Prepare the paid-in capital portion of the
stockholders’ equity section at December 31, 2022.
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