Part 1: Journal entries, adjusting entries, calculation and the section of Stockholders' Equity Crosby Ic., a merchandising company, has begun its business since 1 Jan. 2015. The selected information from the accounting records on 1 Jan. 2021 is as follows. • The account of Retained Earnings has a credit balance of $321,000. • The company uses the perpetual inventory system and the LIFO method for its inventory, reporting the beginning inventory as follows: 1,000 units at a per-unit cost of $70 (purchased on 10 Dec. 2020) 500 units at a per-unit cost of $75 (purchased on 20 Dec. 2020). The following is the information of stock that a company has in the accounting system on 1 Jan. 2021. Preferred Stock: 5% cumulative, $40 par value, 1,000 shared authorized, issued and outstanding $40,000 Common Stock: $20 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $100,000 Additional Paid in Capital, Common Stock $75,000 $25,000 Additional Paid in Capital, Preferred Stock
Part 1: Journal entries, adjusting entries, calculation and the section of Stockholders' Equity Crosby Ic., a merchandising company, has begun its business since 1 Jan. 2015. The selected information from the accounting records on 1 Jan. 2021 is as follows. • The account of Retained Earnings has a credit balance of $321,000. • The company uses the perpetual inventory system and the LIFO method for its inventory, reporting the beginning inventory as follows: 1,000 units at a per-unit cost of $70 (purchased on 10 Dec. 2020) 500 units at a per-unit cost of $75 (purchased on 20 Dec. 2020). The following is the information of stock that a company has in the accounting system on 1 Jan. 2021. Preferred Stock: 5% cumulative, $40 par value, 1,000 shared authorized, issued and outstanding $40,000 Common Stock: $20 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $100,000 Additional Paid in Capital, Common Stock $75,000 $25,000 Additional Paid in Capital, Preferred Stock
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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