Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: (Click the icon to view the partial balance sheet.) Re 1 Data Table - X Re utstar 1 Requirements Th Stockholders' Equity 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. Paid-In Capital: 2. What is the par value per share of Thurman Comfort Specialists' preferred Preferred Stock-5%, ? Par Value; 650,000 shares stock? Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. authorized, 375,000 shares issued and outstanding s 1,500,000 3. Common Stock-$1 Par Value; 7,000,000 shares 4. No preferred dividends are in arrears. Journalize the declaration of a $300,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. authorized, 1,330,000 shares issued and outstanding 1,330,000 Paid-In Capital in Excess of Par-Common 2,700,000 Total Paid-In Capital 5,530,000 Retained Earnings 11,900,000 Print Done 17,430,000 Total Stockholders' Equity Print Done

Thurman Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2018: (Click the icon to view the partial balance sheet.) Re 1 Data Table - X Re utstar 1 Requirements Th Stockholders' Equity 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. Paid-In Capital: 2. What is the par value per share of Thurman Comfort Specialists' preferred Preferred Stock-5%, ? Par Value; 650,000 shares stock? Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. authorized, 375,000 shares issued and outstanding s 1,500,000 3. Common Stock-$1 Par Value; 7,000,000 shares 4. No preferred dividends are in arrears. Journalize the declaration of a $300,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. authorized, 1,330,000 shares issued and outstanding 1,330,000 Paid-In Capital in Excess of Par-Common 2,700,000 Total Paid-In Capital 5,530,000 Retained Earnings 11,900,000 Print Done 17,430,000 Total Stockholders' Equity Print Done

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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