Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
12th Edition
ISBN: 9780134490663
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 13, Problem E13.24E
Journalizing issuance of stock and preparing the
Learning Objective 2
March 23 Common Stock $690
The charter of Evergreen Corporation authorizes the issuance of 900 shares of
Mar. 23 Issued 230 shares of $3 par value common stock for cash of SIS per share.
Apr. 12 Received inventory with a market value of $27,000 and equipment with a
market value of $19,000 for 320 shares of the $3 par value common Stock.
17 Issued 900 shares of $20 par value preferred stock for $20 per share.
Requirements
1. Record the transactions in the general journal.
2. Prepare the stockholders' equity section of the Evergreen balance sheet as of April 30, 2018, for the transactions given in this exercise.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
(Learning Objective 6: Report stockholders’ equity) Doorman Corp. has thefollowing stockholders’ equity information:Doorman’s charter authorizes the company to issue 9,000 shares of 8% preferred stockwith par value of $120 and 700,000 shares of no-par common stock. The company issued 1,800shares of the preferred stock at $120 per share. It issued 140,000 shares of the common stockfor a total of $513,000. The company’s retained earnings balance at the beginning of 2018 was$77,000, and net income for the year was $94,000. During 2018, Doorman declared the specified dividend on preferred and a $0.20 per-share dividend on common. Preferred dividends for2017 were in arrears.Requirement1. Prepare the stockholders’ equity section of Doorman Corp.’s balance sheet at December 31,2018. Show the computation of all amounts. Journal entries are not required.
Learning Objective 6: Report stockholders’ equity) Lima Corp. has the followingstockholders’ equity information:Lima’s charter authorizes the company to issue 4,000 shares of 11% preferred stock withpar value of $200 and 700,000 shares of no-par common stock. The company issued 1,000shares of the preferred stock at $200 per share. It issued 350,000 shares of the common stockfor a total of $512,000. The company’s retained earnings balance at the beginning of 2018 was$75,000, and net income for the year was $100,000. During 2018, Lima declared the specifieddividend on preferred and a $0.10 per-share dividend on common. Preferred dividends for 2017were in arrears.Requirement1. Prepare the stockholders’ equity section of Lima Corp.’s balance sheet at December 31,2018. Show the computation of all amounts. Journal entries are not required.
(Learning Objective 2: Record issuance of stock for cash and for services) AttorneyKristen Maloney invoiced Dunn for $20,400 and has agreed to accept 1,500 shares of its$0.01 par-value common stock in full payment for this invoice. Dunn issued the common stockto Attorney Maloney on January 29. Record the stock-issuance transaction for Dunn
Chapter 13 Solutions
Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
Ch. 13 - Prob. 1QCCh. 13 - Prob. 2QCCh. 13 - Prob. 3QCCh. 13 - Prob. 4QCCh. 13 - Prob. 5QCCh. 13 - Prob. 6QCCh. 13 - Prob. 7QCCh. 13 - Prob. 8QCCh. 13 - Prob. 9QCCh. 13 - Prob. 10QC
Ch. 13 - Prob. 11QCCh. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - Prob. 3RQCh. 13 - Prob. 4RQCh. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Prob. 7RQCh. 13 - Prob. 8RQCh. 13 - Prob. 9RQCh. 13 - Prob. 10RQCh. 13 - Prob. 11RQCh. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Prob. 14RQCh. 13 - Prob. 15RQCh. 13 - Prob. 16RQCh. 13 - Prob. 17RQCh. 13 - Prob. 18RQCh. 13 - Prob. 19RQCh. 13 - Prob. 20RQCh. 13 - Prob. 21RQCh. 13 - Prob. 22RQCh. 13 - Prob. 23RQCh. 13 - Prob. 24RQCh. 13 - Prob. 25RQCh. 13 - Prob. S13.1SECh. 13 - Prob. S13.2SECh. 13 - Prob. S13.3SECh. 13 - Prob. S13.4SECh. 13 - Prob. S13.5SECh. 13 - Prob. S13.6SECh. 13 - Prob. S13.7SECh. 13 - Prob. S13.8SECh. 13 - Prob. S13.9SECh. 13 - Prob. S13.10SECh. 13 - Prob. S13.11SECh. 13 - Prob. S13.12SECh. 13 - Prob. S13.13SECh. 13 - Prob. S13.14SECh. 13 - Analyzing the effect of prior-period adjustments...Ch. 13 - Prob. S13.16SECh. 13 - Prob. S13.17SECh. 13 - Prob. S13.18SECh. 13 - Prob. E13.19ECh. 13 - Prob. E13.20ECh. 13 - Prob. E13.21ECh. 13 - Prob. E13.22ECh. 13 - Prob. E13.23ECh. 13 - Journalizing issuance of stock and preparing the...Ch. 13 - Prob. E13.25ECh. 13 - Journalizing issuance of stock and treasury stock...Ch. 13 - Computing dividends on preferred and common stock...Ch. 13 - Prob. E13.28ECh. 13 - Prob. E13.29ECh. 13 - Prob. E13.30ECh. 13 - Prob. E13.31ECh. 13 - Prob. E13.32ECh. 13 - Prob. E13.33ECh. 13 - Preparing a multi-step income statement Learning...Ch. 13 - Prob. E13.35ECh. 13 - Preparing a statement of retained earnings...Ch. 13 - Prob. E13.37ECh. 13 - Prob. E13.38ECh. 13 - Prob. P13.39APGACh. 13 - Prob. P13.40APGACh. 13 - Prob. P13.41APGACh. 13 - Prob. P13.42APGACh. 13 - Preparing an income statement Learning objective 5...Ch. 13 - Prob. P13.44APGACh. 13 - Prob. P13.45APGACh. 13 - Prob. P13.46BPGBCh. 13 - Prob. P13.47BPGBCh. 13 - Prob. P13.48BPGBCh. 13 - Prob. P13.49BPGBCh. 13 - Prob. P13.50BPGBCh. 13 - Prob. P13.51BPGBCh. 13 - Prob. P13.52BPGBCh. 13 - Prob. P13.53CTCh. 13 - Prob. P13.54CPCh. 13 - Prob. 13.1TIATCCh. 13 - Decision Case 13-1 Lena Kay and Kathy Lauder have...Ch. 13 - Prob. 13.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- CHALLENGE PROBLEM This problem challenges you to apply your cumulative accounting knowledge to move a step beyond the material in the chapter. LeeJin Corp. started a two-year period with 200,000 shares of 2 par common stock outstanding. During the two years, LeeJin had the following capital stock transactions: (a) Declared a 10% common stock dividend. The market value of the common stock was estimated at 8 per share. (b) Declared a cash dividend of 0.20 per share on common stock. (c) Declared a 30% common stock dividend. The market value of the common stock was estimated at 9 per share. (d) Declared a cash dividend of 0.20 per share on common stock. (e) Declared a two-for-one stock split. (f) Declared a cash dividend of 0.16 per share on common stock. REQUIRED 1. Prepare general journal entries for each of the transactions. Identify each transaction by the appropriate letter. (Assume that any cash or share distributions have been completed and are a matter of record before the next transaction occurs.) 2. Compute the following: (a) Number of shares of common stock outstanding after all the transactions have been completed. (b) The par value per share of LeeJins common stock after all the transactions have been completed.arrow_forwardSearch Textbook Solutio x y M A201 Final Exam Fall 20 x C O ezto.mheducation.co hm.tpx IThe following information applies to the questions displayed below. Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Joumaarrow_forward(Learning Objective 3: Account for the purchase and sale of treasury stock) OnJanuary 10, 2019, Mahlon Design Services purchased treasury stock at a cost of $26 million.On July 3, 2019, Mahlon resold some of the treasury stock for $11 million; this resold treasurystock had cost the company $4 million. Record the purchase and resale of Mahlon’s treasurystock. Overall, how much did stockholders’ equity increase or decrease as a result of the twotreasury-stock transactions?arrow_forward
- Journalizing stock issuance and cash dividends and preparing the stockholders’ equity section of the balance sheetD-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of %, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions: Requirements Record the transactions in the general journal. Prepare the stockholders’ equity section of D-Mobile’s balance sheet at October 31, 2018. Assume D-Mobile’s net income for the month was $94,000.arrow_forward(Learning Objectives 2, 6: Account for stock issuance; report stockholders’equity) The partners who own Jefferson Rafts Co. wished to avoid the unlimited personalliability of the partnership form of business, so they incorporated as Jefferson Rafts, Inc. Thecharter from the state of Vermont authorizes the corporation to issue 200,000 shares of $15 parcommon stock. In its first month, Jefferson Rafts, Inc., completed the following transactions:Jan 6 Issued 900 shares of common stock to the promoter forassistance with issuance of the common stock. The promotionalfee was $27,000. Debit Organization Expense.9 Issued 4,000 shares of common stock to Lindsey Crow and 14,000shares to Jackie Jefferson in return for cash equal to the stock’s marketvalue of $20 per share. The two women were partners in Jefferson Rafts Co.26 Issued 1,600 shares of common stock for $25 cash per share.Requirements1. Record the transactions in the journal.2. Prepare the stockholders’ equity section of the Jefferson…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License