-Tree comfort specialists, inc
Stock holders equity
June 30, 2011
Paid-in Capital
Preferred stock,7%, $5 par, 600,000 shares authorized, 220,000 shares used $1,100,000
Common stock, par value $1 per share, 9,000,000 shares authorized
1,340,000 shares issued and outstanding $1,340,000
Additional paid-in capital-common $2,900,000
Total paid in capital $5,340,000
Retained earnings $12,000,000
Total stockholders equity $17,340,000
1. Identify the different issues of stock that tree has outstanding.
2. What is the par value per share of tree's preferred stock?
3. Make two summary journal entries to record issuance of all tree stock for cash
4. No preferred dividends are in arrears. journalize the deceleration of a 400,000 dividend at June 30, 2011. Use separate dividends payable accounts for preferred and common.
Lavalee-priest, inc
Stockholders equity
December 31,2009
Paid in capital
Perferred stock, 8%, $50 par, 100,000 shares authorized, none issued $0
Common stock, 1$ par, 530,000 shares authorized, 61,000 shares issued and outstanding $61,000
Paid in capital in excess of par-common $42,000
total paid in capital $103,000
Retained earnings $25,000
Total stockholders equity $128,000
1. During 2010, the company completed the following selected transactions journalize each transaction.
a. Issued for cash 1,200 shares of preferred stock value at par value.
b. Issued for cash 2,300 shares of common stock at a price of 4$ per share
c. Net income for the year was $79,000, and the company declared no dividends, make the closing entry for net income.
2. prepare the stockholders equity section on the lavallee-priest balance sheet at December 31,2010
I have 8 of these to do and these two were completely wrong when I submitted them so I could really use a hand again thank you so much for your time and effort.1. Identify the different issues of stock that tree has outstanding.
Common Stock
Preferred Stock
2. What is the par value per share of tree's preferred stock?
$5 par value
3. Make two summary journal entries to record issuance of all tree stock for cash
Dr Cash 1,100,000
Cr Preferred Stock 1,100,000
Dr Cash 4,240,000
Cr Common Stock 1,340,000
Cr Additional Paid-in Capital, Common 2,900,000
4. No preferred dividends are in arrears. journalize the deceleration of a 400,000 dividend at June 30, 2011. Use separate dividends payable accounts for preferred and common.
1,100,000 x 7% = 77,000 goes to Preferred dividends. The remaining goes to common dividends.
Dr Cash Dividends (or Retained Earnings) 77,000
Cr Preferred Dividends Payable 77,000
Dr Cash Dividends (or Retained Earnings) 323,000
Cr Common Dividends Payable 323,000
1. During 2010, the company completed the following selected transactions journalize each transaction.
a. Issued for cash 1,200 shares of preferred stock value at par value.
1,200 x $50 par value = $60,000
Dr Cash 60,000
Cr Preferred Stock 60,000
b. Issued for cash 2,300 shares of common stock at a price of 4$ per share
2,300 x 4 = $9,200
Dr Cash 9,200
Cr Common Stock 2,300 (2,300 x $1 par value)
Cr Paid-in Capital in Excess of Par--Common 6,900
c. Net income for the year was $79,000, and the company declared no dividends, make the closing entry for net income.
Dr Income Summary 79,000
Cr Retained Earnings 79,000
2. prepare the stockholders equity section on the lavallee-priest balance sheet at December 31,2010
Paid in capital
Perferred stock . . . . . . . . . . . . . . . . . . . . . .60,000
Common stock . . . . . . . . . . . . . . . . . . . . . .63,300
Paid in capital in excess of par-common . . . .48,900
Total paid in capital . . . . . . . . . . . . . . . . . . . . . . . . . .172,200
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . .104,000
Total stockholders equity . . . . . . . . . . . . . . . . . . . . . .276,200
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