-Accounting help two questions thank you so much!!!!?
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.Tree
1. 220,000 shares of $5 par value 7% preferred stock and 1,340,000 shares of $1 par value common stock
2. $5 per share
3. Debit Cash $1,100,000
Credit Preferred Stock $1,100,000
Debit Cash $4,240,000
Credit Common Stock $1,340,000
Credit Additional Paid in Capital - Common $2,900,000
4. Debit Retained Earnings $400,000
Credit Dividends Payable - Preferred $77,000 ($1,100,000 x 7%)
Credit Dividends Payable - Common $323,000 ($400,000 - 77,000)
Lavallee-Priest
1.
a.
Debit Cash $60,000
Credit Preferred Stock $60,000 (1,200 x $50)
b.
Debit Cash $9,200 ($2,300 x $4)
Credit Common Stock $ 2,300 (2,300 x $1)
Credit Paid in Capital in Excess of Par Value - Common $6,900 ($9,200 - $2,300)
c.
Debit Income Summary $79,000
Credit Retained Earnings $79,000
2.
Lavallee-Priest Company
Partial Balance Sheet
December 31, 2010
Stockholder's Equity
Common Stock, $1 par value, 530,000 shares authorized, 63,300 shares issued
and outstanding $63,300
Preferred Stock, $50 par value, 8%, 100,000 shares authorized, 1,200 shares issued
and outstanding $60,000
Paid in capital in excess of par value - common stock $48,900
Retained earnings $104,000 (25,000 + $79,000)
Total Stockholder's Equity $276,200 ($63,300 + $60,000 + $48,900 + $104,000)Tree Comfort Specialist Inc.
1. Capital Authorised
a) Preference Stock 600,000 @ $5/
b) Common Stock 9,000,000 @ $1/
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2. Paid in Capital
a) Preference Stock 220,000 @ $5 1,100.000
b) Common Stock 1,340,000 @ $1 1,340,000
Par value of Preference Stock $5/
Summary Journal entries.
Bank account DR 1,100,000 Preference Stock A/C CR $ 1,100,000
Bank account DR 1,340,000 Common Stock a/c CR $ 1,340,000
4. Diviidend
DR Dividend on Preference Stock $77,000 CR Cash $77,000
DR Profit & Loss a/c $77,000 CR Dividend on Preference stock $77,000
DR Dividend on Common Stock $323,000 CR Cash $323,000
DR Profit & Loss a/c $323,000 CR Dividend common stock $323,000
Lavelle Priest Inc
DR Bank $60,000 CR Preference Stock $ 66,000
DR Bank $9,200 CR Common Stock $2300
CR Premium a/c $6900
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