Principals of Accounting II
Must follow grading Rubric!! No plagiarism!!
8 months ago 25
A03_Module3WrittenAssignment1.xlsx
A03_Module3WrittenAssignment1.xlsx
Worksheet #1
| Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2017: | |||||
| Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued | $ 200,000 | ||||
| Paid-in Capital in Excess of Par Value, Common | 250,000 | ||||
| Retained earnings | 500,000 | ||||
| Treasury Stock, 1,000 shares | (20,000) | ||||
| Total stockholders' equity | $ 930,000 | ||||
| The following transactions occurred during 2018: | |||||
| February 2 | Sold and issued 2,000 shares of common stock for $22 per share. | ||||
| May 10 | Declared a $0.50 per share dividend on common stock. | ||||
| October 12 | Sold 500 shares of the treasury stock for $20 per share. | ||||
| December 31 | Net income for the year was determined to be $75,000 | ||||
| Based on the above information, prepare a statement of stockholders' equity for 2018. Use Worksheet #1. | |||||
| Salte Corporation | |||||
| Statement of Stockholders' Equity | |||||
| December 31, 2018 | |||||
| Common Stock | Paid-In Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity | |
| Balance, December 31, 2017 | $ 200,000 | $ 250,000 | $ 500,000 | $ (20,000) | $ 930,000 |
Worksheet #2
| Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: | |||
| May | 5 | Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000 | |
| July | 20 | Sold 1,550 shares of preferred stock for $50 cash per share | |
| Dec | 20 | Sold 1,000 shares of preferred stock at $52 cash per share | |
| Date | Debit | Credit | |
A03_Module3WrittenAssignment1.xlsx
Worksheet #1
| Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2017: | |||||
| Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued | $ 200,000 | ||||
| Paid-in Capital in Excess of Par Value, Common | 250,000 | ||||
| Retained earnings | 500,000 | ||||
| Treasury Stock, 1,000 shares | (20,000) | ||||
| Total stockholders' equity | $ 930,000 | ||||
| The following transactions occurred during 2018: | |||||
| February 2 | Sold and issued 2,000 shares of common stock for $22 per share. | ||||
| May 10 | Declared a $0.50 per share dividend on common stock. | ||||
| October 12 | Sold 500 shares of the treasury stock for $20 per share. | ||||
| December 31 | Net income for the year was determined to be $75,000 | ||||
| Based on the above information, prepare a statement of stockholders' equity for 2018. Use Worksheet #1. | |||||
| Salte Corporation | |||||
| Statement of Stockholders' Equity | |||||
| December 31, 2018 | |||||
| Common Stock | Paid-In Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity | |
| Balance, December 31, 2017 | $ 200,000 | $ 250,000 | $ 500,000 | $ (20,000) | $ 930,000 |
Worksheet #2
| Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: | |||
| May | 5 | Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000 | |
| July | 20 | Sold 1,550 shares of preferred stock for $50 cash per share | |
| Dec | 20 | Sold 1,000 shares of preferred stock at $52 cash per share | |
| Date | Debit | Credit | |