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 |
Horton32
7 months ago
25
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