ACCT 211 Homework 11 Corporate Reporting and Analysis Exercises Assignment solutions complete answer

ACCT 211 Homework 11 Corporate Reporting and Analysis Exercises Assignment solutions complete answers 

 

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Rodriguez Corporation issues 10,000 shares of its common stock for $96,900 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.
 

1.   The stock has a $8 par value.

2.   The stock has neither par nor stated value.

3.   The stock has a $4 stated value.

 

Following are the issuances of stock transactions.

1.   A corporation issued 10,000 shares of $10 par value common stock for $120,000 cash.

2.   A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $21,000. The stock has a $0 per share stated value.

3.   A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $21,000. The stock has no stated value.

4.   A corporation issued 2,500 shares of $50 par value preferred stock for $146,000 cash. 

Prepare journal entries to record each of the following four separate issuances of stock.

 

Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

 

[The following information applies to the questions displayed below.]

 

Year 1 total cash dividends
$ 19,100
Year 2 total cash dividends
27,700
Year 3 total cash dividends
230,000
Year 4 total cash dividends
380,000
York’s outstanding stock consists of 85,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 260,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends:

 

Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.)

 

York’s outstanding stock consists of 85,000 shares of cumulative 7.0% preferred stock with a $5 par value and also 260,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: (Round your "Dividend per Preferred Share" answer to 3 decimal places.)

 

On October 10, the stockholders’ equity section of Sherman Systems appears as follows.
  

Common stock–$10 par value, 4,300 shares authorized, issued, and outstanding
$ 760,000
Paid-in capital in excess of par value, common stock
236,000
Retained earnings
896,000
Total stockholders’ equity
$ 1,892,000
 
1. Prepare journal entries to record the following transactions for Sherman Systems.

a.   Purchased 5,400 shares of its own common stock at $29 per share on October 11.

b.   Sold 1,100 treasury shares on November 1 for $35 cash per share.

c.   Sold all remaining treasury shares on November 25 for $28 cash per share.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

 

Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.)

 

Cash dividends declared and paid in current year
$ 9,000
Retained earnings at December 31, prior year
62,000
Net income in current year
35,000