Chapter 9 - Abbreviated Review Transactions. 1A Sold 150 shares of $10-par common stock to the attorney, Bill Green, for legal services during the incorporation,

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Presentation transcript:

Chapter 9 - Abbreviated Review Transactions

1A Sold 150 shares of $10-par common stock to the attorney, Bill Green, for legal services during the incorporation, Memo 90

Dr Organization Costs1,500 Cr Common Stock 1,500 Memo 90

1B Amortized the Organization costs $1,500 over a 5 year period. Record the adjusting entry, Memo 99

Dr Amortization Expense 300 Cr Organization Costs – Acc Amort 300 Memo 99

2 Current stock information: Preferred 6% stock, $100 par, 10,000 shares authorized, 4,000 issued and outstanding. Common stock, $50 par; 50,000 shares authorized, 20,000 issued and outstanding. What is this company’s authorized capital?

10,000 shares preferred 6% stock-$100 par 50,000 shares common stock-$50 par

3A Issued 2,000 shares of $50-par common stock at $20 per share, Rec 998

Issued 2,000 shares of $50-par common stock at $50 per share, Rec 998 Dr Cash100,000 Cr Common Stock 100,000 Rec 998

Accepted a delivery truck valued at $15,000 for 300 shares of $50-par common stock, Memo 111 3B

Accepted a delivery truck valued at $15,000 for 300 shares of $50-par common stock, Memo 111 Dr Delivery Truck15,000 Cr Common Stock15,000 Memo 111

4 Issued 1,000 shares of the $100-par preferred stock at $120 per share, Rec 1992

Dr Cash120,000 Cr Preferred Stock 100,000 Cr Pd-in-Capital in Exc of Par 20,000 Rec 998

Common Stock $50 par account balance at end of the year = $300,000 Shares issued during the year: 2000 on Sept on Oct on Nov 1 How many shares are issued at the end of the year? How many shares were issued on Jan 1 of this year? 5

Common Stock $50 par account balance at end of the year = $300,000 Shares issued during the year: 2000 on Sept on Oct on Nov 1 How many shares are issued at the end of the year? $30,000/$50 = 6000 How many shares were issued on Jan 1 of this year? 6000 – = 2000

6 Preemptive question – XYZ corporation issued 20,000 shares of stock. Bill owns 5,000 shares. The board of directors has decided to issued an additional 10,000 shares. Bill will have the right to purchase how many shares of the additional shares being issued?

Preemptive question – XYZ corporation issued 20,000 shares of stock. Bill owns 5,000 shares. The board of directors has decided to issued an additional 10,000 shares. Bill will have the right to purchase how many shares of the additional shares being issued? 5,000/20,000 = 25% 10,000 * 25% = 2,500