Organize the transactions data in accounts

Assignment Help Financial Accounting
Reference no: EM13513631

The following information pertains to Kwon Corp. at January 1, 2010.

Common stock, $10 par, 50,000 shares authorized,

2,000 shares issued and outstanding $20,000

Paid-in capital in excess of par, common stock 15,000

Retained earnings 65,000

Kwon Corp. completed the following transactions during 2010:

1. Issued 2,000 shares of $10 par common stock for $25 per share.

2. Repurchased 200 shares of its own common stock for $22 per share.

3. Resold 50 shares of treasury stock for $26 per share.


a. How many shares of common stock were outstanding at the end of the period?

b. How many shares of common stock had been issued at the end of the period?

c. Organize the transactions data in accounts under the accounting equation.

d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

Reference no: EM13513631

Make journal entries for year one assuming

On 1/1/14 we sign a lease: Term is 5 years and is no cancellable with Payments of $23,981.59 made at the beginning of each year. The FMV of leased asset is $100,000 and has a

Estimated total future cash flows

At the beginning of 2013, based on new marketing research, Barkley determines that the fair value of the trade name is $24,000. Estimated total future cash flows from the tr

Straight-line and double-declining-balance

Chubbyville purchases a delivery van for $23,500. Chubbyville estimates a four-year service life and a residual value of $2,300. During the four-year period, the company expec

Use the cost method and equity method

Bradster Co. acquired 20% of the outstanding common stock of Curly Co. on January 1, 2011, by paying $800,000 for the 40,000 shares. Curly declared and paid $.80 per share cas

What were the firms net income and net cash flow

Butterfly tractors had 14 million in sales last year. Cost of goods sold was 8 million, depreciation expense was 2 million, interest payment on outstanding debt was 1 million,

Prepare journal entries to record the above costs

Atlas Trucking incurred the following costs during 2016: Spent $15,300 on a major overhaul for a tractor-trailer rig. The overhaul is expected to increase the service life of

What is the purpose of a valuation allowance

What is the purpose of a valuation allowance? If a company is told by an auditor that they must record a valuation allowance against their deferred tax asset, what is the audi

Compute the direct labor rate and efficiency variances

Top Notch Music Inc. produces car stereos. During the year Top Notch Music produced 7,000 stereos. Compute the direct material price and usage variances. Electronic kits purch


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd