Reference no: EM132530845
Question - The stockholders' equity accounts of Concord Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $48 par, 11,000 shares authorized)$ 360,000Common Stock ($1 stated value, 2,100,000 shares authorized)1,300,000Paid-in Capital in Excess of Par-Preferred Stock150,000Paid-in Capital in Excess of Stated Value-Common Stock1,450,000Retained Earnings1,850,000Treasury Stock (10,500 common shares)52,500
During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb.1 Issued 24,000 shares of common stock for $118,000.
Apr.14 Sold 5,500 shares of treasury stock-common for $33,800.
Sept.3 Issued 4,900 shares of common stock for a patent valued at $35,100.
Nov.10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100.
Dec.31 Determined that net income for the year was $475,000.
Required -
1) Journalize the transactions and the closing entry for net income.
2) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
3) Create a stockholders' equity section at December 31, 2020.
|
Compute the future value of a cash flow
: Old Time Savings Bank pays 3% interest on its savings accounts. If you deposit $3,000 in the bank and leave it there: (Do not round intermediate calculations
|
|
What was Lisas overall percentage return in AUD
: Over the time of her investment, the EUR / AUD exchange rate rose by 25%. What was Lisa's overall percentage return in AUD
|
|
Calculating basic earnings per share for the year
: Admiral Nelson Company had 300,000 shares of common stock. What is the appropriate number of shares to be used in calculating basic earnings per share for year
|
|
On telling patients the truth
: brief article "On Telling Patients the Truth" (Newsweek, June 4, 1979). He offers a number of justifications for lying to patients in at least some situations.
|
|
Create a stockholders equity section at December
: Nov.10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Create a stockholders' equity section at December 31, 2020
|
|
Recommendation on organizational structure and performance
: Describe and assess the impact of the implementation of the recommendation on the organizational structure and performance relative to the forecasted demand
|
|
Statement concerning general view of procreative technology
: A statement concerning a general view of procreative technology in light of the moral objections often raised (see reading).
|
|
Moral criticisms of the market
: This assignment requires you to read "Moral Criticisms of the Market" by Ken S. Ewert (found in the Reading & Study folder). Note that in his article,
|
|
What are the total number of valid sales
: What are the total number of valid sales that comprise the $84,867,855 sales revenue shown on the trial balance as of 12/31/2017
|