Journalize entries to record the common and preferred stock

Assignment Help Financial Accounting
Reference no: EM131104775

Willow Creek Nursery

Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows:

Cash

3,780,000

 

Land

840,000

 

Buildings

2,380,000

 

Preferred 1% Stock, $80 par

 

2,800,000

Paid-In Capital in Excess of Par-Preferred Stock

 

420,000

Common Stock, $30 par

 

3,600,000

Paid-In Capital in Excess of Par-Common Stock

 

180,000

 

7,000,000

7,000,000

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.
Hide

Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance.

1. For a compound transaction, if an amount box does not require an entry, leave it blank.

2. For a compound transaction, if an amount box does not require an entry, leave it blank.

Reference no: EM131104775

Questions Cloud

What kind of good is texas groundwater : Groundwater refers to water found in “aquifers” below the ground. Many aquifers are large in size and often there will be many landowners with land above a single aquifer. In the state of Texas, landowners with wells to access groundwater are legally..
Find the aperture efficiency of this antenna : Find the aperture efficiency of this antenna.
Could you generate a synthetic swap using appropriate : Create a synthetic equivalent of this swap using two Forward Rate Agreements (FRA) contracts. Describe the parameters of the selected FRAs in detail.Could you generate a synthetic swap using appropriate interest rate option?
Doctor would not be guilty of criminal homicide : If the doctor disconnects the respirator and the patient's heart stops beating, the doctor would not be guilty of criminal homicide because of ?
Journalize entries to record the common and preferred stock : Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. For a compound transaction, if an amount box does not require an entry, leave it blank.
Statisticians to accept or reject statistical hypotheses : Hypothesis testing refers to the formal procedures used by statisticians to accept or reject statistical hypotheses. Give five steps in hypothesis testing.
Erfectly competitive firm making loss : Should a perfectly competitive firm making a loss in the short-run always leave the market? Why or why not? What about in the long-run? Should a perfectly competitive firm advertise in an effort to increase its sales and its profits? Why or why not? ..
Find the overall g/t for the micro strip array antenna : find the overall G/T for the micro strip array antenna and the LNB if the array has a total loss of 2.5 dB. Assume the antenna is at a physical temperature of 290 K.
Tuckman five stage model of group development : Explain Tuckman's five stage model of group development and explain why it is a useful albeit theoretical perspective on the stages that groups go through.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Findingnbsp the equivalent units for materials and

findingnbsp the equivalent units for materials and conversion.bell computers ltd. located in liverpool england

  Risk-averse investor

The risk-free rate is 4%.  The expected market rate of return is 11%.  If you expect stock X with a beta of .8 to offer a rate of return of 12 percent, then you should.

  Current value of feinstein breweries common stock

What is the current value of Feinstein's Breweries' common stock to an investor requiring a 13% rate of return?

  Multiple choice question based on cost accounting1 period

multiple choice question based on cost accounting.1. period costs for a manufacturing company would flow directly

  Investment in macro company under the equity method

Ramiro Company purchased 40% of outstanding stock of Marco Company on January 1 2012, macro reported net income of $80000 and declared dividends of $20000 during 2012. How much would Ramiro adjust their investment in Macro Company under the equity me..

  Questionarcher daniels midland company is considering

questionarcher daniels midland company is considering purchasing a new farm that it plans to operate for 10 years. the

  What is the current ratio after the declaration

A company has current assets of $607,500 and current liabilities of $262,700. The board of directors declares a cash dividend of $167,000. What is the current ratio after the declaration but before payment?

  How many sease tickets did the panthers sell

How many sease tickets did the Panthers sell and how many home games had the Panthers played by the end of October?

  Prepare journal entries to record the above transaction

a corporation had A shares of $B par value common stock outstanding when the board of directors declared a stock dividend of $C shares. At the time of the stock dividend, the market value per share was $D. prepare journal entries to record the abo..

  Spruce dairy company manufactures three products - skim

spruce dairy company manufactures three products - skim milk whole milk and cream - in two production departments

  Federal consolidated corporate income tax return

Which is potentially a disadvantage of electing to file a federal consolidated corporate income tax return?

  Outline a financial plan

Referring to the same business you either started or purchased in the first assignment, write a 6-8 page paper in which you: 1. Outline a financial plan for your small business.

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