Reference no: EM131324393
Problem 1:
Pringle Corporation has been authorized to issue 23,300 shares of $100 par value, 8%, noncumulative preferred stock and 1,007,600 shares of no-par common stock.
The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity.
Preferred Stock |
$165,200 |
Paid-in Capital in Excess of Par Value-Preferred Stock |
21,230 |
Common Stock |
2,270,000 |
Paid-in Capital in Excess of Stated Value-Common Stock |
1,546,000 |
Treasury Stock- (5,470 common shares) |
49,230 |
Retained Earnings |
82,900 |
The preferred stock was issued for $186,430 cash. All common stock issued was for cash. In November 5,470 shares of common stock were purchased for the treasury at a per share cost of $9. No dividends were declared in 2014.
Prepare the journal entries for the following.
(1) Issuance of preferred stock for cash.
(2) Issuance of common stock for cash.
(3) Purchase of common treasury stock for cash.
Prepare the stockholders' equity section of the balance sheet at December 31, 2014.
Problem 2:
On January 1, 2014, Everett Corporation had these stockholders' equity accounts.
Common Stock ($10 par value, 72,800 shares issued and outstanding) |
$728,000 |
Paid-in Capital in Excess of Par Value |
517,300 |
Retained Earnings |
659,300 |
During the year, the following transactions occurred.
Jan. 15 |
Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. |
Feb. 15 |
Paid the dividend declared in January. |
Apr. 15 |
Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. |
15-May |
Issued the shares for the stock dividend. |
Dec. 1 |
Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. |
Dec. 31 |
Determined that net income for the year was $448,900. |
Journalize the transactions.
Why might two calls or puts alike in all respects
: Explain why a call option with zero exercise price is equivalent to the underlying stock, assuming no dividends on the stock during the life of the option?
|
Heterozygous for two autosomal genes
: Imagine two parents are both heterozygous for two autosomal genes. Assuming independent assortment, what proportion of their offspring are expected to have the same phenotype (for these two traits) as the parents?
|
Describe your overall reaction after attending the event
: Provide specific information and a description of at least two (2) pieces (e.g., art, exhibits, music, etc.). Provide a summary of the event and describe your overall reaction after attending the event
|
Get two people to engage in the gambles
: Why is this not an arbitrage opportunity and how could you make it one, assuming you could get two people to engage in these gambles?
|
Prepare the stockholders equity section
: Prepare the stockholders' equity section of the balance sheet at December 31, 2014 - Journalize the transactions.
|
Compare the average product of labor in agriculture
: Compare the average product of labor in agriculture (the first sector in the data set) in 1996 to that in 1986, 1976, and 1966.
|
What is compelling about this category
: Select ONE (1) category from the completed World View Chart. Provide a rationale for choosing this category. What is compelling about this category? Why is it important in the study of religion?Describe the selected content and explain the signif..
|
Mangoes contain more vitamin c than oranges
: You have formulated a hypothesis: "Mangoes contain more vitamin C than oranges." To test this hypothesis you measure vitamin C levels in 20 oranges and 20 mangoes from trees that were grown in the same orchard under the same environmental conditio..
|
Gene for ampicillin-resistance
: If you set up a transformation experiment in which you mixed competent E. Coli with a new plasmid that carried a gene for GFP, but not a gene for ampicillin-resistance, what colonies would you expect to grow on an LB plate with arabinose, and no a..
|