The balance sheet of world foods at december 31 2011

Assignment Help Accounting Basics

Reference no: EM13613701

The balance sheet of World Foods, at December 31, 2011, reported 100,000 shares of no-par common stock authorized, with 15,000 shares issued and a Common stock balance of $170,000. Retained earnings had a balance of $125,000. During 2012, the company completed the following selected transactions: 1) March 15-Purchased 13,000 shares of treasury stock at $5 per share. 2) April 30- Distributed a 30% stock dividend on the outstanding shares of common stock. The market value of common stock was $7 per share. 3) December 31-Earned net income of $109,000 during the year. Closed net income to Retained earnings.

REQUIREMENTS:

(1) Record the transactions in the general journal. (2) Prepare the stockholder's equity section of World Foods balance sheet at December 31, 2012.

Reference no: EM13613701

Questions Cloud

Sandy is considering moving from her apartment into a small : sandy is considering moving from her apartment into a small house with a fenced yard. the apartment is noisy and she

For a recent operating period the bayside division of : for a recent operating period the bayside division of fairhaven corporation had sales of 400000 net operating income of

Creative sound systems sold investments land and its own : creative sound systems sold investments land and its own common stock for 30 million 15 million and 40 million

You have been asked to help a local company evaluate a : you have been asked to help a local company evaluate a major capital expenditure. the company is a new internet company

The balance sheet of world foods at december 31 2011 : the balance sheet of world foods at december 31 2011 reported 100000 shares of no-par common stock authorized with

Audra acquires the following new five-year class property : audra acquires the following new five-year class property in 2011 asset acquisition date cost a january 10 106000 b

Preble company manufactures one product its variable : preble company manufactures one product. its variable manufacturing overhead is applied to production based on direct

The variable selling and administrative expense per unit : morganton company makes one product and it provided the following information to help prepare the master budget for its

Determine the present value of 300 to be paid monthly for : a. determine the present value of 15000 to be paid annually for 10 years discounted at an annual rate of 6 percent.

User Account

All Pages