Final Exam Review
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FINAL EXAM REVIEW
BE15-4. Lump-Sum Sales
Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare journal entry.
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P15-2. Treasury Stock ProblemClemson Company had the following stockholders' equity as of January 1, 2012. Common stock, $5 par value, 20,000 shares issued | $100,000 | Paid-in capital in excess of par—common stock | 300,000 | Retained earnings | 320,000 | Total stockholders' equity | $720,000 | | | Feb. 1 | Clemson repurchased 2,000 shares of treasury stock at a price of $19 per share. | Mar. 1 | 800 shares of treasury stock repurchased above were reissued at $17 per share. | Mar. 18 | 500 shares of treasury stock repurchased above were reissued at $14 per share. | Apr. 22 | 600 shares of treasury stock repurchased above were reissued at $20 per share. | | | | Stock Dividend Problem (Page 17 in Moodle Ch. 15 Notes) | | | | CS, $5 par, 40,000 shares issued and outstanding | $ 200,000 | Paid-in capital in excess of par | 835,000 | Retained earnings | 2,160,000 |
Shares of the company’s stock are selling at this time at $22. 1. A 10% stock dividend is declared and issued. 2. A 50% stock dividend is declared and issued. 3. A 2-for-1 stock split is declared and issued.
E3.9. Adjusting Entries Supplies | Accounts Receivable | Beg. Bal. | 800 | 10/31 | 470 | 10/17 | 2,100 | | | | | | | 10/31 | 1,650 | | | | Salaries and Wages Expense | Salaries and Wages Payable | 10/15 | 800 | | | | | 10/31 | 600 | 10/31 | 600 | | | | | | | | Unearned Service Revenue | Supplies Expense | 10/31 | 400 | 10/20 | 650 | 10/31 | 470 | | | | Service Revenue | | | 10/17 |
FINAL EXAM REVIEW
BE15-4. Lump-Sum Sales
Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare journal entry.
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P15-2. Treasury Stock ProblemClemson Company had the following stockholders' equity as of January 1, 2012. Common stock, $5 par value, 20,000 shares issued | $100,000 | Paid-in capital in excess of par—common stock | 300,000 | Retained earnings | 320,000 | Total stockholders' equity | $720,000 | | | Feb. 1 | Clemson repurchased 2,000 shares of treasury stock at a price of $19 per share. | Mar. 1 | 800 shares of treasury stock repurchased above were reissued at $17 per share. | Mar. 18 | 500 shares of treasury stock repurchased above were reissued at $14 per share. | Apr. 22 | 600 shares of treasury stock repurchased above were reissued at $20 per share. | | | | Stock Dividend Problem (Page 17 in Moodle Ch. 15 Notes) | | | | CS, $5 par, 40,000 shares issued and outstanding | $ 200,000 | Paid-in capital in excess of par | 835,000 | Retained earnings | 2,160,000 |
Shares of the company’s stock are selling at this time at $22. 1. A 10% stock dividend is declared and issued. 2. A 50% stock dividend is declared and issued. 3. A 2-for-1 stock split is declared and issued.
E3.9. Adjusting Entries Supplies | Accounts Receivable | Beg. Bal. | 800 | 10/31 | 470 | 10/17 | 2,100 | | | | | | | 10/31 | 1,650 | | | | Salaries and Wages Expense | Salaries and Wages Payable | 10/15 | 800 | | | | | 10/31 | 600 | 10/31 | 600 | | | | | | | | Unearned Service Revenue | Supplies Expense | 10/31 | 400 | 10/20 | 650 | 10/31 | 470 | | | | Service Revenue | | | 10/17 |