Intermediate Accounting Equity

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  • Topic: 1979, 1966, 2007
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Exercise 163
Jan 3)Cash2,500,000
Common stock1,000,000
Paid-in capital in excess1,500,000
of par value
(to record issuence of common stock)
Feb 10)Equiptment (30x6000)180,000
Common stock 60,000
Paid-in capital in excess120,000
of par value
(to record issuance of stock for equiptment)
Exercise 164
a. 3,000,000 shares are authorized
b. 2,200,000 shares were issued
c. (2,200,000 – 30,000) = 2,170,000 shares are outstanding d. $ 1 par value x 2,200,000 = 2,200,000
e. The balance of treasure stock account $ 25 x 30,000 = 750,000 Exercise 165
Jan 15) Cash (500,000x6)3,000,000
Common stock2,000,000
Paid-in capital in excess1,000,000
of par value
Jan 30) Organization expense 7,000
Common stock (500x5) 2,500
Paid in capital in excess 4,500
of par value

July 2) Land 800,000
Common stock 500,000
Paid in capital in excess 300,000
of par value

Sept 5) Treasure stock (15,000x9)135,000
Cash 135,000

Dec 6) Cash121,000
Treasure stock110,000
Paid-in capital from 11,000
treasure stock
Exercise 167
a. Cash 65,000
Paid in capital excess of par 40,000
Common stock ($5x5,000) 25,000

b. Cash 65,000
Paid in capital excess of stated value 40,000
Common stock ($5x5,000) 25,000

c. Attorney fees 65,000
Paid in capital excess of par value 40,000
Common stock 25,000

d. Land 65,000
Paid in capital in excess of par 40,000
Common stock 25,000

Exercise 169
a. 1,850,000 : $ 5= 370,000
b. 370,000 – 18=352,000
c. 1,850,000 + 165,000=2,015,000
d. 180,000 : 18,000= $10 per share
e. 2,015,000 : 370,000=$5,44 per share
f. 135000
Exercise 170
a. 300,000 shared issued – 5000 treasury stock=295,000 b. 1,500,000 : 300,000=$ 5 per share
c. 300,000 : 5000 shares=66 per share
d. 18,000 : 300,000=0,06 or 6%
e. 2,015,000 dividend in arrears are expected dividends that have not been decleared yet. Since dividend are not recorded until they are decleared. Exercise 172
May 1) Treasury stock (20,000x13)260,000
Cash 260,000
July 1) Cash (15,900x17)270,000
Treasury stock (15,900x13) 206,700
Paid in capital from treasury stock 63,600 Exercise 171
a.|  |  |  |  |
01-Mei| | | |  |
 | Treasury Stock| 600.000|  |
 | | Cash| | 600.000|
01-Jul| | | |  |
 | Cash| | 162.000|  |
 | | Treasury Stock| | 120.000|
 | | Paid in capital| | 42.000|
01-Sep| | | |  |
 | Cash| | 95.000|  |
 | Paid in capital| 5.000|  |
 | | Treasury Stock| | 100.000|
 | | | |  |
b.| Cash| | 50.000|  |
 | Paid in capital| 50.000|  |
 |  | Treasury Stock|  | 100.000|

Exercise 173
a. April 1) Treasury stock (10,000x18)180,000
Cash 180,000

Aug 1) Cash (4,000x22) 88,000
Treasury stock (4,000x18) 72,000
Paid in capital of treasury stock 8,000

Oct 1) Cash (4,000x15) 60,000
Paid in capital (4,000x3) 12,000
Treasury stock 72,000
b. Stockholder equity
Paid in capital stock common stock, $10 par1,500,000
Add: paid in capital in excess of par value
from treasury stock (200,000+(12,000-8,000) 204,000 Total paid-in capital1,704,000
Retained earnings (500,000 + 110,000) 610,000
Total paid-in capital retained earnings2,314,000
Less: treasury stock (4,000 shares) (72,000)
Total stockholder equity2,242,000

Excercise 175a. | | | |  |
01-Jul| | | |  |
 |...
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