Military Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Military completed these share-issuance transactions:Jan23 Issued 2,500 common shares for cash of $14 per share.Feb2 Issued 200 $6.00 preferred shares for $22,000 cash.12 Received inventory valued at $19,000 and equipment with fair value of$47,000 for 3,200 common shares.RequiredPrepare the shareholders' equity section of Military Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required.Prepare the shareholders' equity section of Military Sporting Goods balance sheet.Shareholders' EquityShareholders' equity:Total shareholders' equity

Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…

Military Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Military completed these share-issuance transactions: 23 Issued 2,500 common shares for cash of $14 per share. Jan Feb 2 Issued 200 $6.00 preferred shares for $22,000 cash. 12 Received inventory valued at $19,000 and equipment with fair value of Required $47,000 for 3,200 common shares. Prepare the shareholders' equity section of Military Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required. Prepare the shareholders' equity section of Military Sporting Goods balance sheet. Shareholders' Equity Shareholders' equity: Total shareholders' equity

Military Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Military completed these share-issuance transactions: 23 Issued 2,500 common shares for cash of $14 per share. Jan Feb 2 Issued 200 $6.00 preferred shares for $22,000 cash. 12 Received inventory valued at $19,000 and equipment with fair value of Required $47,000 for 3,200 common shares. Prepare the shareholders' equity section of Military Sporting Goods balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $40,000. Journal entries are not required. Prepare the shareholders' equity section of Military Sporting Goods balance sheet. Shareholders' Equity Shareholders' equity: Total shareholders' equity

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.