Davis corporation was authorized to issue 100000 shares of

Reference no: EM13454354

Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 6 percent, cumulative preferred stock. Davis Corporation completed the following transactions during its first two years of operation.

2012

Jan. 2 Issued 5,000 shares of $10 par common stock for $28 per share.

15 Issued 1,000 shares of $50 par preferred stock for $70 per share.

Feb. 14 Issued 15,000 shares of $10 par common stock for $30 per

Dec. 31 During the year, earned $170,000 of cash service revenue and paid $110,000 of cash operating expenses.

31 Declared the cash dividend on outstanding shares of preferred stock for 2012. The dividend will be paid on January 31 to stockholders of record on January 15, 2013.

2013

Jan 31 Paid the cash dividend declared on December 31, 2012.

Mar 1 Issued 2,000 shares of $50 par preferred stock for $58 per share.

Jun 1 Purchased 500 shares of common stock as treasury stock at $43 per share.

Dec 31 During the year, earned $210,000 of cash service revenue and paid $175,000 of cash operating expenses

31 Declared the dividend on the preferred stock and a $0.60 per share dividend on the common stock.

Required

a. Organize the transaction data in accounts under an accounting equation.
b. Prepare the stockholders' equity section of the balance sheet at December 31, 2012.
c. Prepare the balance sheet at December 31, 2013.

Reference no: EM13454354

Questions Cloud

Organize transaction data in accounts under accounting : the following transactions apply to artesia co. for 2012 its first year of operations.1.received 40000 cash from the

Temperatures have been running above normal for about 1 : the situation you are a solid waste supervisor for your local municipality and it is 300 p.m. on a friday afternoon

Identify the method or combination of processes which would : one of your goals is to protect the health of swimmers at a local recreational pool. discuss two methods that have

Calculate the amount of after-tax cash flow available to : shawn bates was working to establish a business enterprise with four of his wealthy friends. each of the five

Davis corporation was authorized to issue 100000 shares of : davis corporation was authorized to issue 100000 shares of 10 par common stock and 50000 shares of 50 par 6 percent

Find out the inventory value using both temporal and : determine the inventory value using both the temporal and current methods. show how this will be reflected on royal

Summarize the health hazards related with lead and mold in : you are an environmental health inspector asked to investigate problems at a local low-income and poorly maintained

Sppose price of labor is 6 per unit and price of : you are assigned the task of computing the variable capital and labor costs for cost cutters production level. below is

An industrial wastewater hastemperature25cph28total : an industrial wastewater hastemperature25cph2.8total soluble ammonia2000mgl as ntotal soluble nickel490mgl as ni. what

User Account

All Pages