Reference no: EM13527283
The stockholders' equity accounts of Port Corporation on January 1, 2011, were as follows.
|
Preferred Stock (8%, $50 par cumulative, 10,000 shares authorized)
|
$ 400,000
|
|
Common Stock ($1 stated value, 2,000,000 shares authorized)
|
1,000,000
|
|
Paid-in Capital in Excess of Par Value-Preferred Stock
|
100,000
|
|
Paid-in Capital in Excess of Stated Value-Common Stock
|
1,450,000
|
|
Retained Earnings
|
1,816,000
|
|
Treasury Stock-Common (10,000 shares)
|
40,000
|
During 2011, the corporation had the following transactions and events pertaining to its stockholders'
equity. Feb. 1 Issued 25,000 shares of common stock for $100,000.
Apr. 14 Sold 6,000 shares of treasury stock-common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $30,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year.
Instructions
(a) Journalize the transactions and the closing entry for net income.
(b) Enter the beginning balances in the accounts, and post the journal entries to the stock holders' equity accounts. (Use J5 for the posting reference.)
(c) Prepare a stockholders' equity section at December 31, 2011, including the disclosure of the preferred dividends in arrears.
|
Compute the book value per share
: The balance sheet for Jimenez Inc. shows the following: total paid-in capital and retained earnings $870,000, total stockholders' equity $810,000, common stock issued 44,000 shares, and common stock outstanding 40,000 shares. Compute the book valu..
|
|
Prepare a retained earnings statement for the year
: Prepare a retained earnings statement for the year and prepare a stockholders' equity section at December 31.
|
|
What total retarding force must be supplied by the parachute
: The parachute on a race car of weight 8130 N opens at the end of a quarter mile run when the car is traveling at 30.7 m/s. What total retarding force must be supplied by the parachute
|
|
Calculate the tension in the cable
: A rescue helicopter lifts a 91.2-kg person straight up by means of a cable. What is the tension in the cable
|
|
Journalize transactions and closing entry for net income
: Prepare a stockholders equity section at December 31, 2011, including the disclosure of the preferred dividends in arrears - Journalize the transactions and the closing entry for net income.
|
|
How much time elapses before her velocity is reduced
: An ice skater is gliding horizontally across the ice with an initial velocity of +6.46 m/s. How much time elapses before her velocity is reduced to +2.69 m/s
|
|
Prepare stockholders equity section of bradstroms sheet
: Prepare a retained earnings statement for the year ended December 31, 2011 and prepare the stockholders equity section of Bradstrom's balance sheet at December 31, 2011.
|
|
Define the minimum amount of ethanol needs to be in burner
: When an alcohol burner is used for heating, the reaction shown below occurs. If this burner is used to heat 355 mL of water from 25.0ºC to just boiling, what is the minimum amount (in grams) of ethanol (C2H5OH) that needs to be in the burner
|
|
Find what is the minimum coefficient of friction needed
: In a classic carnival ride, patrons stand against the wall in a cylindrically shaped room. What is the minimum coefficient of friction needed between the wall and the person
|