Shelby corporation was organized in january 2010 by 10

Reference no: EM13598026

Shelby Corporation was organized in January 2010 by 10 stockholders to operate an air conditioning sales and service business. The charter issued by the state authorized the following capital stock:

Common stock, $1 par value, 200,000 shares.
Preferred stock, $8 par value, 6 percent, 50,000 shares.

During January and February 2010, the following stock transactions were completed:

a. Collected $40,000 cash from each of the 10 organizers and issued 2,000 shares of common stock to each of them.
b. Issued 15,000 shares of preferred stock at $25 per share; collected in cash.

Net income for 2010 was $40,000; cash dividends declared and paid at year-end were $10,000
What is the Additional paid-in capital, preferred stock?

Reference no: EM13598026

Questions Cloud

Keller company estimates that variable costs will be 60 of : keller company estimates that variable costs will be 60 of sales and fixed costs will total 1920000. the selling price

Review and discuss below what the general rules are under : you are the chief accounting officer of dream job corporation and have been asked for your expert opinion on the

Problem 21-22a preparing a master budget for a retail : problem 21-22a preparing a master budget for a retail company with no beginning account balances unici company is a

Compute the fica withholdings that should be made for each : employee earnings records for medenciy company reveal the following gross earnings for four employees through the pay

Shelby corporation was organized in january 2010 by 10 : shelby corporation was organized in january 2010 by 10 stockholders to operate an air conditioning sales and service

The 96 bonds were issued in 1998 at 975 to yield 10 : intermediate accounting 6th ed. by spiceland - ch.14 p14-18 bradley-links december 31 2011 balance sheet included the

Purchases land having a fair market value of 300000 by : on january 1 2011 mclean company makes the two following acquisitions.purchases land having a fair market value of

The company is considering using an activity-based costing : the company is considering using an activity-based costing system to compute unit product costs for external financial

Robinson inc had outstanding 5067000 of 11 bonds interest : robinson inc. had outstanding 5067000 of 11 bonds interest payable july 31 and january 31 due in 10 years. on july 1 it

User Account

All Pages