acc 494832

Accounting 131 – Homework Handout – Corporations Name ________________________ Stockholder Equity Transactions Record the following transactions in general journal form. Feb. 1 Issued for cash 2,000 shares of Preferred Stock at $50 per share, par value. ? Date?Account Titles?Debit?Credit?? ? Feb. 1????? ? ????? Feb. 6 Issued for cash 50,000 shares of $10 par value Common Stock at $12 per share. ? Date?Account Titles?Debit?Credit?? ? Feb. 6????? ? ????? ? ????? Feb. 15 Issued 2,000 shares of $10 par value Common Stock in exchange for $28,000 cash. ? Date?Account Titles?Debit?Credit?? ? Feb. 15????? ? ????? ? ????? Stockholder’s Equity Section Using the following information; a. Determine the Retained Earnings balance at 12/31/2009. Dividends for the year were $30,000 and the corporation’s net income was $172,000 for the year. b. Determine the Total Stockholder’s Equity amount reported on the Balance Sheet, 12/31/2009, from the information provided below. Additional Paid-in capital $148,000 Preferred stock, 12%, $100 par value 800,000 Common Stock, $5 stated value 450,000 Retained earnings, 1/1/2009 481,800 Investments – short term 50,000 Organizational costs 1,500 Treasury Stock – common (600 shares) 3,600 Accounts receivable 125,000 Mortgages payable 75,000 Dividends payable 15,000 Dividends 30,000 a. _______________________________ b. ________________________________ ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????