Questions from Financial Accounting

Q: Using the following accounts and balances, prepare the “Stockholders’ Equity

Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. Regarding the common stock, 500,000 shares are authorized, and 40,000 shares have been reacq...

Q: Zero Calories Company has 20,000 shares of cumulative preferred 1

Zero Calories Company has 20,000 shares of cumulative preferred 1% stock, $50 par and 200,000 shares of $10 par common stock. The following amounts were distributed as dividends: 20Y1…………….$ 30,000 20...

Q: On January 22, Zentric Corporation issued for cash 180,000

On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $12. On February 14, Zentric issued at par value 50,000 shares of preferred 2% stock, $50 par for cash. On A...

Q: On January 22, Jefferson County Rocks Inc., a marble contractor

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 230,000 shares of $20 par common stock at $25, and on February 27, it issued for cash 12,000 shares of preferred stock,...

Q: On May 15, Helena Carpet Inc., a carpet wholesaler,

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common stock (with a stated value of $2.25) at $5, and on June 30, it issued for cash 22,000 shares of pref...

Q: Alpha Sounds Corp., an electric guitar retailer, was organized by

Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The follow...

Q: The declaration, record, and payment dates in connection with a

The declaration, record, and payment dates in connection with a cash dividend of $1,525,000 on a corporation’s common stock are July 9, August 31, and October 1. Journalize the entries required on eac...

Q: The following selected transactions were completed during October of the current year

The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $88,500. 2. Purchased supplies on account, $3,000. 3. Received cash from cus...

Q: Willey’s Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout

Willey’s Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Willey’s Grill & Restaurant, which had 345,000 shares of common stock outstanding, declared...

Q: Mystic Lake Inc. bottles and distributes spring water. On July

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,00...