Homework Answers
| 1) Accounting Equation: | |||||||||||
| Cash | PPE | Acc Dep | = | Liabi. | Pref. stock | Addi capi-PS | Com Stock | Addi capi-CS | Retain Earn | Treasury Stock | |
| 11-Jan | 318400 | = | 199000 | 119400 | |||||||
| 1-Feb | 470500 | = | 410000 | 60500 | |||||||
| 29-Jul | -32400 | = | -32400 | ||||||||
| 10-Aug | 27000 | = | -5400 | 32400 | |||||||
| 31-Dec | = | 37655 | -37655 | ||||||||
| 31-Dec | 200000 | -20000 | = | 180000 | |||||||
| Balance | 513000 | 470500 | -20000 | = | 37655 | 410000 | 60500 | 199000 | 119400 | 136945 | 0 |
| 2) Total paid in capital on Dec 31 = 318400+470500 = 788900 | |
| 3) Total earned capital on Dec 31 = 136945+37655 = 174600 | |
| 4) Total SH Eq. on Dec 31 = 925845 | |
| 5) Shareholders' Equity as on Dec 31: | |
| Amount $ | |
| Common stock, Authorised 48600 shares @ $10 | |
| Issued and Outstanding 19900 shares | 199000 |
| Preferred stock, Authorised 5100 shares @ $100 | |
| Issued and Outstanding 4100 shares | 410000 |
| Additional paid in Capital-CS | 119400 |
| Additional paid in Capital -PS | 60500 |
| Capital contributed | 788900 |
| Retained Earning | 136945 |
| Total Shareholders' Equity | 925845 |
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Wildhorse Company has two classes of capital stock outstanding:
8%, $20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 159,600 shares
$ 3,192,000
Common Stock, 1,970,000 shares
9,850,000
Paid-in Capital in Excess of Par—Preferred Stock
193,000
Paid-in Capital in Excess of Par—Common Stock
27,534,000
Retained Earnings
4,424,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,100 shares of preferred stock issued at $22 per share.
Feb....
Sarasota Company has two classes of capital stock outstanding:
8%, $20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
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Feb....
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