I need help finding the remaining amounts for debit and credit. Everything I put is wrong. Please show how to get answer so I can understand! Thank you!
Homework Answers
Ans:
The Journal Entry after Conversion:
| Date | Accounting Entry and Explanation | Debit | Credit |
| Preferred Stock(Par Value of $50) | $15000 | ||
| Additional Paid In capital | $18000 | ||
| Common Stock | $14400 | ||
| Additional Paid In Capital from Stock Conversion | $18600 |
Note:
Preferred Stock 300 shares *$50=$15000
Additional Paid In capital=300*60=$18000
Common Stock Conversion=300 shares * 6=1800*8=14400
Additional Paid In capital from stock conversion=15000+18000-14400=18600
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I need help finding the remaining amounts for debit and credit.
Everything I put is wrong....
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explanations as to how the wrong answers in particular should be
figured out, I'd greatly appreciate it.
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I'd need help in solving the following. I believe I have the correct answer but would...
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correct answer but would like to contrast it with an expert
tutor:
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please help!!
i forgot to add this too
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I cannot figure out where I'm going wrong and of course, if the
journal is wrong, the T-accounts are wrong. If you could provide
explanations as to how the wrong answers in particular should be
figured out, I'd greatly appreciate it.
Stockholders’ Equity: Transactions and Balance Sheet
Presentation
The stockholders’ equity of Summit Corporation at January 1
follows:
7 Percent preferred stock, $100 par value, 20,000 shares
authorized;
5,000 shares issued and outstanding
$500,000
Common stock, $15 par value, 100,000...
I'd need help in solving the following. I believe I have the
correct answer but would like to contrast it with an expert
tutor:
Based on information provided in PepsiCo’s Consolidated
Statement of Equity (Exhibit 5), its preferred stock account was
affected by three separate events during 2018, including the
redemption, conversion, and retirement. Please complete the
following journal entries made by PepsiCo to record these events.
Complete the following:
using the following data:
(i) Repurchased Preferred Stock (a) Cash...
Where am I going wrong? I can't seem to find the stock value of
anything.
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please help!!
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