Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 8.00

Kissell Corporation

Common stock transactions and stockholders’ equity

P1. On March 1, 2014, Kissell Corporation began operations with a charter from the state that authorized 100,000 shares of $4 par value common stock. Over the next quar- ter, the company engaged in the transactions that follow.

Mar.     1     Issued 30,000 shares of common stock,  $200,000.

2      Paid fees associated with obtaining the charter and starting up and organiz- ing the corporation,  $24,000.

Apr.    10     Issued 13,000 shares of common stock, $130,000.

15      Purchased 5,000 shares of common stock, $50,000

May  31      The board of directors declared a $0.20 per share cash dividend to be paid on June 15 to shareholders of record on June 10.

 

reQUIreD

1.    Record the above transactions using T accounts.

2.    Prepare the stockholders’ equity section of Kissell’s balance sheet on May 31, 2014. Net income earned during the first quarter was $30,000.

3.    aCCounting ConneCtion ▶ What effect, if any, will the cash dividend declaration on May 31 have on Kissell’s net income, retained earnings, and cash flows?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 8.00

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