Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 26 Oct 2017 My Price 10.00

Smiley, Inc

The following are the transactions for Smiley, Inc.
1. The company is authorized to sell 1,000,000 shares of $10 par value common stock and 50,000 shares of $100 par value 6 percent preferred stock.
2. As of the end of the current year, the company has actually sold 550,000 shares of common stock at $12 per share
3. It has also sold 40,000 shares of preferred stock at $110 per share.
4. 40,000 shares have been repurchased at $60 per share and are currently being held in treasury to be used to meet the future requirements of a stock option plan that the company intends to implement.
a.

Prepare the general journal entries required to record all of the above transactions.(In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

 

  General Journal Debit Credit
1. (Click to select)Dividends payableNo journal entry requiredCashPreferred stockAdditional paid-in capital on common stockTreasury stockCommon stockCapital stock    
  (Click to select)Treasury stockDividends payableCashPreferred stockCommon stockAdditional paid-in capital on common stockNo journal entry requiredCapital stock    
       
2. (Click to select)CashAdditional paid-in capital on common stockDividends payableNo journal entry requiredTreasury stockOffice equipmentPreferred stockCommon stock    
  (Click to select)Common stockNo journal entry requiredPreferred stockOffice equipmentCashDividends payableTreasury stockAdditional paid-in capital on common stock    
  (Click to select)No journal entry requiredDividends payableCashOffice equipmentPreferred stockTreasury stockCommon stockAdditional paid-in capital on common stock    
       
3. (Click to select)Office equipmentCommon stockNo journal entry requiredPreferred stockTreasury stockCashAdditional paid-in capital on preferred stockDividends payable    
  (Click to select)CashNo journal entry requiredDividends payableOffice equipmentTreasury stockPreferred stockCommon stockAdditional paid-in capital on preferred stock    
  (Click to select)Preferred stockCommon stockNo journal entry requiredCashDividends payableAdditional paid-in capital on preferred stockTreasury stockOffice equipment    
       
4. (Click to select)Additional paid-in capital on preferred stockOffice equipmentPreferred stockTreasury stockNo journal entry requiredCommon stockCashDividends payable    
  (Click to select)Office equipmentTreasury stockNo journal entry requiredAdditional paid-in capital on preferred stockPreferred stockCashCommon stockDividends payable    
b.

Prepare the stockholders' equity section of Smiley's balance sheet to reflect the transactions you have recorded.(Input all amounts as positive values. Omit the "$" sign in your response.)

 

Stockholders' Equity  
(Click to select)CashRetained earningsPreferred stockTreasury stockCapital stock $
(Click to select)Common stockRetained earningsTreasury stockCashCapital stock $
Additional paid-in capital:  
(Click to select)Preferred stockCashTreasury stockRetained earningsCapital stock  
(Click to select)Retained earningsCashCapital stockTreasury stockCommon stock  
 
Total paid-in capital $
(Click to select)Add: dividendsLess: Treasury stockLess: dividendsAdd: Treasury stockCapital stock  
 
Total stockholders' equity $
 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Oct 2017 10:10 AM My Price 10.00

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