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Category > Management Posted 20 Jan 2018 My Price 8.00

Paris Jewelry Company

P10-76A (Learning Objectives 2, 3, 4: Account for stock issuance, dividends, and treasury stock)

Paris Jewelry Company reported the following summarized balance sheet at December 31, 2012:

 

Assets

Current     assets............................................................................

 

$  33,700

Property and equipment, net  .....................................................

108,700

Total  assets...........................................................................

$142,400

Liabilities and Equity

 

Liabilities       .................................................................................

$  37,000

Stockholders’ equity:

 

$0.40 cumulative preferred stock, $20 par, 800 shares issued ...

16,000

Common stock, $8 par, 6,100 shares issued.........................

48,800

Paid-in capital in excess of par .............................................

17,600

Retained   earnings.................................................................

     23,000

Total  liabilities  and  equity....................................................

$142,400

 

During 2013, Paris completed these transactions that affected stockholders’ equity:

 

 

â–¶ Requirements

1.    Journalize Paris’ transactions. Explanations are not required.

2. Report Paris’ stockholders’ equity at December 31, 2013. Net income for 2013 was $27,000.

 

Answers

Maurice Tutor
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Status NEW Posted 20 Jan 2018 11:01 PM My Price 8.00

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