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Category > Management Posted 23 Jan 2018 My Price 8.00

American Laser, Inc

Financial Reporting of Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends (Chapters 10 and 11) American Laser, Inc., reported the following stockholders’ equity account balances on January 1, 2010.

Notes Payable (due 2013)

$10,000

Bonds Payable

$ 0

Common Stock, 10,000 shares of $1 par

10,000

Retained Earnings

120,000

Additional Paid-in Capital

90,000

Treasury Stock

0

The company entered into the following transactions during 2010.

Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash.

Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash.

Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash.

Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash.

Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.

Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101.

Required:

1. Analyze the effects of each transaction on total assets, liabilities, and stockholders’ equity.

2. Prepare journal entries to record each transaction.

3. Prepare the noncurrent liabilities and stockholders’ equity sections of the balance sheet at

December 31, 2010. At the end of 2010, the accounts reflected net income of $20,000.

 
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Maurice Tutor
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Status NEW Posted 23 Jan 2018 10:01 PM My Price 8.00

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