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Category > Management Posted 11 Feb 2018 My Price 9.00

Vanowski Corporation

Comprehensive  Stockholders’ Equity transactions

P3. In January 2014, Vanowski Corporation was organized and authorized to issue 2,000,000 shares of no-par common stock and 50,000 shares of 5 percent, $50 par value, noncumulative preferred stock. The stock-related transactions for the first year’s operations follow.

 

Account

Debited                              Credited

 

 

 

Jan.     19      Sold 15,000 shares of com-

mon stock for $31,500. State law requires a minimum of $1

 

Account Number

 

Dollar Amount

 

Account Number

 

 

310

 

Dollar Amount

 

 

$15,000

 

stated value per share.                                  110             $31,500

                                 

21      Issued 5,000 shares of com- mon stock to attorneys and accountants for services valued at $11,000 and provided dur- ing the organization of the corporation.

Feb.    7        Issued 30,000 shares of com-

mon stock for a building that had an appraised value of

$78,000.

Mar.    22     Purchased 10,000 shares of its

common stock at $3 per share.                  July   15            Issued 5,000 shares of com-

mon stock to employees under a stock option plan that allows any employee to buy shares at the current market price, which is now $3 per share.

Aug.   1        Sold 2,500 shares of treasury

stock for $4 per share.                                 Sept.   1           Declared a cash dividend of

$0.15 per common share to be paid on September 25 to stockholders of record on September 15.

 

312

 

$16,500

 

 

       
   
 
   
 
   
 
   
 
   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Sept. 15 Date of record for cash dividends. 25 Paid cash dividends to stockholders of record on September 15. Oct. 30 Issued 4,000 shares of com- mon stock for a piece of land. The stock was selling for $3 per share, and the land had a fair market value of $12,000. Dec. 15 Issued 2,200 shares of pre- ferred stock for $50 per share.                                                                                                                 

rEQUIrED

1.    For each of these transactions, indicate the account numbers and dollar amounts (as shown in the example) for the account(s) debited and credited, using the account numbers that follow.

110  Cash                                                   312 Additional Paid-in Capital

120    Land                                                    313 Paid-in Capital, Treasury Stock

121    Building                                              340 Retained Earnings

220 Dividends Payable                          341 Dividends

305  Preferred Stock                                350  Treasury Stock, Common

310  Common Stock                               510 Start-up and Organization Costs

2.    BuSineSS appliCation ▶ Why is the stockholders’ equity section of the balance sheet an important consideration in analyzing the performance of a company?

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Feb 2018 09:02 PM My Price 9.00

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