Witt Corporation received its charter during January of this year. The charter authorized thefollowing stock:Preferred stock: 10 percent, $11 par value, 21,500 shares authorizedCommon stock: $9 par value, 50,300 shares authorizedDuring the year, the following transactions occurred in the order given:1. Issued 38,000 shares of the common stock for $13 per share.2. Sold 6,100 shares of the preferred stock for $17 per share.3. Sold 3,900 shares of the common stock for $16 per share and 2,900 shares of thepreferred stock for $27 per share.4. Net income for the year was $70,000.Required:Prepare the stockholders' equity section of the balance sheet at the end of the year.

DETAILED ANALYSISStockholders' Equity: 1. Preferred Stock Value:• Par Value: $11 per share• Number…

Answered: Witt Corporation received its charter…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 8PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

See similar textbooks

Similar questions

Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its seventh year, the corporation has the following transactions: Journalize these transactions.
Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,600 shares authorized Common stock: $11 par value, 51,000 shares authorized During the year, the following transactions occurred in the order given: a. Sold 39,400 shares of the common stock for $15 per share. b. Sold 5,700 shares of the preferred stock for $19 per share. c. Sold 3,500 shares of the common stock for $18 per share and 1,600 shares of the preferred stock for $29 per share. d. Net income for the year was $67,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Total contributed capital Retained earnings Total stockholders' equity S 0 0
Lucas Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $8 par value, 111,000 shares authorized Preferred stock, 14 percent, par value $10 per share, 4,500 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,500 shares of common stock at $20 cash per share. b. Sold and issued 2,400 shares of preferred stock at $24 cash per share. c. At the end of the year, the company reported net income of $41,500. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Total contributed capital Total stockholders' equity LUCAS COMPANY Balance Sheet (Partial) At December 31, This year $

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS