223_Hwk_11_Solutions - HA 223 Fall 2006 Homework 11 Solution M112 Unissued shares = 43,000(200,000 157,000 M117 April 15 Retained Earnings-SE

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HA 223 – Fall 2006 – Homework 11 – Solution M11–2. Unissued shares = 43,000 (200,000 – 157,000) M11–7. April 15: Retained Earnings (-SE). ....................................................... 100,000 Dividends Payable (+L). ..................................................... 100,000 June 14: Dividends Payable (-L). .......................................................... 100,000 Cash (-A). ........................................................................... 100,000 E11–5. Req. 1 a. Cash (6,000 shares x $20) (+A). ............................................ 120,000 Common stock (6,000 shares x $8) (+SE). ........................ 48,000 Contributed capital in excess of par, common stock (+SE) 72,000 Sold common stock at a premium. b. Cash (2,000 shares x $23) (+A). ............................................ 46,000 Common stock (2,000 shares x $8) (+SE). ........................ 16,000 Contributed capital in excess of par, common stock (+SE) 30,000 Sold common stock at a premium. Req. 2 Stockholders’ Equity Contributed capital: Common stock, par $8, authorized 12,000 shares, outstanding 8,000 shares. ..................................................................... $ 64,000 Contributed capital in excess of par. ........................................................ 102,000 Total contributed capital. .......................................................................... 166,000 Retained earnings (deficit). .......................................................................... (7,000) Stockholders’ equity. .................................................................................... $159,000 Req. 3 The company has a negative balance in retained earnings, which, in most cases, would
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This homework help was uploaded on 02/19/2009 for the course HA 230 taught by Professor Davidlee during the Fall '06 term at Cornell University (Engineering School).

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223_Hwk_11_Solutions - HA 223 Fall 2006 Homework 11 Solution M112 Unissued shares = 43,000(200,000 157,000 M117 April 15 Retained Earnings-SE

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