unit_07_key - Solutions to Suggested Exercises Problems in...

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E11–8. Stockholders’ Equity Contributed capital: Preferred stock, 6%, par $10, authorized 50,000 shares, issued and outstanding, 15,000 shares. ............................................... $150,000 Common stock, par $1, authorized 200,000 shares, issued and outstanding, 20,000 shares. ............................................... 20,000 Contributed capital in excess of par, preferred stock. .............................. 225,000 Contributed capital in excess of par, common stock. ............................... 380,000 Total contributed capital. ................................................................... $775,000 Retained earnings*. ......................................................................................... 30,000 Total stockholders’ equity. ........................................................................ $805,000 *($40,000 – $10,000 = $30,000.) E11–10. Req. 1 a. Cash (16,000 shares x $15) (+A). .......................................... 240,000 Common stock, no-par (+SE). ............................................ 240,000 Issued 16,000 shares of common stock to organizers. b. Cash (6,000 shares x $40) (+A). ............................................ 240,000 Common stock, no-par (+SE). ........................................... 240,000 Sold 6,000 shares of common stock at $40 per share. c. Cash (8,000 shares x $20) (+A). ............................................ 160,000 Preferred stock (8,000 shares x $10) (+SE). ...................... 80,000 Contributed capital in excess of par, preferred (+SE). ....... 80,000
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This note was uploaded on 09/27/2010 for the course ACTG 100 taught by Professor Ortiz during the Fall '09 term at Skyline College.

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unit_07_key - Solutions to Suggested Exercises Problems in...

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