ButovaS-Exam1

ButovaS-Exam1 - Name Svetlana Butova Exam 1 Spring 2009...

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797 Name Svetlana Butova Proble Exam 1 14 points Spring 2009 2/16/2009 Read all the directions in the exam module before starting. You must show all calculations, formulas etc. or NO CREDIT GIVEN Place Answer show work here here 1 (a) 2 The number of shares of common stock issued was 3 1,600,000 /$10 = 160.000 160,000 4 5 6 (b) The total annual preferred stock dividend is $240,000 7 3,000,000 x 8% = 240,000 8 9 10 11 (c ) 3,000,000 12 The total legal capital is 13 14 15 16 (d) The total Paid-In-Capital is $5,000,000 17 3,000,000 + 1,600,000 +400,00= 5,000,000 18 (e) The number of shares of common stock outstanding was 155,000 160,000-5,000= 155,000 (f) The average sales price of the common stock per share when issued was $35.81 (5,000,000 +700,000-50,000)/155,000 (g) The cost per share of the treasury stock was $ 30,00 150.00/5.000=30 19 20
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Name Svetlana Butova Problem 2 20 points 2/16/2009 Date Account Titles and Explanation Debit Credit 1 Jan. 1 Cash 1,000,000 2 Common Stock 400,000 3 Paid-in Capital in Excess of par Value-CS 600,000 4 ( to record issuance 200,000 shares) 5 Jan. 15 Cash 648,000 6 Preferred stock 600,000 7 Paid-in Capital in Excess of par Value-PS 48,000 8 ( to record issuance 6,000 shares) 9 Mar. 2 Organization Expence 42,000 10 Common Stock 28,000 11 Paid-in Capital in Excess of par Value-CS 14,000 12 ( to record issuance 7,000 shares to attorneys) 13 Jun. 30 Income taxes expense 35,000 14 Income taxes Payable 35,000 15 16 17 2-Jul Land 400,000 18 Common Stock 100,000 19 Paid-in Capital in Excess of par Value-CS 300,000 20 ( to record issuance 50,000 shares) 21 5-Sep Treasury stock 108,000 22 Cash 108,000 23 ( to record purchased 9,000 shares) 24 25 Dec.6 Cash 52,000 26 reasury Stock…………………………………… 48,000 27 Paid-in Capital from Treasury 4,000 28 ( to record sale 4,000 shares) 29 30 Dec. 10 Cash 75,000
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ButovaS-Exam1 - Name Svetlana Butova Exam 1 Spring 2009...

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