Chapter 13

Chapter 13 - BUSI1002 OPQ Introduction to Accounting...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
BUSI1002 OPQ Introduction to Accounting 2009-10 Semester 2 Chapter 13: Accounting for corporations Tutorial assignment solution Exercise 13-2 (15 minutes) 1. Feb. 20 Cash. ...................................................................................... 182,700 Common Stock, No-Par Value. ....................................... 182,700 Issued common stock for cash. 2. Feb. 20 Cash. ...................................................................................... 182,700 Common Stock, $12 Par Value*. ..................................... 144,000 Paid-In Capital in Excess of Par Value, Common Stock**. ........................................................ 38,700 Issued common stock for cash. *12,000 shares x $12 per share = $144,000 **$182,700 - $144,000 = $38,700 3. Feb. 20 Cash. ...................................................................................... 182,700 Common Stock, $6 Stated Value*. .................................. 72,000 Paid-In Capital in Excess of Stated Value, Common Stock**. ........................................................ 110,700 Issued common stock for cash. *12,000 shares x $6 per share = $72,000 **$182,700 - $72,000 = $110,700 Exercise 13-12 (25 minutes) 1. Net income. .................................................................................................. $1,375,500 Less preferred dividends. ............................................................................. (192,500 ) Net income available to common stockholders. .......................................... $1,183,000 2. Net income available to common stockholders. .......................................... $1,183,000 Divided by weighted-average outstanding shares. ...................................... 350,000 Basic earnings per share. ............................................................................. $ 3.38 Problem 13-1A (30 minutes) Part 1 a. To record sale of 10,000 ($250,000/$25 per share) shares of $25 par value common stock for $32 ($320,000/10,000 shares) per share. b. To record issuance of 5,000 ($125,000/$25 per share) shares of $25 par value common stock to
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/22/2011 for the course BUSI 1002 taught by Professor Liu during the Fall '10 term at HKU.

Page1 / 4

Chapter 13 - BUSI1002 OPQ Introduction to Accounting...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online