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Accounting Problems That Help Is Needed On

Accounting Problems That Help Is Needed On - fiscal year...

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Accounting Problems That Help Is Needed On 11-8) Heritage Products Inc., a wholesaler of office products, was organized on February 19 of the current year, with an authorization of 60,000 shares of 3% preferred stock, $40 par and 300,000 shares of $75 par common stock. The following selected transactions were completed during the first year of operations: Feb. 19. Issued 20,000 shares of common stock at par for cash. 27. Issued 100 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Mar. 13. Issued 6,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $80,000, $350,000, and $45,000, respectively. May 6. Issued 5,000 shares of preferred stock at $46 for cash. Journalize the transactions 11-19) The stockholders’ equity T accounts of Family Greeting Cards Inc. for the current fiscal year ended December 31, 2008, are as follow. Prepare a statement of stockholders’ equity for the
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Unformatted text preview: fiscal year ended December 31, 2008. Common Stock Jan. 1 Balance 600,000 April 9 Issued 50,000 shares 150,000 Dec. 31 Balance 750,000 Paid-In Capital In Excess Of Par Jan. 1 Balance 350,000 April 9 Issued 50,000 shares 100,000 Dec. 31 Balance 450,000 Treasury Stock Aug. 7 Purchased 6,000 shares 24,000 Retained Earnings June 30 Dividend 40,000 Jan. 1 Balance 2,108,000 Dec. 30 Dividend 40,000 Dec. 31 Closing (net income) 325,000 Dec. 31 Balance 3,353,000 11-21) Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect Indigo Inc.s total assets, liabilities, and stockholders equity. Assets Liabilites S.E. 1) Declaring a cash dividend 2) Paying the cash dividend declared in 1) 3) Authorizing and issuing stock certificates In a stock split 4) Declaring a stock dividend 5) Issuing the stock certificates for the stock Dividend declared in 4)...
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