View the step-by-step solution to:

Question

Part A)

The following are selected accounts for the Alpha Dog Company after all Fiscal Year December

31, 2016, adjusting entries & closing entries have been posted. All balances are normal.

Account Amount

Common Stock, $5 par

$150,000

Treasury Stock, at cost $10 per share

20,000

Dividends Payable

5,000

Paid in Capital in excess of par, Common Stock

30,000

Paid in Capital in excess of par, Preferred Stock

3,500

Retained Earnings

140,000

Bonds Payable

75,000

Preferred Stock, $100 par, 5% cumulative

35,000

On December 31, 2016, Common Stock was authorized 50,000 shares and Preferred Stock was authorized 5,000 shares. Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations. 

Date Accounts Debit Credit

Part B)

On January 2, 2016, Alpha Corporation procured new equipment with an issue of 5,000 shares of $4.00 par value common stock. The equipment had an MSRP of $65,000. Alpha's stock was trading on the open market for $9.75 per share on January 2nd. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry.

Date Accounts Debit Credit

Top Answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question