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Problem 3 The Johnson Corporation is authorized to issue 3,000 shares of 8 percent, $50 par-value preferred stock and 10,000 shares of no-par-value

This question was answered on Mar 22, 2010. View the Answer
Problem 3

The Johnson Corporation is authorized to issue 3,000 shares of 8 percent, $50 par-value preferred stock and 10,000 shares of no-par-value common stock with a stated value of $20 per share. On December 31, 2010, 1,000 shares of preferred stock and 4,000 shares of common stock are issued and outstanding. The corporation's transactions affecting stockholders' equity during 2011 are given below.

Instructions: Record the transactions on page 8 of a general journal. You can Omit descriptions. You can use any General Journal template or the one attached.





Problem 4
The following information was taken from the accounting records of the Gemini Corporation on December 31, 2010. Using this information, prepare the Stockholders' Equity section of the corporation's balance sheet in proper order and format. You can use the attached template or one of your own making.

Preferred Stock: 10%, $100 par value; 5,000 shares authorized; 1,200 shares issued and outstanding; Paid-in Capital in Excess of Par Value—Preferred Stock, $4,000
Common Stock: $50 par value; 10,000 shares authorized; 4,500 shares issued and outstanding; Paid-in Capital in Excess of Par Value—Common Stock, $5,000
Retained Earnings: Total, $105,000; appropriated for warehouse construction, $40,000

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This question was asked on Mar 22, 2010 and answered on Mar 22, 2010.

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