Newly formed S&J Iron Corporation has 148,000 shares of $6 par common stock authorized. On March...
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Newly formed S&J Iron Corporation has 148,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 per share. On May 2, the company issued an additional 15,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A Req B to E Record the transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require Balance Sheet S&J IRON CORPORATION Horizontal Statements Model + Income Statement Assets + Event Liabilities Cash + Common Stock Stockholders' Equity Paid In Capital in Excess March 1 May 2 + = + + Statement of Cash Revenue Expense Net Income Flows < Req A Req B to E > Newly formed S&J Iron Corporation has 148,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $12 per share. On May 2, the company issued an additional 15,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A Req B to E Record the transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require Balance Sheet S&J IRON CORPORATION Horizontal Statements Model + Income Statement Assets + Event Liabilities Cash + Common Stock Stockholders' Equity Paid In Capital in Excess March 1 May 2 + = + + Statement of Cash Revenue Expense Net Income Flows < Req A Req B to E >
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Related Book For
Survey Of Accounting
ISBN: 9781260575293
6th Edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds
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