17

Issuing par stock

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On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.

• a.Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.
• b.Whatisthetotalamountinvested(totalpaid-incapital)byallstockholdersasofMay31?

E8-22

Cash dividends

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The dates of importance in connection with a cash dividend declared and paid of $55,350 on a corporation's common stock are February 6, March 9, and April 8. Illustrate the effects on the accounts and financial statements for each date.

Exercise 8-17 a. Statement of Cash Flows Statement of Cash Flows b. Show your work. Assets = Balance Sheet Liabilities + Income Statement Stockholders' Equity Assets = Balance Sheet Liabilities + Stockholders' Equity Income Statement Exercise 8-22 February 6 Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity Income Statement Statement of Cash Flows Balance Sheet Assets = Liabilities + Stockholders' Equity March 9 April 8 Income Statement