AutoSave P. Workshop 5 Problems Students (version 1) - Auto Recovered D Search File Home Insert Draw Page Layout Formulas Cordelia Jackson a 57 Data Review View Help X Calibri 11: - A A Share Comments 25 Wrap Text General Daste X > BIU-EB- A AY Merge & Center - $ - % -3 Insert Delete Format Clipboard Conditional Format as Formatting Table Styles Styles Font Sort Find a Filter Select- Ideas Alignment Number Cells A12 Editing Ideas f Kristof B s AAB D G K L M N O 1 5.5 Accounting Equation & Stock Issue Points: 15 items @ 2 points = 30 points 2 3 4 Directions: Complete the accounting equation and problems below based off the information and transactions provided 5 6 Background Information: 7 Kristof was is newly formed, has 60,000 shares of $15 par common stock authorized 8 March 1, 2018 Kristoff issued 7,000 shares of stock for $18 per share 9 May 2, 2018 an additional 12,000 shares at $20 per share were issued 10 11 A) Complete the accounting equation 12 Kristof 13 Accounting Equation 14 Balance Sheet Income Statement 15 Event Assets Liabilities Stockholders Equity 16 Cash + Common Stoc+ PIC in Excess Revenue Expense Net Income 17 1-Mar 18 2 May $ 180,000 19 Total $ $ $ 285,000 $ 20 21 a) Determine the amount Kristoff would report for common stock on December 31,2018. WOLLE 1 Problem 5.1 Problem 5.2 Problem 5.3 Problem 5,4 Problem 5.5 Problem 5.6 + $ 105,000 Ready E + 100% 4:46 PM Type here to search o x 5/18/2020 AutoSave Workshop 5 Problems Students (version 1) - AutoRecovered o Scarch Cordelia Jackson C File Home Insert Draw Page Layout Formulas Data Review View Help la- Calibri 12 A A Wrap Text General F Ay Paste BIU a-A- += O Meige & Center $ % 8 Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find Filter Sele Clipboard Font Alignment Number Cells Editing A12 fx Kristof A B . D K L M N 0 0 R S 12 13 14 F F G HI Kristof Accounting Equation Balance Sheet Liabilities Stockholders Equity + Common Stoc+ PIC in Excess $ 105,000 Income Statement Assets Cash Revenue Expense Net Income $ 180,000 $ 285,000 $ 15 Event 16 17 1-Mar 18 2-May 19 Total 20 21 22 23 24 25 26 a) 27 b) 28 c) 29 d) 30 31 a) Determine the amount Kristoff would report for common stock on December 31,2018. b) Determine the amount Kristoff would report for paid in capital in excess of par. c) What is the total amount of capital distributed by the owners? d) What amount of total assets would Kristoff report on the December 21, 2018 balance sheet? Common Stock Paid in Capital in excess of par Total Paid-in Capital Total Assets 32 Problem 5.4 Problem 5.5 Problem 5.6 Problem 5.1 Problem 5.3 Problem 5.2 Ready O Type here to search