Course : Financial and Managerial Accounting,SHOW ME HOW YOU GOT THE ANSWER PLEASE!1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash

Record the issue of 7,000 shares of $10 par value common stock for $84,000 cash

2.A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.

Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth 40,000. This stock has a $1 per share stated value.

3. "Common stock$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding . . . . . . . . . . $600,000

Paid-In capital in excess of par value, common stock.....425,000

Retained earnings................................................................550,000

Total stockholders' equity.................................................$1,575,000

On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders of record. The stocks market value is $40 per share on February 5 before the stock dividend."The stocks market value is $33.40 per share on February 28. a.Prepare entries to record both the dividend declaration and its distribution."

Record the declaration of 20% stock dividend.

4. One stockholder owned 800 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholders shares immediately before and after the stock dividend of February 5.

Before After

Book value per share

Total book value of shares

5. Yorks outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: 2013.......$ 20,000, 2014.... 28,000, 2015....200,000, 2016....350,00 Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determinethe total dividends paid to each class for the four years combined. (Round your Dividend per Preferred Share answers to 2 decimal places.) Par Value per Dividend Rate, Dividend per Number of Preferred Preferred share, Preferred Share, Preferred Shares, Dividend Annual Preferred Dividend:

Total cash Paid to Paid to Dividends in Dividend Paid, Preferred, Common Arrears at year-end 2013 $20,000

2014 28,000

2015 200,000

2016 350,000

To common

shareholders $598,000

6. Common stock$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding . . . . . . $ 750,000

Paid-in capital in excess of par value, common stock . . . 50,000

Retained earnings....... 340,000 Total stockholders equity . . . . . 1,140,000 In year 2014, the following transactions affected its stockholders equity accounts. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockhold- ers of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. Aug. 27Sold 1,500 of its treasury shares at $20 cash per share. Sept. 9 Directorsdeclareda$2persharecashdividendpayableonOctober22totheSeptember23 stockholders of record

Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earnings

a. Prepare journal entries to record each of these transactions for 2014.

Record the purchase 3,000 shares of its own common stock for $25 cash per share.

Date General journal Debit Credit

Jan 02 b. Prepare a statement of retained earnings for the year ended December 31, 2014.

Statement of Retained Earnings

For Year Ended December 31, 2014

c.Prepare the stockholders equity section of the companys balance sheet as of December 31, 2014.

Stockholders' Equity Section of Balance Sheet

December 31, 2014

7.At September 30, the end of Beijing Companys third quarter, the following stockholders equity accounts are reported.

Common stock, $12 par value . . . . . $ 360,000 Paid-in capital in excess of par value, common stock . .120,000 Retained earnings.............................................................300,000 In the fourth quarter, the following entries related to its equity are recorded:

Date General Journal Debit Credit

Oct. 2 Retained Earnings . . . . 70,000 Common Dividend Payable...... . . . 70,000 Oct. 25 Common Dividend Payable . . 70,000

Cash................... 70,000 Oct. 31 Retained Earnings . . . 91,000 Common Stock Dividend Distributable . 44,000 Paid-In Capital in Excess of Par Value, Common stock... 47,000

Nov. 5 Common Stock Dividend Distributable..44,000

Common Stock, 12 Par Value 44,000

Dec. 1 Memo-Change the little of the common stock account to

reflect the new par value of $4.

Dec. 31 Income Summary 230,00

Retained Earnings 230,000

b. Complete the following table showing the equity account balances at each indicated date (include the balance from September 30). Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec31 Common stock

Common stock dividend

distributable

Paid-in capital in

excess of par, common stock

Retained earnings

Total equity

.