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EXERCISE 11-8A Exercise 8A A. begin{tabular}{|l|l|l|l|l|l|l|l|l|} hline Event & Cash & Liab. & Com Stk & StEquity & Rev & Exp & Net Inc &
EXERCISE 11-8A
Exercise 8A A. \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline Event & Cash & Liab. & Com Stk & StEquity & Rev & Exp & Net Inc & CashFlow \\ \hline 3/1 & & & & & & & & \\ \hline 5/2 & & & & & & & & \\ \hline \end{tabular} B. C. D. \begin{tabular}{|l|l|} \hline Total Paid in Capital: & \\ \hline Common Stock & \\ \hline Paid in Cap in Excess & \\ \hline Total & \\ \hline \end{tabular} E. Exercise 8A A. \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline Event & Cash & Liab & Com Stk & StEquity & Rev & Exp & Net line & CashFlow \\ \hline 3/1 & & & & & & & & \\ \hline 5/2 & & & & & & & & \\ \hline \end{tabular} B. C. D. \begin{tabular}{|l|l|} \hline Total Paid in Capital: & \\ \hline Common Stock & \\ \hline Paid in Cap in Excess & \\ \hline Total & \\ \hline \end{tabular} E. Exercise 8A A. \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline Event & Cash & Liab & Com Stk & StEquity & Rev & Exp & Net Ine & CashFlow \\ \hline 3/1 & & & & & & & & \\ \hline 5/2 & & & & & & & & \\ \hline \end{tabular} B. C. D. \begin{tabular}{|l|l|} \hline Total Paid in Capital: & \\ \hline Common Stock & \\ \hline Paid in Cap in Excess & \\ \hline Total & \\ \hline \end{tabular} E. Exercise 11-8A Effect of issuing common stock on the balance sheet Newly formed S\&J Iron Corporation has 50,000 shares of $10 par common stock authorized. On March I, Year 1. SEJ Iron issued 6,000 shares of the stock for $16 per share. On May 2, the company issued an ad. ditional 10,000 shares for $18 per share. S\&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model like the following one. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Proprietorships, Partnerships, and Corporations 565 b. Determine the amount S\&J Iron would report for common stock on the December 31, Year I, 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? Exercise 11-8A Effect of issuing common stock on the balance sheet Newly formed S\&J Iron Corporation has 50,000 shares of $10 par common stock authorized. On March I, Year 1, S\&J Iron issued 6,000 shares of the stock for $16 per share. On May 2, the company issued an additional 10,000 shares for $18 per share. S\&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model like the following one. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Proprietorships, Partnerships, and Corporations b. Determine the amount S\&J Iron would report for common stock on the December 31. Year I, 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 Step by Step Solution
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