Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I only need help with the Part B partial balance sheet. Bridgeport Corp. was organized on January 1, 2022. It is authorized to issue

Hi, I only need help with the Part B partial balance sheet.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Bridgeport Corp. was organized on January 1, 2022. It is authorized to issue 20,500 shares of 7%, $53 par value preferred stock and 453,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Mar. May Sept. Nov. 10 1 1 1 1 Issued 66,500 shares of common stock for cash at $4 per share. Issued 1,130 shares of preferred stock for cash at $56 per share. Issued 111,500 shares of common stock for cash at $5 per share. Issued 4.300 shares of common stock for cash at $7 per share. Issued 2.300 shares of preferred stock for cash at $58 per share. (a) Your Answer Correct Answer (Used) Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Common Stock Jan. 10 $ 266,000 i $ $ 66,500 Mar. 1 63,280 May 1 557,500 111,500 Sept. 1 30.100 4.300 Nov. 1 133.400 Total 1,050,280 0 182.300 Stockholders Paid-in-Capital PIC in Excess of Stated Value Com. + Pref. Stock PIC in Excess of Par Value Pref. $ $ $ 199,500 $ $ i 59.890 3.390 446,000 25,800 121,900 11.500 671,300 181,790 14.890 Equity Retained Earnings Revenue Expense Dividend i $ $ $ i i i i 0 + 0 0 (b) Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2022. BRIDGEPORT CORP. Partial Balance Sheet $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Structured Edp Auditing

Authors: Gabriel Rothberg

1st Edition

0534979319, 978-0534979317

More Books

Students also viewed these Accounting questions

Question

Enhance the basic quality of your voice.

Answered: 1 week ago

Question

Describe the features of and process used by a writing team.

Answered: 1 week ago