Answered step by step
Verified Expert Solution
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.
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started