Question
In January 2018, Gardner Corporation was authorized to issue 100,000 shares of $10 par value common stock and $50,000 shares of $80 par, 4 percent,
In January 2018, Gardner Corporation was authorized to issue 100,000 shares of $10 par value common stock and $50,000 shares of $80 par, 4 percent, preferred the journal entries for the following transactions:
a) March Issued 25,000 shares of common stock for $21 per share for cash.
date | Description | Debitt | Credit |
b) March 1 Issued 5,000 shares of preferred stock for $90 per share for cash.
Date | Description | Debit | Credit |
c) June 1 Purchased 400 shares of common stock as treasury stock at $25 per share.
Date | Description | Debit | Credit |
d) Dec 1 Declared the dividend on outstanding shares of preferred stock and a $1 per share dividend on the common stock outstanding.
Date | Description | Debit | Credit |
e) Dec 10 Date of record .
Date | Description | Debit | Credit |
f) Dec 30 Paid the dividends declared on December 1.
Date | Description | Debit | Credit |
g) As of December 31st how mony shares of common stock were: * Issued ________. * Outstanding ______________.
As December 31st how many shares of preferred stock were: Issued ___________. Outstanding __________.
h) Complete the following balance sheet as December 31, 2018:
Assets | |
Cash $526,000 | |
Accounts Receivable 300,000 | |
Inventory 451,000 | |
Total Assets $1,277,000 | |
Liabilities and Stockholders Equity | |
Account Payable $200,000 | |
Total Liabilities $200,000 | |
Common Stock | |
Preferred Stock | |
Paid in Capital in Excess of Par, CS | |
| |
Retained Earnings | |
Total Equity | |
Total Liabilities and Stockholders' Equity | |
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