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Cash 24,000

Accounts Receivable 39,000 Inventory 45,000

Supplies 10,000 Equipment 308,000

Accum. Depreciation 61,500 Accounts Payable 21,000

Wages Payable 2,200 LT Note Payable 40,000

Common Stock 40,000 Retained Earnings 261,300

Sales Revenue 840,000 Cost of Goods Sold 500,000

Depreciation Expense 28,500 Wages Expense 125,600

Other Expenses 155,000 Supplies Expense 14,000

Loss on Sale of Eq. 2,000

The $40,000 common stock balance relates to the owners original investment of cash to start the company. Assume the stock has a par value of $4 per stock, how many shares of common stock was the owner originally issued?

The owner has decided to take the company public by issuing more stock to the public. The following transactions relating to the equity accounts occurred during the year ending March 31, 2017. Write the journal entries for the transactions below.

The company issued 20,000 shares of common stock for $12 a share.

The company issued 2,000 shares of 5% Preferred Stock at $100 par value.

The company purchased back 50 shares of its common stock for $10 a share. (Treasury Stock).

Dividends were declared for common stock holders in the amount of $2 per share. Remember to calculate the number of shares OUTSANDING (issued minus treasury).

The expected dividend for the preferred stock was declared.

The declared Dividends were paid from cash to both common and preferred stockholders.

Use the T accounts below. Include the previous balances from Packet 4 as the beginning for this Scenario. Post your Journal entries from above.

	Cash
	Common Stock			Additional Paid in Capital				Treasury Stock
	Preferred Stock			Retained Earnings				Dividend Payable
		-0-			248,000

Determine the ending balances for the accounts above Wholesale Workers Company as of March 31, 2017.