Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help figuring the values and where values go Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an

image text in transcribedNeed help figuring the values and where values go

Stockholders' Equity: Transactions and Balance Sheet Presentation Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $40 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 Issued 6,000 shares of preferred stock for cash at $80 per share. Required T O ........ . .ILI . .. . ..... ... ..... .. ...120 A..... .. ........ ..: trnnnn $ 300000 425000 $ 725000 Stockholders' Equity Paid in Capital Preferred Stock $ Common Stock Additional Paid-in-Capital Paid-in-Capital in Excess of Par value - Preferred Stock Paid-in-Capital in Excess of Par value - Common Stock Total Paid-in-Capital Retained Earnings Total Stockholders' Equity 180000 2861000 3041000 3,766,000 ricase anvel all pai LUI LIIC que LIUIT

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

Auditing Employee Hiring And Staffing

Authors: Kelli W. Vito

1st Edition

0894137034, 978-0894137037

More Books

Students also viewed these Accounting questions

Question

What do you mean by dual mode operation?

Answered: 1 week ago

Question

Explain the difference between `==` and `===` in JavaScript.

Answered: 1 week ago