Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show work. Newly formed S&J Iron Corporation has 115,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued

please show work.
image text in transcribed
image text in transcribed
image text in transcribed
Newly formed S&J Iron Corporation has 115,000 shares of $6 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $9 per share. On May 2the company issued an additional 23,500 shares for $21 per share. S&J Iron was not affected by other events during Year 1 Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA). Investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet c. Determine the amount S&J Iron would report for paid in capital in excess of par d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Ren BRA Reg A Req B to E Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), inv activity (FA). If an element was not affected by the event, leave the cell blank. S&J IRON CORPORATION Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenue Expense = Net Income Cash Flow Event Common PIC in Stock Excess March 1 90,000 80,000 90,000 FA May 2 493,500 493,500 FA Cash + Rega ReqBtoE > Req A Reg B to E b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S80 Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would $8) Iron report on the December 31, Year 1, balance sheet? Show less b. Common stock c. Paid-in capital in excess of par a. Total paid-in capital e. Total assets

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

Activity Accounting An Activity-Based Costing Approach

Authors: James A. Brimson

1st Edition

0471196282, 978-0471196280

More Books

Students also viewed these Accounting questions

Question

Dont off er e-mail communication if you arent going to respond.

Answered: 1 week ago