Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Precision Builders Construction Company was incorporated by Chris Stoschiek. The following activities occurred during the year a. Received from three investors $51,000 cash and land

image text in transcribed
image text in transcribed
image text in transcribed
Precision Builders Construction Company was incorporated by Chris Stoschiek. The following activities occurred during the year a. Received from three investors $51,000 cash and land valued at $26,000, each investor was issued 2,500 shares of common stock with a par value of $0.10 per share c. Lent $3,500 to one of the investors who signed a note due in six months. e Paid $18,000 on the note for the construction equipment in (b) lignore interest) for use in the business at a cost of $46,000, one-fourth was paid in cash and the company signed a note for the balance (due in si Required 1. Create T-accounts for the following accounts: Cash, Notes Rece record the efflects of the transaction in the appropriate T-accounts, Include good referencing for each T-account Cash Notes Receivable Beg Bal Beg Bal End Bal End Bal Equipment Land Beg Bal Beg Ba Cash Notes Receivable Beg Bal. Beg Ba End. Bal End. Bal ent Land Beg Bal Beg Bal End Bal End Bal Notes Payable Common Stock Beg Bal Beg Bal End Bal End Bal Additional Paid-in Copital Beg Ba End Bal End. Bal 2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation: ets Liabilities Stockholders' Equity 4. Compute the market value per share of the stock. (Round your answer to 2 decimal places.) Market value per share per share

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

Quicken 2015 For Dummies

Authors: Stephen L. Nelson

1st Edition

1118920139, 978-1118920138

More Books

Students also viewed these Accounting questions

Question

Define self-acceptance. (p. 141)

Answered: 1 week ago