Question
Problem 13-01A a-c Flounder Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock,
Problem 13-01A a-c
Flounder Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
Jan. | 10 | Issued 77,000 shares of common stock for cash at $6 per share. | |
Mar. | 1 | Issued 5,800 shares of preferred stock for cash at $105 per share. | |
Apr. | 1 | Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000. | |
May | 1 | Issued 76,000 shares of common stock for cash at $4.25 per share. | |
Aug. | 1 | Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. | |
Sept. | 1 | Issued 12,000 shares of common stock for cash at $5 per share. | |
Nov. | 1 | Issued 3,000 shares of preferred stock for cash at $112 per share. |
FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2020For the Quarter Ended December 31, 2020For the Year Ended December 31, 2020 | ||||||
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | ||||||
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | ||||||
$ | ||||||
Additional Paid-in Capital Capital Stock Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Paid-in Capital Property, Plant and Equipment Revenues Stockholders' Equity Total Additional Paid-in Capital Total Assets Total Capital Stock Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity | ||||||
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity | ||||||
$ | ||||||
Additional Paid-in Capital Capital Stock Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Paid-in Capital Property, Plant and Equipment Revenues Stockholders' Equity Total Additional Paid-in Capital Total Assets Total Capital Stock Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity | ||||||
Additional Paid-in Capital Capital Stock Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Paid-in Capital Property, Plant and Equipment Revenues Stockholders' Equity Total Additional Paid-in Capital Total Assets Total Capital Stock Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity | $ |
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