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 $

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 21, 2024

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		$