Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question instructions.. chart of accounts.. What I have so far.. I have tried several times to figure out the figure for the last for entries
Question instructions..
chart of accounts..
What I have so far..
I have tried several times to figure out the figure for the last for entries (I know I have diff figures, but they should be the same I believe), but haven't had any sucess.
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock. S50 par (100,000 shares authorized. 79,500 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, S3 par (5,000,000 shares authorized, 2,460,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $3.975.000 151,050 7,380,000 1,722,000 34,910,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec 6 5 10 19 16 25 Issued 521,500 shares of common stock at $9, receiving cash. Issued 9,100 shares of preferred 1% stock at S59. Purchased 51,600 shares of treasury common for $6 per share. Sold 18,700 shares of treasury common for S8 per share. Sold 4,800 shares of treasury common for S5 per share. Declared cash dividends of S0.50 per share on preferred stock and S0.06 per share on common stock. 31 Paid the cash dividendsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started