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The charter for WCAP-TV, Inc. authorizes the company to issue 100.000 shares of $7, no-par preferred stock and 500.000 shares of common stock with $1
The charter for WCAP-TV, Inc. authorizes the company to issue 100.000 shares of $7, no-par preferred stock and 500.000 shares of common stock with $1 par value. During its start-up phase, WCAP-TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements ... Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 525 shares of common stock to the promoters who organized the corporation, receiving cash of $15,750. Date Accounts and Explanation Debit Credit Sep. 8 - X More info Requirements Sep. 12: Issued 350 shares of preferred stock for cash of $30.000. Sep. 6 Issued 525 shares of common stock to the promoters who organized the corporation, receiving cash of $15,750 Sep. 12 Issued 350 shares of preferred stock for cash of $30,000. Sep. 14 Issued 1,000 shares of common stock in exchange for land with a market value of $18,000. Date Accounts and Explanation Debit Credit Sep. 12 Assume WCAP-TV, Inc. had net income of $37.000 for the month. 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the WCAP-TV balance sheet at September 30, 2024, assuming WCAP-TV. Inc. had net income of $37.000 for the month. Print Done Print Done Sep. 14: Issued 1,000 shares of common stock in exchange for land with a market value of $18.000. Date Accounts and Explanation Debit Credit Sep. 14 Requirement 2. Prepare the stockholders' equity section of the WCAP-TV balance sheet at September 30, 2024, assuming WCAP-TV, Inc. had net income of $37,000 for the month. WCAP-TV, Inc. Balance Sheet (Partial) September 30, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity Calculator Next
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