Question
TidwellCorporationwasorganizedonJanuary1,2014.Itisauthorizedtoissue20,000sharesof6%,$50parvaluepreferredstockand500,000sharesofno-parcommonstockwithastatedvalueof$1pershare.Thefollowingstocktransactionswerecompletedduringthefirstyear. Jan.10Issued70,000sharesofcommonstockforcashat$4pershare. Mar.1Issued12,000sharesofpreferredstockforcashat$53pershare. May1Issued120,000sharesofcommonstockforcashat$6pershare. Sept.1Issued5,000sharesofcommonstockforcashat$5pershare. Nov.1Issued3,000sharesofpreferredstockforcashat$56pershare. questions (a) post to the stockholders equity account (use T account) (b) prepare the paid-in capital portion of the
TidwellCorporationwasorganizedonJanuary1,2014.Itisauthorizedtoissue20,000sharesof6%,$50parvaluepreferredstockand500,000sharesofno-parcommonstockwithastatedvalueof$1pershare.Thefollowingstocktransactionswerecompletedduringthefirstyear.
Jan.10Issued70,000sharesofcommonstockforcashat$4pershare.
Mar.1Issued12,000sharesofpreferredstockforcashat$53pershare.
May1Issued120,000sharesofcommonstockforcashat$6pershare.
Sept.1Issued5,000sharesofcommonstockforcashat$5pershare.
Nov.1Issued3,000sharesofpreferredstockforcashat$56pershare.
questions (a) post to the stockholders equity account (use T account)
(b) prepare the paid-in capital portion of the stockholders equity section at Dec 31, 2014
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Lawrence A. Tomassini
4th Edition
