week 14 pt3

Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 25,600 shares for cash at $51 per share. July 1 Issued 38,400 shares for cash at $56 per share (a) Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash PIC in Excess of P Com Common Stock Feb. 1 $ July 1 Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 July 1 Issued 25,600 shares for cash at $51 per share. Issued 38,400 shares for cash at $56 per share. (a) Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Stockholders' Equity Paid-in-Capital PIC in Excess of Par Value Com. PIC in Excess of Par Value Pref. Pref. Stock Revenue $ Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Issued 25,600 shares for cash at $51 per share. July 1 Issued 38,400 shares for cash at $56 per share. Feb. 1 (a) Prepare a tabular summary to record the transactions. Include margin explanations for the changes in revenues and expenses. (lfa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ckholders' Equity Retained Earnings Revenue Expense Dividend