Wollshop Froblem: Students version 1. AutoRecovered Con File Home Insert Draw Page Layout Formulas Data Review View Help X Calibri 112 as Wiap Text General Paste B TU a-A- Merge & Center $ - % Insert Delete Form Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Numbes Cells K30 X 1 1 M N o PI 0 R D E 1 5.5 Accounting Equation & Stock Issue 2 F G Points: 15 items @ 2 points = 30 points 3 4 Directions: Complete the accounting equation and problems below based off the information and transactions provided 5 6 Background Information: 7 Kristof was is newly formed, has 60,000 shares of $15 par common stock authorized. 8 March 1, 2018 Kristoff issued 7,000 shares of stock for $18 per share 9 May 2, 2018 an additional 12,000 shares at $20 per share were issued 10 11 A) Complete the accounting equation 12 Kristof 13 Accounting Equation 14 Balance Sheet Income Statement 15 Event Assets Liabilities Stockholders Equity 16 Cash + Common Stoc+ PIC in Excess Revenue Net Income Expense 17 1-Mar $ 126,000 $ 105,000 $ 21,000 1 2-May $ 240,000 $ 180,000 $ 60,000 $ 366,000 $ $ 285,000 $ 81,000 13 Total 20 21 a) Determine the amount Kristoff would report for common stock on December 31, 2018. + Problem 5.2 Problem 5.1 Problem 5.3 Problem 5 Problem 5.6 Problem 5.4 Ready Type here to search X Na Calibri 12 9 Wrap Text General Paste A- Merge & Center - $ % 858 Conditional Format as Formatting Table Styles Clipboard Font Alignment Number K30 B C D E F G I K 1 M N O 20 21 22 23 a) Determine the amount Kristoff would report for common stock on December 31,2018. b) Determine the amount Kristoff would report for paid-in capital in excess of par. c) What is the total amount of capital distributed by the owners? d) What amount of total assets would Kristoff report on the December 21,2018 balance sheet? 24 25 26 a) 27 b) 28 ) 29 d) 30 Common Stock Paid in Capital in excess of par Total Paid-in Capital Total Assets 285,000 81,000 366,000 366,000 31 32 33 34 35 SE 37 38 39 40 Problem 5.6 Problem 5.5 Problem 5.4 Problem 5.3 Problem 5.2 Problem 5.1 Ready AutoSave Off Cordelia Jack Workshop 5 Problems Students (version 1) - AutoRecovered nh File Home Insert Draw Page Layout Formulas Data Review View Help X Calibri 12 - A A 29 Wrap Text General LV PE WE. Paste Insert Delete Format B 1 A- A- $ % , !-99 EE E Merge & Center - 3 Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Number Cells A24 - Stock Classifications K L M NE O Income Statement B c D E F G 1 5 6 Stock Issue Activity 7 a)Goofy Company issued 1,000 shares of $10 par common stock for $20,000. 8 b) Goofy Company issued an additional 2,000 shares for $25 a share 9 10 11 Goofy Company 12 Accounting Equation 13 Balance Sheet 14 Event Assets Stockholders Equity 15 Cash + Land Common Stock + PIC in Excess 16 a) $ 20,000 + s $ 10,000+ $ 10,000 17 b $ 50,000 + S S 20,000 + $ 30,000 18 19 20 Helpful Resources 21 22 Types of Stock Article 23 24 Stock Classifications 25 Revenue Expense = Net Income = Problem 5.1 Problem 5.2 Problem 5.3 Problem 5.4 Problem 5.5 Problem 5.6 + Ready HE Type here to search O X