Workshop for chapter 13:

P13 1C Only journalize the transactions.

P13 2C - ONLY journalize the treasury stock transactions. DO NOT prepare the closing entries, part B or Part C.

P13 4 C Only Journalize the transactions.

Workshop for chapter 14:

P14 1C Only Journalize the transactions.

P14 2C Journalize transactions Only

.: Set C P13-1C Beran Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share.The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000.The companys estimate of fair value of the land was $75,000. May 1 Issued 75,000 shares of common stock for cash at $4 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $60 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders equity accounts.(Use J1 as the posting reference.) (c) Prepare the paid-in capital section of stockholders equity at December 31,2014. P13-2C Cheng Corporation had the following stockholders equity accounts on January 1,2014: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of ParCommon Stock $500,000, and Retained Earnings $100,000.In 2014,the company had the following treasury stock transactions. Mar. 1 Purchased 5,000 shares at $6 per share. June 1 Sold 1,000 shares at $10 per share. Sept. 1 Sold 2,000 shares at $9 per share. Dec. 1 Sold 1,000 shares at $5 per share. Cheng Corporation uses the cost method of accounting for treasury stock.In 2014,the company reported net income of $50,000. Instructions (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2014,for net income. (b) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings.Post to these accounts using J12 as the posting reference. (c) Prepare the stockholders equity section for Cheng Corporation at December 31,2014. P13-3C The stockholders equity accounts of Reyes Corporation on January 1, 2014, were as follows. Preferred Stock (10%,$100 par,noncumulative,5,000 shares authorized) $ 300,000 Common Stock ($5 stated value,300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of ParPreferred Stock 20,000 Paid-in Capital in Excess of Stated ValueCommon Stock 425,000 Retained Earnings 488,000 Treasury Stock (5,000 shares) 35,000 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 3,000 shares of common stock for $24,000. Mar. 20 Purchased 1,500 additional shares of common treasury stock at $7 per share. June 14 Sold 4,000 shares of common treasury stock for $36,000. Sept. 3 Issued 2,000 shares of common stock for a patent valued at $17,000. Dec. 31 Determined that net income for the year was $320,000. Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts.(Use J1 as the posting reference.) (c) Prepare a stockholders equity section at December 31,2014

.-4C Kwun Corporation is authorized to issue 10,000 shares of $30 par value,10% preferred stock and 200,000 shares of $2 par value common stock.On January 1,2014,the ledger contained the following stockholders equity balances. Preferred Stock (4,000 shares) $120,000 Paid-in Capital in Excess of ParPreferred 60,000 Common Stock (70,000 shares) 140,000 Paid-in Capital in Excess of ParCommon 700,000 Retained Earnings 300,000 During 2014,the following transactions occurred. Feb. 1 Issued 1,000 shares of preferred stock for land having a fair value of $65,000. Mar. 1 Issued 2,000 shares of preferred stock for cash at $60 per share. July 1 Issued 20,000 shares of common stock for cash at $5.80 per share. Sept. 1 Issued 800 shares of preferred stock for a patent.The asking price of the patent was $60,000.Market values were preferred stock $65 and patent,indeterminable. Dec. 1 Issued 10,000 shares of common stock for cash at $6 per share. Dec. 31 Net income for the year was $210,000.No dividends were declared. Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts,and post the journal entries to the stockholders equity accounts.(Use J2 as the posting reference.) (c) Prepare a stockholders equity section at December 31,2014. P13-5C The following stockholders equity accounts arranged alphabetically are in the ledger of Hite Corporation at December 31,2014. Common Stock ($10 stated value) $1,200,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Stated ValueCommon Stock 690,000 Paid-in Capital in Excess of ParPreferred Stock 288,400 Preferred Stock (8%,$100 par,noncumulative) 400,000 Retained Earnings 876,000 Treasury Stock (8,000 shares) 88,000 Instructions Prepare a stockholders equity section at December 31,2014. P13-6C Moritz Corporation has been authorized to issue 40,000 shares of $100 par value,8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock.The corporation assigned a $5 stated value to the common stock.At December 31,2014,the ledger contained the following balances pertaining to stockholders equity. Preferred Stock $ 240,000 Paid-in Capital in Excess of ParPreferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated ValueCommon 5,200,000 Treasury Stock (1,000 shares) 24,000 Paid-in Capital from Treasury Stock 2,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair value of $296,000.All common stock issued was for cash.In November,1,500 shares of common stock were purchased for the treasury at a per share cost of $24. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2014. Instructions (a) Prepare the journal entries for the: (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. (b) Prepare the stockholders equity section at December 31,2014. 46 Chapter 13 Corporations: Organization and Capital Stock Transactions Journalize and post stock