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Questionacct 212   homework 1 chapter 13

16 May Questionacct 212   homework 1 chapter 13

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acct 212   homework 1 chapter 13

Exercise 13-2 Accounting for par, stated, and no-par stock issuances L.O. P1

Aloha Corporation issues 16,000 shares of its common stock for $222,000 cash on February 20.
1. Assume the stock has neither par nor stated value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
2. Assume the stock has a $11 par value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
3. Assume the stock has an $5.5 stated value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
Q2

Exercise 13-3 Recording stock issuances L.O. P1

[The following information applies to the questions displayed below.]

Prepare journal entries to record the following four separate issuances of stock. (Omit the “$” sign in your response.)
Section Break Exercise 13-3 Recording stock issuances L.O. P1

2.

award:
1 out of
1.00 point

Exercise 13-3 Part 1

1. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has no stated value.

rev: 09_21_2012

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Worksheet Exercise 13-3 Part 1

3.

award:
1 out of
1.00 point

Exercise 13-3 Part 2

2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $37,000. The stock has a $1 per share stated value.

rev: 09_21_2012

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Worksheet Exercise 13-3 Part 2

4.

award:
1 out of
1.00 point

Exercise 13-3 Part 3

3. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash.

rev: 09_21_2012

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Worksheet Exercise 13-3 Part 3

5.

award:
1 out of
1.00 point

Exercise 13-3 Part 4

4. A corporation issued 2,500 shares of $50 par value preferred stock for $162,000 cash.

6.

award:
1 out of
1.00 point

Exercise 13-4 Stock issuance for noncash assets L.O. P1

Soku Company issues 19,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $373,000.
Prepare the journal entry to record issuance of the stock in exchange for the land and building. (Omit the “$” sign in your response.)

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Worksheet Difficulty: Easy
Exercise 13-4 Stock issuance for noncash assets L.O. P1 Learning Objective: 13-P1 Record the issuance of corporate stock.

7

.

award:
1.34 out of
2.00 points

Exercise 13-6 Stock dividends and splits L.O. P2

On June 30, 2011, Quinn Corporation’s common stock is priced at $25.5 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows.
Common stock—$6 par value, 75,000 shares authorized,
30,000 shares issued and outstanding		 $ 180,000
Paid-in capital in excess of par value, common stock 100,000
Retained earnings 280,000
Total stockholders’ equity $ 560,000
Assume that the company declares and immediately distributes a 100% stock dividend. This event is recorded by capitalizing retained earnings equal to the stock’s par value. Answer these questions about stockholders’ equity as it exists after issuing the new shares.
1a. What is the retained earnings balance? (Omit the “$” sign in your response.)
1b. What is the amount of total stockholders’ equity? (Omit the “$” sign in your response.)
1c. How many shares are outstanding?
Assume that the company implements a 2-for-1 stock split instead of the stock dividend in part 1. Answer these questions about stockholders’ equity as it exists after issuing the new shares.
2a. What is the retained earnings balance? (Omit the “$” sign in your response.)
2b. What is the amount of total stockholders’ equity? (Omit the “$” sign in your response.)
2c. How many shares are outstanding?

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Worksheet Difficulty: Medium
Exercise 13-6 Stock dividends and splits L.O. P2 Learning Objective: 13-P2 Record transactions involving cash dividends, stock dividends, and stock splits.

Exercise 13-7 Stock dividends and per share book values L.O. P2

[The following information applies to the questions displayed below.]

The stockholders’ equity of Whiz.com Company at the beginning of the day on February 5 follows.
Common stock—$5 par value, 150,000 shares authorized,
83,000 shares issued and outstanding		 $ 415,000
Paid-in capital in excess of par value, common stock 525,000
Retained earnings

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