do both assignments. Identify your assignment choice in the title of your prete
ID: 2558963 • Letter: D
Question
do both assignments. Identify your assignment choice in the title of your prete thls week, Do not Assignment Choice # 1: Stock and Share Accounting Complete the following exercise, Fill in the Excel spreadsheet provided the link at the bottom of the page to provide your answers to parts a, b, and c. Then paste the Excel data into a Word dacument on which you can also write the answer to part d l Library l Zoom Label each exercise or probiem clearly. Use APA formatting and citation if needed. Uzi Company received a charter granting the right to issue 200,000 cumulative and nonparticipating, $50.00 par value preferred stock that s callable at $80.00 per share. Selected transactions are presented below. Feb. 19 Issued 45,000 shares of common stock at par or cash. ve the corporation's promoters 30,000 ares of common stock for their services in getting the corporation organized. The directors valued the services at $s0,000. Mar 30 Exchanged 100,000 shares of common stock the following assets at fair market values and, $25,000; building, $100,000; and machinery, $125,000. Dec. Closed the income Summary account.A $25,000 loss was incurred 12 Issued 1,000 shares of preferred stock at $75 er share The board of directors declared an 8% dividend on preferred shares and $0.10 per share on outstanding common shares, payable on January 31 to the January 17 stockholders record. 31 Closed the Income Summary account. A 69,000 net income was earned Jan. 31 Paid the previously declared dividends Required 1, Prepare general journal entries to record the selected 2. Prepare a stockholders' equity section as of the close of 3. Determine the book value per preferred share and per 4. Provide a rationale between 200 and 300 words in length transactions. business on December 31, 20x2 common stock as of December 31, 20x2. for buying or not buying this stock based on the financial information presentedExplanation / Answer
1. JOurnal Entries:
2. Stock holder Equity:
3. Book Value:
4. Considering dividend income we can go and buy the shares.
Date Account Debit Credit Shares working Feb 19 Cash 45000 Common Stock (45000*1) 45000 45000 Feb 22 Organization Service Expense 50000 Common Stock 30000 30000 Paid-in Capital in excess of par value, common stock 20000 50000-30000 Mar 30 Land 25000 Building 100000 Machinery 125000 Common Stock 100000 100000 Paid-in Capital in excess of par value, common stock 150000 250000-100000 Dec 31 Retained Earning 25000 Income Summary 25000 Jan 12 Cash 75000 1000*75 Preferred Stock 50000 10000*50 Paid-in Capital in excess of par value, preferred stock 25000 75000-50000 Dec 15 Retained Earning 21500 Common Dividend Payable 17500 (45000+30000+100000)*0.1 Preferred Dividend Payable 4000 50000*8% Dec 31 Income Summary 69000 Retained Earning 69000 Jan 31 Common Dividend Payable 17500 Preferred Dividend Payable 4000 Cash 21500Related Questions
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