Chap 14 - Selected Ex & Prob
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EXERCISE 141 (a) Jan. 10 350,000 July 1 200,000
Cash (70,000 X $5).................................. Common Stock...............................
350,000
Cash (40,000 X $8).................................. Common Stock (40,000 X $5).........
320,000
Paidin Capital in Excess of Par Value (40,000 X $3)...............
120,000 (b) Jan. 10 70,000
Cash (70,000 X $5).................................. Common Stock (70,000 X $1)......... Paidin Capital in Excess of Stated Value (70,000 X $4)..........
280,000 July 1 40,000
350,000
Cash (40,000 X $8).................................. Common Stock (40,000 X $1).........
280,000
320,000
Paidin Capital in Excess of Stated Value (40,000 X $7)..........
EXERCISE 142 Mar. 2 5,000 25,000 June 12
Organization Expense.................................. Common Stock (5,000 X $1).................
30,000
Paidin Capital in Excess of Par Value—Common Stock..................... Cash...............................................................
375,000
60,000 315,000 July 11 100,000 10,000
Common Stock (60,000 X $1)............... Paidin Capital in Excess of Par Value—Common Stock..................... Cash (1,000 X $110)....................................... Preferred Stock (1,000 X $100)............. Paidin Capital in Excess of Par Value—Preferred Stock..................... (1,000 X $10)
110,000
EXERCISE 142 (Continued) Nov. 28 80,000
Treasury Stock............................................... Cash........................................................
80,000
PROBLEM 144B (a) Feb. 1 100,000 25,000 Mar. 1 50,000 15,000 July 1 80,000 32,000 Sept. 1 20,000
Land......................................................... Preferred Stock (2,000 X $50)........
125,000
Paidin Capital in Excess of Par Value—Preferred Stock....... ($125,000 – $100,000) Cash (1,000 X $65).................................. Preferred Stock (1,000 X $50)........
65,000
Paidin Capital in Excess of Par Value—Preferred Stock....... (1,000 X $15) Cash (16,000 X $7).................................. Common Stock (16,000 X $5).........
112,000
Paidin Capital in Excess of Par Value—Common Stock........ ($112,000 – $80,000) Patent (400 X $65).................................. Preferred Stock (400 X $50)........... Paidin Capital in Excess of
26,000
6,000 Dec. 1 40,000 20,000 Dec. 31 260,000
Par Value—Preferred Stock....... (400 X $15) Cash (8,000 X $7.50)............................... Common Stock (8,000 X $5)..........
60,000
Paidin Capital in Excess of Par Value—Common Stock........ ($60,000 – $40,000) Income Summary................................... Retained Earnings..........................
260,000
PROBLEM 144B (Continued) (b) Preferred Stock Date Explanation Jan. 1 Balance Feb. 1 Mar. 1 Sept. 1
Ref. J2 J2 J2
Debit
Common Stock Date Explanation Jan. 1 Balance July 1 Dec. 1
Ref. J2 J2
Debit
Credit 100,000 50,000 20,000
Credit
Balance 500,000 600,000 650,000 670,000
80,000 40,000
Balance 350,000 430,000 470,000
Paidin Capital in Excess of Par Value—Preferred Stock Date Explanation Ref. Debit Credit Jan. 1 Balance Feb. 1 J2 25,000 Mar. 1 J2 15,000 Sept. 1 J2 6,000
Balance 75,000 100,000 115,000 121,000
Paidin Capital in Excess of Par Value—Common Stock Date Explanation Ref. Debit Credit Jan. 1 Balance July 1 J2 32,000 Dec. 1 J2 20,000
Balance 700,000 732,000 752,000
PROBLEM 144B (Continued) Retained Earnings Date Explanation Jan. 1 Balance Dec. 31 (c)
Ref. J2
Debit
Credit
Balance 300,000 560,000
260,000
SASSER CORPORATION
Stockholders’ equity Paidin capital Capital stock 10% Preferred stock, $50 par value, 20,000 shares authorized, 13,400 shares issued.............. 670,000 Common stock, $5 par value, 125,000 shares authorized, 94,000 shares issued.............. 470,000 Total capital stock............... 1,140,000 Additional paidin capital In excess of par value— preferred.................................. In excess of par value— common................................... Total additional paidin capital............................... 873,000 Total paidin capital............ 2,013,000 Retained earnings...................................... 560,000 Total stockholders’ equity............................... $2,573,000
$
$121,000 752,000
Cash (70,000 X $5).................................. Common Stock...............................
350,000
Cash (40,000 X $8).................................. Common Stock (40,000 X $5).........
320,000
Paidin Capital in Excess of Par Value (40,000 X $3)...............
120,000 (b) Jan. 10 70,000
Cash (70,000 X $5).................................. Common Stock (70,000 X $1)......... Paidin Capital in Excess of Stated Value (70,000 X $4)..........
280,000 July 1 40,000
350,000
Cash (40,000 X $8).................................. Common Stock (40,000 X $1).........
280,000
320,000
Paidin Capital in Excess of Stated Value (40,000 X $7)..........
EXERCISE 142 Mar. 2 5,000 25,000 June 12
Organization Expense.................................. Common Stock (5,000 X $1).................
30,000
Paidin Capital in Excess of Par Value—Common Stock..................... Cash...............................................................
375,000
60,000 315,000 July 11 100,000 10,000
Common Stock (60,000 X $1)............... Paidin Capital in Excess of Par Value—Common Stock..................... Cash (1,000 X $110)....................................... Preferred Stock (1,000 X $100)............. Paidin Capital in Excess of Par Value—Preferred Stock..................... (1,000 X $10)
110,000
EXERCISE 142 (Continued) Nov. 28 80,000
Treasury Stock............................................... Cash........................................................
80,000
PROBLEM 144B (a) Feb. 1 100,000 25,000 Mar. 1 50,000 15,000 July 1 80,000 32,000 Sept. 1 20,000
Land......................................................... Preferred Stock (2,000 X $50)........
125,000
Paidin Capital in Excess of Par Value—Preferred Stock....... ($125,000 – $100,000) Cash (1,000 X $65).................................. Preferred Stock (1,000 X $50)........
65,000
Paidin Capital in Excess of Par Value—Preferred Stock....... (1,000 X $15) Cash (16,000 X $7).................................. Common Stock (16,000 X $5).........
112,000
Paidin Capital in Excess of Par Value—Common Stock........ ($112,000 – $80,000) Patent (400 X $65).................................. Preferred Stock (400 X $50)........... Paidin Capital in Excess of
26,000
6,000 Dec. 1 40,000 20,000 Dec. 31 260,000
Par Value—Preferred Stock....... (400 X $15) Cash (8,000 X $7.50)............................... Common Stock (8,000 X $5)..........
60,000
Paidin Capital in Excess of Par Value—Common Stock........ ($60,000 – $40,000) Income Summary................................... Retained Earnings..........................
260,000
PROBLEM 144B (Continued) (b) Preferred Stock Date Explanation Jan. 1 Balance Feb. 1 Mar. 1 Sept. 1
Ref. J2 J2 J2
Debit
Common Stock Date Explanation Jan. 1 Balance July 1 Dec. 1
Ref. J2 J2
Debit
Credit 100,000 50,000 20,000
Credit
Balance 500,000 600,000 650,000 670,000
80,000 40,000
Balance 350,000 430,000 470,000
Paidin Capital in Excess of Par Value—Preferred Stock Date Explanation Ref. Debit Credit Jan. 1 Balance Feb. 1 J2 25,000 Mar. 1 J2 15,000 Sept. 1 J2 6,000
Balance 75,000 100,000 115,000 121,000
Paidin Capital in Excess of Par Value—Common Stock Date Explanation Ref. Debit Credit Jan. 1 Balance July 1 J2 32,000 Dec. 1 J2 20,000
Balance 700,000 732,000 752,000
PROBLEM 144B (Continued) Retained Earnings Date Explanation Jan. 1 Balance Dec. 31 (c)
Ref. J2
Debit
Credit
Balance 300,000 560,000
260,000
SASSER CORPORATION
Stockholders’ equity Paidin capital Capital stock 10% Preferred stock, $50 par value, 20,000 shares authorized, 13,400 shares issued.............. 670,000 Common stock, $5 par value, 125,000 shares authorized, 94,000 shares issued.............. 470,000 Total capital stock............... 1,140,000 Additional paidin capital In excess of par value— preferred.................................. In excess of par value— common................................... Total additional paidin capital............................... 873,000 Total paidin capital............ 2,013,000 Retained earnings...................................... 560,000 Total stockholders’ equity............................... $2,573,000
$
$121,000 752,000
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