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Saint ACC202 module 1 homework




Question;1.;award:10 out of;10.00 points;Problem 11-1A Stockholders' equity;transactions and analysis LO C2, P1;Kinkaid;Co. is incorporated at the beginning of this year and engages in a number of;transactions. The following journal entries impacted its stockholders? equity;during its first year of operations.;General Journal;Debit;Credit;a.;Cash;270,000;Common;Stock, $25 Par Value;240,000;Paid-In;Capital in Excess of Par Value, Common Stock;30,000;b.;Organization;Expenses;180,000;Common;Stock, $25 Par Value;127,000;Paid-In;Capital in Excess of Par Value, Common Stock;53,000;c.;Cash;45,000;Accounts;Receivable;17,000;Building;82,500;Notes;Payable;59,500;Common;Stock, $25 Par Value;55,000;Paid-In;Capital in Excess of Par Value, Common Stock;30,000;d.;Cash;124,000;Common;Stock, $25 Par Value;80,000;Paid-In;Capital in Excess of Par Value, Common Stock;44,000;Required;2.;How;many shares of common stock are outstanding at year-end?;3.;What is;the amount of minimum legal capital (based on par value) at year-end?;4.;What is;the total paid-in capital at year-end?;5.;What is;the book value per share of the common stock at year-end if total paid-in;capital plus retained earnings equals $790,000?;Problem 11-2A Cash dividends;treasury stock, and statement of retained earnings LO C3, P2, P3;[The following information applies to;the questions displayed below.];Kohler;Corporation reports the following components of stockholders? equity on;December 31, 2013;Common;stock?$25 par value, 100,000 shares authorized, 45,000 shares issued and;outstanding;$;1,125,000;Paid-in;capital in excess of par value, common stock;70,000;Retained;earnings;400,000;Total;stockholders? equity;$;1,595,000;In year;2014, the following transactions affected its stockholders? equity accounts.;Jan.;1;Purchased;4,500 shares of its own stock at $25 cash per share.;Jan.;5;Directors;declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5;stockholders of record.;Feb.;28;Paid;the dividend declared on January 5.;July;6;Sold;1,688 of its treasury shares at $29 cash per share.;Aug.;22;Sold;2,812 of its treasury shares at $22 cash per share.;Sept.;5;Directors;declared a $2 per share cash dividend payable on October 28 to the September;25 stockholders of record.;Oct.;28;Paid;the dividend declared on September 5.;Dec.;31;Closed;the $408,000 credit balance (from net income) in the Income Summary account;to Retained Earnings.;references;2.;value:5.00 points;Problem;11-2A Part 1;Required;1.;Prepare;journal entries to record each of these transactions for 2014.;3.;value:5.00 points;Problem;11-2A Part 2;2.;Prepare;a statement of retained earnings for the year ended December 31, 2014. (Amounts to be deducted should be indicated by a minus;sign.);4.;value:5.00 points;Problem;11-2A Part 3;3.;Prepare;the stockholders' equity section of the company?s balance sheet as of;December 31, 2014.


Paper#39322 | Written in 18-Jul-2015

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