I’m really have trouble with the below problem. I think I have


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I’m really have trouble with the below problem. I think I have most of it right but I’d like to double check: Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 6 percent, cumulative preferred stock. Davis Corporation completed the following transactions during its first two year of operation. 2012 Jan 2 Issued 5,000 shares of $10 par common stock for $28 per share Jan 14 Issued 1,000 shares of $50 par preferred stock for $70 per share Feb 14 Issued 15,000 shares of $10 par common stock for $30 Dec 31 During the year, earned $170,000 of cash service revenue and paid $110,000 of cash operating expenses. Dec 31 Declared the cash dividend on outstanding shares of preferred stock for 2012. The dividend will be paid on Jan 31 to stockholders of record on January 15, 2013 2013 Jan 31 Paid the cash dividend declared on December 31, 2012 Mar 1 Issued 2,000 share of $50 par preferred stock for $58 per share Jun 1 Purchased 500 shares of common stock as treasury stock at $43 per share Dec 31 During the year, earned $210, of cash service revenue and paid $175,000 of cash operating expense Dec 31 Declared the dividend on the preferred stock and a $0.60 per share dividend on the common stock A. Organize the transaction data in accounts under an accounting equation B. Prepare the stockholders’ equity section of the balance sheet at December 31, 2012 C. Prepare the balance sheet at December 31, 2013 ATTACHMENT PREVIEW Download attachment 560 8-18.doc Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 6 percent, cumulative preferred stock. Davis Corporation completed the following transactions during its first two year of operation. 2012 Jan 2 Issued 5,000 shares of $10 par common stock for $28 per share Jan 14 Issued 1,000 shares of $50 par preferred stock for $70 per share Feb 14 Issued 15,000 shares of $10 par common stock for $30 Dec 31 During the year, earned $170,000 of cash service revenue and paid $110,000 of cash operating expenses. Dec 31 Declared the cash dividend on outstanding shares of preferred stock for 2012. The dividend will be paid on Jan 31 to stockholders of record on January 15, 2013 2013 Jan 31 Paid the cash dividend declared on December 31, 2012 Mar 1 Issued 2,000 share of $50 par preferred stock for $58 per share Jun 1 Purchased 500 shares of common stock as treasury stock at $43 per share Dec 31 During the year, earned $210, of cash service revenue and paid $175,000 of cash operating expense Dec 31 Declared the dividend on the preferred stock and a $0.60 per share dividend on the common stock A. Organize the transaction data in accounts under an accounting equation B. Prepare the stockholders’ equity section of the balance sheet at December 31, 2012 C. Prepare the balance sheet at December 31, 2013 Read more John1981
posted a question · May 28, 2014 at 10:55pm

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