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ACC 206 Week 1- P12-30A


ACC 206 Week 1- P12-30A fin571

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ACC 206 Week 1- P12-30A
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.

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Date Created: 11/11/15
P1230A Issuing stock and preparing the stockholders39 equity section of the balance sheet 1520 min LincolnPriest Inc was organized in 2011 At December 31 2011 the LincolnPriest balance sheet reported the following stockholders equty 39 39 J n r i rquot l H n I A quotsareaut39rized haremsuand utstanding V 7 11310ch Requirements 1 During 2012 the company completed the following selected transactions Journalize each transaction Explanations are not required a Issued for cash 1300 shares of preferred stock at par value b Issued for cash 2400 shares of common stock at a price of 5 per share c Net income for the year was 74000 and the company declared no dividends Make the closing entry for net income 2 Prepare the stockholders equity section of the Lincoln Priest balance sheet at December 31 2012 1520 min P 1230A Req1 Journal Entry ACCOUNTS AND EXPLANATIONS DEBIT CREDIT a Cash 52000 Preferred stock 1300 x 40 52000 b Cash 2400 at 5 12000 Common stock 2400 at 1 2400 Paidin capital in excess of par 9600 common c Income summary 74000 Retained earnings 74000 Req 2 LincolnPriest Inc Stockholders Equity December 31 2012 Paidin capital Preferred stock 7 40 par 110000 shares authorized 1300 shares issued 52000 Common stock 1 par 520000 shares authorized 63400 shares issued and 63400 outstanding Paidin capital in excess of par common 41000 9600 m Total paidin capital 166000 Retained earnings 29000 74000 103000 Total stockholders equity 269000 61000 2400 63400 shares


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