The stockholders’ equity accounts of Ayayai Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $48 par, 10,000 shares authorized) $ 408,000
Common Stock ($1 stated value, 2,100,000 shares authorized) 1,200,000
Paid-in Capital in Excess of Par—Preferred Stock 150,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,500,000
Retained Earnings 1,850,000
Treasury Stock (10,500 common shares) 52,500
During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb.1 Issued 25,000 shares of common stock for $117,000.
Apr.14 Sold 6,000 shares of treasury stock—common for $33,400.
Sept.3 Issued 4,800 shares of common stock for a patent valued at $35,800.
Nov.10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
Dec.31 Determined that net income for the year was $480,000.
No dividends were declared during the year.
(a)
Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers: 3
Business, 21.06.2019 15:00, destinyycooper
In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.
Answers: 3
Business, 22.06.2019 10:00, mayamabjishovrvq9
Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
Answers: 2
Business, 22.06.2019 11:10, addsd
Sam and diane are completing their federal income taxes for the year and have identified the amounts listed here. how much can they rightfully deduct? • agi: $80,000 • medical and dental expenses: $9,000 • state income taxes: $3,500 • mortgage interest: $9,500 • charitable contributions: $1,000.
Answers: 1
The stockholders’ equity accounts of Ayayai Corporation on January 1, 2020, were as follows.
Prefe...
Spanish, 26.06.2019 00:00
Mathematics, 26.06.2019 00:00
Mathematics, 26.06.2019 00:00
Biology, 26.06.2019 00:00
History, 26.06.2019 00:00