Mizzou ACCTCY 2037 - Chapter 23 Homework (6 pages)

Previewing pages 1, 2 of 6 page document View the full content.
View Full Document

Chapter 23 Homework



Previewing pages 1, 2 of actual document.

View the full content.
View Full Document
View Full Document

Chapter 23 Homework

729 views


Pages:
6
School:
University of Missouri
Course:
Acctcy 2037 - Accounting II

Unformatted text preview:

23 22 On January 10 2011 Ryland Carpet Corporation is incorporated and is authorized to issue 20 000 shares of 7 par value common stock On January 12 2011 it issues 1 000 shares at 12 per share and on July 5 2011 it issues another 800 shares at 15 per share Required 1 Record the two issuances of common stock for Ryland 2 Prepare the contributed capital section of Ryland s December 31 2011 balance sheet 1 Assets Cash 1 1 2 7 0 5 12 00 0 12 000 Liabilitie s Stockholders Equity Contributed Capital Common Additional Stock Paid in Capital 7 000 5 000 5 600 2 2011 Balance Sheet Contributed capital Common stock 7 par value 20 000 authorized 1 800 issued and outstanding 12 600 Additional paid in capital 11 400 Total contributed capital 24 000 6 400 23 24 Antley Company issued 200 shares of 10 par value common stock in exchange for five acres of land Required Record the acquisition of the land for each of the following independent situations a The common stock is currently selling on the stock market for 80 per share b The land is appraised at 15 000 but the stock is not actively traded in the stock market a Assets Liabilitie s Stockholders Equity Contributed Capital Common Additional Paid In Stock Capital 2 000 14 000 Land 16 00 0 b Assets Land 15 00 0 Liabilitie s Stockholders Equity Contributed Capital Common Additional Paid In Stock Capital 2 000 13 000 23 28 On January 1 Amitroy Company had 20 000 shares of 5 par value common stock outstanding The shares were originally issued at 12 per share During the year the following stock transactions occurred March 4 The company reacquired 2 000 shares of its common stock at a cost of 12 per share April 5 The company sold 1 000 shares of the treasury stock for 14 per share July 9 The company sold the remaining 1 000 shares of the treasury stock for 11 per share Required 1 Record all the preceding transactions in one set of accounts for Amitroy 2 What is the final net effect on the accounts after these transactions are recorded



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Chapter 23 Homework and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Chapter 23 Homework and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?