Saint ACC202 module 1 homework

| August 14, 2017

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.

.mheducation.com/” title=”Reference Information”>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.

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