Accounting Chapter 13 Homework Common stock, no par, $5 stated value, 2,000,000

subject Type Homework Help
subject Pages 9
subject Words 1331
subject Textbook Accounting Principles 12th Edition
subject Authors Donald E. Kieso, Jerry J. Weygandt, Paul D. Kimmel
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CHAPTER 13
SOLUTIONS TO PROBLEMS: SET B
PROBLEM 13-1B
(a) Jan. 10 Cash (100,000 X $3) ................................ 300,000
Common Stock (100,000 X $2) ....... 200,000
Paid-in Capital in Excess of
Stated Value—Common
Stock (100,000 X $1) .................... 100,000
Apr. 1 Land ......................................................... 75,000
Common Stock (25,000 X $2) ......... 50,000
Paid-in Capital in Excess of
Stated Value—Common
Stock ($75,000 – $50,000) ........... 25,000
Aug. 1 Organization Expense ............................ 50,000
Common Stock (10,000 X $2) ......... 20,000
Paid-in Capital in Excess of
Stated Value—Common
Stock ($50,000 – $20,000) ........... 30,000
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PROBLEM 13-1B (Continued)
Nov. 1 Cash (2,000 X $60) .................................. 120,000
Preferred Stock (2,000 X $40) ......... 80,000
(b)
Preferred Stock
Date
Explanation
Ref.
Credit
Balance
Mar. 1
Nov. 1
J1
J1
400,000
80,000
400,000
480,000
Common Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 10
J1
200,000
200,000
Paid-in Capital in Excess of Par—Preferred Stock
Date
Explanation
Ref.
Credit
Balance
Mar. 1
J1
150,000
150,000
Paid-in Capital in Excess of Stated Value—Common Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 10
Apr. 1
J1
J1
100,000
25,000
100,000
125,000
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PROBLEM 13-1B (Continued)
(c) MENDOZA CORPORATION
Paid-in capital
Capital stock
6% Preferred stock,
$40 par value,
Common stock, no par,
$2 stated value,
500,000 shares authorized,
Additional paid-in capital
In excess of par—
preferred stock .............................. $190,000
In excess of stated value—
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PROBLEM 13-2B
(a) Mar. 1 Treasury Stock (5,000 X $7) ..................... 35,000
Cash ................................................... 35,000
June 1 Cash (1,000 X $10) .................................... 10,000
Sept. 1 Cash (2,000 X $9) ...................................... 18,000
Treasury Stock (2,000 X $7) .............. 14,000
Paid-in Capital from Treasury
Stock (2,000 X $2) .......................... 4,000
31 Income Summary ...................................... 80,000
Retained Earnings ............................. 80,000
(b)
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Credit
Balance
June 1
J12
3,000
3,000
Treasury Stock
Date
Explanation
Ref.
Credit
Balance
Mar. 1
June 1
J12
J12
7,000
35,000
28,000
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PROBLEM 13-2B (Continued)
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
100,000
(c) HAWTHORNE CORPORATION
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $1 par,
400,000 shares issued and
399,000 outstanding ............... $ 400,000
Additional paid-in capital
In excess of par—
common stock ........................ $500,000
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PROBLEM 13-3B
(a) Feb. 1 Cash ....................................................... 25,500
Common Stock (3,000 X $5) ......... 15,000
Paid-in Capital in Excess of
Mar. 20 Treasury Stock (1,500 X $8) ................. 12,000
Cash ............................................... 12,000
June 14 Cash ....................................................... 36,000
Sept. 3 Patents .................................................. 19,000
Common Stock (2,000 X $5) ......... 10,000
Paid-in Capital in Excess of
(b)
Preferred Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
300,000
Common Stock
Date
Explanation
Ref.
Debit
Credit
Balance
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PROBLEM 13-3B (Continued)
Paid-in Capital in Excess of Par—Preferred Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
20,000
Paid-in Capital in Excess of Stated Value—Common Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
June 14
J1
4,000
4,000
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
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PROBLEM 13-3B (Continued)
(c) LORE CORPORATION
Stockholders’ equity
Paid-in capital
Capital stock
10% Preferred stock, $100
par value, noncumulative,
5,000 shares authorized,
3,000 shares issued and
outstanding ............................... $ 300,000
Additional paid-in capital
In excess of par—
preferred stock ......................... $ 20,000
In excess of stated value—
common stock .......................... 444,500
From treasury stock ..................... 4,000
Less: Treasury stock (2,500 common
shares) ............................................. 20,000
Total stockholders’
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PROBLEM 13-4B
(a) Feb. 1 Land ......................................................... 65,000
Preferred Stock (1,000 X $40) ......... 40,000
Paid-in Capital in Excess of
Mar. 1 Cash (2,000 X $60) .................................. 120,000
Preferred Stock (2,000 X $40) ......... 80,000
Paid-in Capital in Excess of
July 1 Cash (20,000 X $5.80) ............................. 116,000
Common Stock (20,000 X $5) ......... 100,000
Paid-in Capital in Excess of
Sept. 1 Patent (800 X $65) ................................... 52,000
Preferred Stock (800 X $40) ............ 32,000
Paid-in Capital in Excess of
Par—Preferred Stock
(800 X $25) ................................... 20,000
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PROBLEM 13-4B (Continued)
(b)
Preferred Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 1
Balance

200,000
Common Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 1
July 1
Balance

J2
100,000
350,000
450,000
Paid-in Capital in Excess of Par—Preferred Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 1
Feb. 1
Balance

J2
25,000
60,000
85,000
Paid-in Capital in Excess of Par—Common Stock
Date
Explanation
Ref.
Credit
Balance
Jan. 1
Balance

700,000
Retained Earnings
Date
Explanation
Ref.
Credit
Balance
Jan. 1
Dec. 31
Balance

J2
210,000
300,000
510,000
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PROBLEM 13-4B (Continued)
(c) GERSTNER CORPORATION
Stockholders’ equity
Paid-in capital
Capital stock
10%, Preferred stock,
$40 par value,
10,000 shares authorized,
8,800 shares issued
Additional paid-in capital
In excess of par—preferred ........ $145,000
In excess of par—
common stock ......................... 726,000
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PROBLEM 13-5B
ALPERS CORPORATION
Stockholders’ equity
Paid-in capital
Capital stock
8% Preferred stock, $100
par value, noncumulative,
Additional paid-in capital
In excess of par—
preferred stock ........................ $288,400
In excess of stated value—
Retained earnings ..................................... 826,000
Total paid-in capital and
retained earnings .............. 3,310,400
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PROBLEM 13-6B
(a) (1) Land ........................................................... 296,000
Preferred Stock (2,400 X $100) ......... 240,000
(2) Cash (400,000 X $16) ................................. 6,400,000
Common Stock (400,000 X $5) .......... 2,000,000
(3) Treasury Stock (1,500 X $22) .................... 33,000
Cash ................................................... 33,000
(4) Cash (500 X $28) ........................................ 14,000
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PROBLEM 13-6B (Continued)
(b) KINGSLEY CORPORATION
Stockholders’ equity
Paid-in capital
Capital stock
8% Preferred stock, $100
par value, noncumulative,
40,000 shares authorized,
2,400 shares issued and
Additional paid-in capital
In excess of par—
preferred stock ...................... $ 56,000
In excess of stated value—
Retained earnings ................................... 560,000
Total paid-in capital and

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