Lab exercise

See attachment below for lab exercise. The attachment is attached bekoew
exercise_13_lab.docx

Unformatted Attachment Preview

Don't use plagiarized sources. Get Your Custom Essay on

Lab exercise

Just from $10/Page

Exercise 13-04 a-e
Riverbed Corporation issued 4,050 shares of stock.
Prepare the entry for the issuance under the following assumptions. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. Round
answers to 0 decimal places, e.g. 5,650.)
(a)
(b)
(c)
(d)
The stock had a par value of $7 per share and was issued for a total of $56,500.
The stock had a stated value of $7 per share and was issued for a total of $56,500.
The stock had no par or stated value and was issued for a total of $56,500.
The stock had a par value of $7 per share and was issued to attorneys for services during
incorporation valued at $56,500.
(e) The stock had a par value of $7 per share and was issued for land worth $56,500.
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
(d)
(e)
Don’t show me this message again for the assignment
Click if you would like to Show Work for this question:Open Show Work
Show List of Accounts
Link to Text
Save
Question Attempts: 0 of 5 used
for
later
Submit
Answer
Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original
state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>
Exercise 13-03 a-b
During its first year of operations, Swifty Corporation had the following transactions pertaining
to its common stock.
Jan. 10 Issued 75,000 shares for cash at $7 per share.
July 1 Issued 35,000 shares for cash at $9 per share.
Don’t show me this message again for the assignment
Journalize the transactions, assuming that the common stock has a par value of $7 per share.
(Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Don’t show me this message again for the assignment
Show List of Accounts
Link to Text
Journalize the transactions, assuming that the common stock is no-par with a stated value of
$1 per share. (Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Don’t show me this message again for the assignment
Click if you would like to Show Work for this question:Open Show Work
Show List of Accounts
Link to Text
Save
Question Attempts: 0 of 5 used
for
later
Submit
Answer
Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original
state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>
Exercise 13-05
Martinez Co. had the following transactions during the current period.
Mar.
2 Issued 4,900 shares of $5 par value common stock to attorneys in payment of a bill
for $30,400 for services performed in helping the company to incorporate.
June 12 Issued 59,500 shares of $5 par value common stock for cash of $362,500.
July 11 Issued 2,500 shares of $120 par value preferred stock for cash at $140 per share.
Nov. 28 Purchased 2,290 shares of treasury stock for $76,000.
Journalize the transactions. (Record journal entries in the order presented in the
problem. Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Don’t show me this message again for the assignment
Click if you would like to Show Work for this question:Open Show Work
Show List of Accounts
Link to Text
Save
Question Attempts: 0 of 5 used
for
later
Submit
Answer
Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original
state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>
Problem 13-03A a-c (Video)
The stockholders’ equity accounts of Marigold Corporation on January 1, 2020, were as follows.
Preferred Stock (8%, $52 par, 11,000 shares authorized)
Common Stock ($1 stated value, 1,900,000 shares authorized)
Paid-in Capital in Excess of Par—Preferred Stock
$ 416,000
1,300,000
120,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,450,000
Retained Earnings
1,800,000
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
Apr. 14
Sept. 3
Nov. 10
Dec. 31
Issued 25,500 shares of common stock for $118,000.
Sold 5,800 shares of treasury stock—common for $33,000.
Issued 5,000 shares of common stock for a patent valued at $35,100.
Purchased 1,000 shares of common stock for the treasury at a cost of $5,800.
Determined that net income for the year was $485,000.
No dividends were declared during the year.
Don’t show me this message again for the assignment
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.)
Date
Account Titles and Explanation
Debit
Don’t show me this message again for the assignment
Show List of Accounts
Link to Text
Link to Text
Link to Text
Credit
Enter the beginning balances in the accounts, and post the journal entries to the stockholders’
equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal
entries presented in the previous part.)
Preferred Stock
Date
Explanation Ref.
Balance
Debit
Credit
Balance
Debit
Credit
Balance
Credit
Balance
√
Common Stock
Date
Explanation Ref.
Balance
√
J5
J5
Paid-in Capital in Excess of Par—Preferred Stock
Date
Explanation Ref.
Balance
Debit
√
Paid-in Capital in Excess of Stated Value—Common Stock
Date
Explanation Ref.
Balance
Debit
Credit
Balance
Debit
Credit
Balance
Debit
Credit
Balance
Debit
Credit
Balance
√
J5
J5
Paid-in Capital from Treasury Stock
Date
Explanation Ref.
J5
Retained Earnings
Date
Explanation Ref.
Balance
√
J5
Treasury Stock
Date
Explanation Ref.
Balance
√
J5
J5
Don’t show me this message again for the assignment
Show List of Accounts
Link to Text
Link to Text
Link to Text
Prepare a stockholders’ equity section at December 31, 2020. (Enter the account name only
and do not provide the descriptive information provided in the question.)
MARIGOLD CORPORATION
Balance Sheet (Partial)
$
$
$
:
$
Don’t show me this message again for the assignment
Click if you would like to Show Work for this question:Open Show Work
Show List of Accounts
Link to Text
Link to Text
Link to Text
Save
Question Attempts: 0 of 5 used
for
later
Submit
Answer
Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original
state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>
Problem 13-06A a-b (Video)
Riverbed Corporation has been authorized to issue 20,500 shares of $100 par value, 10%,
preferred stock and 1,041,300 shares of no-par common stock. The corporation assigned a
$2.60 stated value to the common stock. At December 31, 2020, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
Paid-in Capital in Excess of Par—Preferred Stock
Common Stock
$105,000
38,500
1,041,300
Paid-in Capital in Excess of Stated Value—Common Stock
Treasury Stock (980 common shares)
1,361,700
11,760
Paid-in Capital from Treasury Stock
1,470
Retained Earnings
80,500
Accumulated Other Comprehensive Income
51,000
The preferred stock was issued for land having a fair value of $143,500. All common stock
issued was for cash. In November, 1,470 shares of common stock were purchased for the
treasury at a per share cost of $12. In December, 490 shares of treasury stock were sold for
$15 per share. No dividends were declared in 2020.
Don’t show me this message again for the assignment
Prepare the journal entries for the: (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
(1)
(2)
(3)
(4)
Issuance of preferred stock for land.
Issuance of common stock for cash.
Purchase of common treasury stock for cash.
Sale of treasury stock for cash.
No. Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
Don’t show me this message again for the assignment
Show List of Accounts
Link to Text
Link to Text
Prepare the stockholders’ equity section at December 31, 2020. (Enter the account name
only and do not provide the descriptive information provided in the question.)
RIVERBED CORPORATION
Balance Sheet (Partial)
$
$
:
$
Don’t show me this message again for the assignment
Click if you would like to Show Work for this question:Open Show Work
Show List of Accounts
Link to Text
Link to Text
Save
Question Attempts: 0 of 5 used
for
later
Submit
Answer
Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original
state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>
…
Purchase answer to see full
attachment

Studypool values your privacy. Only questions posted as Public are visible on our website.

Tutor Answer

Mar 19th, 2019

(Top Tutor)
watterrswrite

School: Rice University

Attached.

Running header: ACCOUNTING

Accounting:
Student’s Name:
Instructor’s Name:
Institutional Affiliation:

ACCOUNTING

The stock had a par value of $7 per share and was issued for a total of $56,500.
The stock had a stated value of $7 per share and was issued for a total of $56,500.
The stock had no par or stated value and was issued for a total of $56,500.
The stock had a par value of $7 per share and was issued to attorneys for services during
incorporation valued at $56,500.
(e) The stock had a par value of $7 per share and was issued for land worth $56,500.
No. Account Titles and Explanation
(a)

(b)

(c)

cash

Debit
$56,500

shares of stoc

$28,350

paid-in capital

$28,150

cash

$56500

shares of stoc

$28,350

paid-in excess

$28,150

cash

$56,500

shares of stoc

(d)

(e)

Credit

corporate exp

$56,500
$56,500

shares of stoc

$28,350

paid-in excess

$28,150

land

$56,500

share of stock

$28,350

paid-in excess

$28,150

Don’t show me this message again for the assignment

Click if you would like to Show Work for this question:Open Show Work

Show List of Accounts

ACCOUNTING

Link to Text

Save
Question Attempts: 0 of 5 used

for
later

Submit
Answer

Tooltip JS-control [id=_intjsTooltip_1_]
Your instructor has reset your attempts for this question. The question will reload in the original state.
Click “Continue” to proceed with the question.
< img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/944609404/?value=0&guid= ON&script=0"/>< /div>

Exercise 13-03 a-b
During its first year of operations, Swifty Corporation had the following transactions pertaining
to its common stock.
Jan. 10 Issued 75,000 shares for cash at $7 per share.
July 1 Issued 35,000 shares for cash at $9 per share.

Don’t show me this message again for the assignment
Journalize the transactions, assuming that the common stock has a par value of $7 per share.
(Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
Jan. 10

Account Titles and Explanation
cash

Debit
$525,000

common stock
July 1

cash9*35,000

Credit

$525,000
$315,000

common stock

$245,000

paid-in excess

$70,0000

ACCOUNTING

Don’t show me this message aga…

Download Completed Work

Studypool has helped 8,244,100
students

flag
Report DMCA

Price: $25 USD

flag
Report DMCA

Examine

Review

Anonymous

The tutor managed to follow the requirements for my assignment and helped me understand the concepts on it.

Anonymous

The tutor was knowledgeable, will be using the service again.

Anonymous

Awesome quality of the tutor. They were helpful and accommodating given my needs.

Studypool

4.7

Trustpilot

4.5

Sitejabber

4.4

flag
Report DMCA

How it works

Will the writer plagiarize my essay?

Is this service safe?

WHY US

Recent Posts