AC116 Unit 7 Wiley

Problem 13-3A

The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows.

Preferred Stock (8%, $52 par, cumulative, 10,800 shares authorized)		$  400,400
Common Stock ($1 stated value, 2,065,000 shares authorized)		1,363,000
Paid-in Capital in Excess of Par—Preferred Stock		124,600
Paid-in Capital in Excess of Stated Value—Common Stock		1,455,100
Retained Earnings		1,801,500
Treasury Stock (10,700 common shares)		42,800

During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1		Issued 25,800 shares of common stock for $122,300.
Apr. 14		Sold 5,600 shares of treasury stock—common for $34,000.
Sept. 3		Issued 4,800 shares of common stock for a patent valued at $34,600.
Nov. 10		Purchased 1,100 shares of common stock for the treasury at a cost of $6,000.
Dec. 31		Determined that net income for the year was $494,600.

No dividends were declared during the year.


	

(a)

Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Feb. 1









Apr. 14









Sept. 3









Nov. 10






Dec. 31






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(b)

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(c)

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Problem 13-5A

The following stockholders’ equity accounts arranged alphabetically are in the ledger of Desiree Corporation at December 31, 2012.

Common Stock ($5 stated value)		$2,043,000
Paid-in Capital from Treasury Stock		12,800
Paid-in Capital in Excess of Stated Value—Common Stock		1,594,200
Paid-in Capital in Excess of Par—Preferred Stock		653,500
Preferred Stock (8%, $52 par, noncumulative)		852,800
Retained Earnings		1,743,800
Treasury Stock (10,600 common shares)		137,800

Prepare a stockholders’ equity section at December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)

DESIREE CORPORATION
Balance Sheet (Partial)
December 31, 2012




$






$












: 


$
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