Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the beginning of 20x1, the accounting records o

At the beginning of 20X1, the accounting records of Friends Corp. reported the following:   Preferred shares, 6,800...

70.2K

Verified Solution

Question

Accounting

At the beginning of 20X1, the accounting records of FriendsCorp. reported the following:

  Preferred shares, 6,800 shares outstanding,no-par$226,440
  Common shares, 181,000 shares outstanding,no-par530,330
  Contributed capital on common share retirement110,900
  Retained earnings554,500


During the year, the company acquired and retired shares, whileother shares were issued:

15 March24,800 common shares bought and retired at $5 per share
16 March4,000 preferred shares bought and retired at $36.20 pershare
20 May8,800 common shares bought and retired at $1 per share
25 May1,500 preferred shares bought and retired at $21.70 pershare
30 May10,700 common shares issued at $13.70 per share
15 Nov.4,900 common shares bought and retired at $28 per share


2. Calculate the closing balance in each account in shareholders’equity. (Round intermediate calculations to 2 decimalplaces. Round your final answers to the nearest wholedollar.)

Preferred shares
Common shares
Contributed capital on shareretirement:
Common
Preferred
Retained earnings

Answer & Explanation Solved by verified expert
4.5 Ratings (680 Votes)
Par value for Common stock 530330181000 293 Par value for Preferred stock 2264406800 333 Some time Paid In capital excess of par value or additional paid in capital words used instead of Contributed Capital Company name Journal entries Date General journal Debit Credit 15Mar Contributed Capital on Common share retirement 248005293 51336 Common Stock 24800293 72664 Cash 248004 124000    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

a. Bismuth-214 decays by alpha emission with a half-life of 19.7 minutes. If 15.0 grams of...

Chemistry
Q

discussed two different methods of energetic coupling between exergonic and endergonic reactions. In your own words, describe...

Biology
Q

Diversity tends to increase productivity in a community Which of the following may explain this...

Biology
Q

55 A closed circular conducting loop is mo a uniform magnetic field as shown in...

Physics
Q

Develop a Matlab function mySquares that calculates the first N squares As input the function...

Basic Math
Q

your answer Type an integer or a fraction

Statistics
Q

eBook Allocating Joint Costs Using the sales-Value-at-Split-off Method Orchard Fresh, Inc., purchases apples from local...

Accounting
Q

! Required information [The following information applies to the questions displayed below.] ...

Accounting
Q

The following information is taken from the payroll records of a company. Required: Using the...

Accounting
Q

11) On January 1, 2014, Rickson Corporation purchased 7,500 shares of AutoTech as a long-term...

Accounting
Q

Digital corp purchased a machine for $150,000 on 4/1/21. The machine was estimated to have...

Accounting
Q

Marsden Company has three departments occupying the following amount of floor space: How much store...

Accounting