Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e11-6 (algo) recording and reporting stockholders'

E11-6 (Algo) Recording and Reporting Stockholders' Equity Transactions [LO 11-2, LO 11-4] Ava School of...

90.2K

Verified Solution

Question

Accounting

image
E11-6 (Algo) Recording and Reporting Stockholders' Equity Transactions [LO 11-2, LO 11-4] Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $48 cash per share from four individuals and issued 5,800 shares of common stock to each. b. Issued 6,800 shares of common stock to an outside investor at $48 cash per share. c. Issued 8,800 shares of preferred stock at $17 cash per share. Required: 1. Prepare the journal entries indicated for each of these transactions. 2. Prepare the stockholders' equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $44,000. No dividends were declared. Complete this question by entering your answers in the tabs below. Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transaction/event, select "No Jour Entry Required" in the first account field.)

Answer & Explanation Solved by verified expert
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The management team of Accent Group Limited have received a proposal from the manager of Hype...

Finance
Q

It is given that M = 185 kg and R = 1.65 m. What if an...

Physics
Q

design and develop a miniature cryocooler in FORTRAN 77 software and validate it's result with EES...

Mechanical Engineering
Q

Talk about the pros and cons to different pricing strategies (for example complex, hard to implement,...

General Management
Q

1 4 This pedigree illustrates the pattern of inheritance of X linked recessive colorblindness in...

Biology
Q

d 150 J of heat has been added to the gas 6 1 mole of...

Physics
Q

Determine whether the graph represents a function If and range O A Type an inequality...

Calculus
Q

Find an orthogonal matrix P that diagonalises A = 2 2 1 2 5...

Algebra
Q

: moodle1.du.edu.om III Question 2 Not yet answered Marked out of 2 Flag question 2001...

Accounting
Q

Traditional Product Costing versus Activity-Based Costing Ridgeland Inc. makes backpacks for large sporting goods chains...

Accounting
Q

When calculating Break-even volume in units and we have fixed income (e.g. Rental Income for...

Accounting
Q

The answer 3.45 and 3.07 are not right. At an output level of 17,500...

Finance