80.2K

Verified Solution

Link Copied!

Newly formed S&J Iron Corporation has 87,000 shares of $4 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $11 per share. On May 2, the company issued an additional 17,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Rega Reg is toe Record the transactions in a horizontal statements model in the Statement of Cash Pows column, indicate whether the item is an operating activity (OA), Invest financing activity (YA). Not all cells require input.) S&J RON CORPORATION Horizontal Statements Model Balance Sheet = Liabilities Stockholders' Equity Revenue Common Stock Excess Income Statement Assets Expense - Net Income Event Statement of Cash Flows Cash PIC in March 1 May 2 ### Reg toe > Newly formed S&J Iron Corporation has 87,000 shares of $4 par common stock authorized. On March 1, Year 1, S&J Iron issued 10,000 shares of the stock for $11 per share. On May 2, the company issued an additional 17,500 shares for $20 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for pald-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A Req B to E b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for pald-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Show less b. Common stock c. Paid-in capital in excess of par d. Total paid-in capital e. Total assets

Answer & Explanation Solved by verified expert

See Answer