[Solved] Principals of Accounting II

Assignment Prompt & Instructions

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**files (1)**

– ## A03_Module3WrittenAssignment1.xlsx

**## A03_Module3WrittenAssignment1.xlsx**

## Worksheet #1

| | | | | | |
| — | — | — | — | — | — |
| Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2017: |

| | Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued | $ 200,000 |
| | Paid-in Capital in Excess of Par Value, Common | 250,000 |
| | Retained earnings | 500,000 |
| | Treasury Stock, 1,000 shares | (20,000) |
| | Total stockholders' equity | $ 930,000 |

| The following transactions occurred during 2018: |

| February 2 | Sold and issued 2,000 shares of common stock for $22 per share. |
| May 10 | Declared a $0.50 per share dividend on common stock. |
| October 12 | Sold 500 shares of the treasury stock for $20 per share. |
| December 31 | Net income for the year was determined to be $75,000 |

| Based on the above information, prepare a statement of stockholders' equity for 2018. Use Worksheet #1. |
| Salte Corporation |
| Statement of Stockholders' Equity |
| December 31, 2018 |
| | Common Stock | Paid-In Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity |
| Balance, December 31, 2017 | $ 200,000 | $ 250,000 | $ 500,000 | $ (20,000) | $ 930,000 |

## Worksheet #2

| | | | |
| — | — | — | — |
| Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: |
| May | 5 | Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000 |
| July | 20 | Sold 1,550 shares of preferred stock for $50 cash per share |
| Dec | 20 | Sold 1,000 shares of preferred stock at $52 cash per share |
| Date | | Debit | Credit |

**## A03_Module3WrittenAssignment1.xlsx**

## Worksheet #1

| | | | | | |
| — | — | — | — | — | — |
| Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2017: |

| | Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued | $ 200,000 |
| | Paid-in Capital in Excess of Par Value, Common | 250,000 |
| | Retained earnings | 500,000 |
| | Treasury Stock, 1,000 shares | (20,000) |
| | Total stockholders' equity | $ 930,000 |

| The following transactions occurred during 2018: |

| February 2 | Sold and issued 2,000 shares of common stock for $22 per share. |
| May 10 | Declared a $0.50 per share dividend on common stock. |
| October 12 | Sold 500 shares of the treasury stock for $20 per share. |
| December 31 | Net income for the year was determined to be $75,000 |

| Based on the above information, prepare a statement of stockholders' equity for 2018. Use Worksheet #1. |
| Salte Corporation |
| Statement of Stockholders' Equity |
| December 31, 2018 |
| | Common Stock | Paid-In Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity |
| Balance, December 31, 2017 | $ 200,000 | $ 250,000 | $ 500,000 | $ (20,000) | $ 930,000 |

## Worksheet #2

| | | | |
| — | — | — | — |
| Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: |
| May | 5 | Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000 |
| July | 20 | Sold 1,550 shares of preferred stock for $50 cash per share |
| Dec | 20 | Sold 1,000 shares of preferred stock at $52 cash per share |
| Date | | Debit | Credit |