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ABC Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In 2010, its first year of operation, company has stock transactions which are given below:

Jan. 1      Paid state $2,000 for incorporation fees.
Jan. 15    Issued 500,000 shares of stock at $6 per share.
Jan. 30  Attorneys for company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are computed to have the value of $7,000.
July 2       Issued 100,000 shares of stock for land. Land had the asking price of $900,000. The stock is at present selling on the national exchange at $8 per share.
Sept. 5   Purchased 15,000 shares of common stock for treasury at $9 per share.
Dec. 6     Sold 11,000 shares of the treasury stock at $11 per share.

problem 1)

Journalize the transactions for ABC Corporation.

problem 2) Sunshine Company at December 31 has cash $40,000, liabilities $110,000, noncash assets $200,000, and the capital balances are as follows: Dickinson $90,000 and Meierhoff $40,000. Firm is liquidated, and $240,000 in cash is received for noncash assets. Dickinson and Meierhoff income ratios are 60% and 40%, respectively.

problem 1)

Create a cash distribution schedule.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99490

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