ACCT 503 Week 6 Homework (E10-22A E10-30A,E12-27B, E12-20A)(Syllabus, 2019)

ACCT 503 Week 6 Homework (E10-22A E10-30A,E12-27B, E12-20A)(Syllabus, 2019)

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E10-22A

Preston Stores is authorized to issue 16,000 shares of common stock. During a two-month period, Preston

completed these stock-issuance transactions:

 

Requirements

1.         Journalize the transactions.

2.         Prepare the stockholders' equity section of Preston Stores' balance sheet for the transactions given in this exercise.

Retained Earnings has a balance of $41,000.

 

E10-30A

Supreme Manufacturing, Inc., reported the following at December 31,2016 and December 31, 2017:

 

E12-27B

McDowell Investments specializes in low-risk government bonds.

 

Requirement

 

 

E12-20A

The income statement and additional data of Norcross Travel Products, Inc., follow:

 

 

Additional data:

a.         Acquisition of plant assets was $127,000. Of this amount, $75,000 was paid in cash and $52,000 by signing a note payable.

b.         Proceeds from sale of land totaled $59,000.

c.         Proceeds from issuance of common stock totaled $36,000.

d.         Payment of long-term note payable was $20,000.

 

e.         Payment of dividends was $10,000.

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