The writer is very fast, professional and responded to the review request fast also. Thank you.
Problem 11.4A Stockholders’ Equity: A Short Comprehensive Problem L.O. 4, 5Early in the year Bill Barnes and several friends organized a corporation called Barnes Communications, Inc. The corporation was authorized to issue 50,000 shares of $100 par value, 10 percent cumulative preferred stock and 400,000 shares of $2 par value common stock. The following transactions (among others) occurred during the year:Jan. 6 Issued for cash 20,000 shares of common stock at $14 per share. The shares were issued to Barnes and 10 other investors.Jan. 7 Issued an additional 500 shares of common stock to Barnes in exchange for his services in organizing the corporation. The stockholders agreed that these services were worth $7,000.Jan. 12 Issued 2,500 shares of preferred stock for cash of $250,000.June 4 Acquired land as a building site in exchange for 15,000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the common stock was to be valued for purposes of this transaction at $15 per share.Nov. 15 The first annual dividend of $10 per share was declared on the preferred stock to be paid December 20. (Hint: Record the dividend by debiting Dividends and crediting Dividends Payable.)Dec. 20 Paid the cash dividend declared on November 15.Dec. 31 After the revenue and expenses were closed into the Income Summary account, that account indicated a net income of $147,200.b. Prepare the stockholders’ equity section of the Barnes Communications, Inc., balance sheet at December 31.
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more