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Accounting

ACC 201 week 4 assigment 2 chapter 8 questions 8-18 and 8-23

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PROBLEM 8-18
a.
Event Assets = Liabilities
Cash = Div. Pay. + Pfd. Stk. + Com. Stk. +
2012
2-Jan 140,000 NA NA 50,000
15-Jan 70,000 NA 50,000 NA
14-Feb 450,000 NA NA 150,000
31-Dec 170,000 NA NA NA
31-Dec (110,000) NA NA NA
12/31* 0 3,000 NA NA
Bal. 720,000
=
3,000
+
50,000
+
200,000
+
2013
31-Jan (3,000) (3,000) NA NA
1-Mar 116,000 NA 100,000 NA
1-Jun 21,500 NA NA NA
31-Dec 210,000 NA NA NA
31-Dec (175,000) NA NA NA
12/31** 0 20,700 NA NA
Bal. 889,500 = 20,700 + 150,000 + 200,000
+
=
$3,000
**Preferred Stock: $50 x 6% x 3,000 shares
=
$9,000
Common Stock: Shares outstanding, 19,500 x $.6 = 11,700
Total Dividend
=
$20,700
PROBLEM 8-18 (cont.)
b.
2012
Stockholders’ Equity
*Preferred Stock: $50 x 6% x 1,000 shares
Davis Corporation
Accounting Equation
Stockholders’ Equity

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$50,000
200,000
20,000
390,000
660,000
PROBLEM 8-18 c. (cont.)
$660,000
Total Stockholders’ Equity
Schedule of Number of
Shares of Common Stock
Shares
Issued
Shares
Outstanding
2012
Jan. 2
5,000
5,000
Feb. 14
15,000
15,000
Totals
20,000
20,000
2013
June 1
(500)
Totals
20,000
19,500

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