No. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TE
ID: 2470030 • Letter: N
Question
No.
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
PRINGLE CORPORATION
Partial Balance Sheet
December 31, 2014
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock $145,500 Paid-in Capital in Excess of Par Value—Preferred Stock 21,560 Common Stock 2,100,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,473,000 Treasury Stock— (5,240 common shares) 57,640 Retained Earnings 83,400
The preferred stock was issued for $167,060 cash. All common stock issued was for cash. In November 5,240 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash.
No.
Account Titles and Explanation
Debit
Credit
1. 2. 3.SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014.PRINGLE CORPORATION
Partial Balance Sheet
December 31, 2014
$
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital$
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in CapitalAdd Less :
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders’ Equity Total Additional Paid-in Capital$
Explanation / Answer
AccounTitle and Explanations Debit($) Credit($) Cash 167060 Preferred Stock 145500 Paid-in Capital in Excess of Par Value—Preferred Stock 21560 (issue of preferred stock) Cash 3573000 Common Stock 2100000 Paid-in Capital in Excess of Stated Value—Common Stock 1473000 (issue of common stock) Treasury stock - at cost 57640 Cash 57640 (purchase of treasury stock) Statement of Shareholders' equity Preferred stock $ 1,45,500.00 Paid-in Capital in Excess of Par Value—Preferred Stock $ 21,560.00 common stock $ 21,00,000.00 Paid-in Capital in Excess of Stated Value—Common Stock $ 14,73,000.00 Retained earnings $ 83,400.00 Subtotal $ 38,23,460.00 Less: treasury stock - at cost $ 57,640.00 Shareholders' equity $ 37,65,820.00
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