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Vitek1552 [10]
3 years ago
14

On January 22, Muir Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Muir issued at par

3,000 shares of 6%, $50 par preferred stock for cash. On August 30, Muir Corporation issued for cash 25,000 shares of preferred 6% stock, $50 par at $54. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
Juli2301 [7.4K]3 years ago
8 0

Answer:

Jan 22

Dr Cash 600,000

Cr Common stock 600,000

Feb 14

Dr Cash 150,000

Cr Preferred stock 150,000

Aug 30

Dr Cash 1,350,000

Cr Preferred stock 1,250,000

Cr Paid in capital excess of par preferred stock 100,000

Explanation:

Muir Corporation Journal entries

Date Accounts Debit Credit

Jan 22

Dr Cash (20,000*30) 600,000

Cr Common stock 600,000

Feb 14

Dr Cash (3000*50) 150,000

Cr Preferred stock 150,000

Aug 30

Dr Cash (25,000*54) 1,350,000

Cr Preferred stock (25,000*50) 1,250,000

Cr Paid in capital excess of par preferred stock 100,000

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Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missin
PilotLPTM [1.2K]

Answer:

Income Statements

                                                             2013                2014             2015

Sales revenue                                $294,170      $360,920        $414,180

Sales returns and allowances            11,200            13,470         20,740

Net sales                                         282,970         347,350      393,440  

Beginning inventory                          21,590          33,560          42,010

Purchases                                       245,240       263,090       298,600

Purchase returns and allowances     (5,180)          (8,330)        (10,440)

Freight-in                                             8,140            9,480           12,440

Total cost of goods available        269,790       297,800         342,610

Ending inventory                             33,560           42,010          47,870

Cost of goods sold                       236,230        255,790       294,740

Gross profit on sales                      46,740           91,560          98,700

Explanation:

a) Data and Calculations:

                                                             2013                2014             2015

Sales revenue                                $294,170           $                  $414,180

Sales returns and allowances            11,200            13,470  

Net sales                                                                 347,350  

Beginning inventory                          21,590           33,560  

Ending inventory  

Purchases                                                             263,090       298,600

Purchase returns and allowances     5,180             8,330           10,440

Freight-in                                            8,140             9,480            12,440

Cost of goods sold                       236,230                                294,740

Gross profit on sales                      46,740           91,560           98,700

Beginning inventory                          21,590          33,560          42,010

Purchases                                       245,240       263,090       298,600

Purchase returns and allowances     (5,180)          (8,330)        (10,440)

Freight-in                                             8,140            9,480           12,440

Total cost of goods available        269,790       297,800         342,610

Ending inventory                             33,560           42,010           47,870

Cost of goods sold                       236,230        255,790       294,740

3 0
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