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vekshin1
3 years ago
12

Culver Corporation was organized on January 1, 2022. It is authorized to issue 22,800 shares of 6%, $50 par value preferred stoc

k and 468,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
Jan.10 Issued 74,000 shares of common stock for cash at $6 per share.
Mar.1 Issued 1,280 shares of preferred stock for cash at $54 per share.
May1 Issued 119,000 shares of common stock for cash at $5 per share.
Sept.1 Issued 5,800 shares of common stock for cash at $4 per share.
Nov.1 Issued 3,800 shares of preferred stock for cash at $60 per share.

Required:
Post to the stockholders' equity accounts.
Business
1 answer:
Rus_ich [418]3 years ago
8 0

Answer:

Date        Account title and explanation              Debit          Credit

Jan-10     Cash (74,000*$6)                                $444,000  

                     Common Stock (74,000*$3)                             $222,000

                     Paid in capital in excess of stated value          $222,000

Mar-01     Cash (1,280*$54)                                  $69,120  

                        Preferred Stock (1,280*$50)                           $64,000

                        Paid in capital in excess of par value             $5,120

May-01     Cash (119,000*$5)                                $595,000  

                         Common Stock (119,000*$3)                           $357,000

                         Paid in capital in excess of stated value        $238,000

Sep-01      Cash (5,800*$4)                                   $23,200

                           Common Stock (5,800*$3)                            $17,400

                           Paid in capital in excess of stated value       $5,800

Nov-01       Cash (3,800*$60)                                $228,000  

                            Preferred Stock (3800*$50)                         $190,000

                            Paid in capital in excess of par value           $38,000

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Answer and Explanation:

The computation of given question is shown below:-

                                     <u> Hi-Test Company</u>

                            <u>Weighted-average method</u>

                                                              <u>Equivalent units</u>

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Beginning work-in-progress    2,000

Production started                    28,000

Total units                                  30,000

Units accounted for:

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out                                             23,000        23,000        23,000

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2. Total units                             30,000         30,000       25,800

                                           <u>Materials   Conversion costs  Total costs</u>

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progress                              $45,000        $56,320               $101,320

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Costs added during

period                                  $375,000      $341,000            $716,000

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÷

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Total cost                                $420,000     $397,320         $817,320

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