Equity Section of the Balance Sheet

Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, Ch. 11Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet located on p. 575 of Financial Accounting: How many shares of common stock are outstanding?Assuming there is a stated value, what is the stated value of the common stock?What is the par value of the preferred stock?If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?Use the Week 4 Excel® spreadsheet and submit with your answers.
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Stockholders’ Equity Section of the
Balance Sheet Grading Guide
ACC/291 Version 6
Principles of Accounting II
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Stockholders’ Equity Section of
the Balance Sheet Grading Guide
ACC/291 Version 6
Individual Assignment: Stockholders’ Equity Section of the Balance Sheet
Purpose of Assignment
The purpose of this assignment is to help you become familiar with examining the stockholders’ equity section
of the balance sheet.
Resources Required
Financial Accounting: Tools for Business Decision Making
Grading Guide
Content
Met
Partially
Met
Not Met
Total
Available
Total
Earned
5
#/5
Partially
Met
Not Met
Comments:
Answered the following questions in 1,050
words using the Lachlin Corporation Balance
Sheet (partial) below:
•
•
•
•
•
How many shares of common stock
are outstanding?
Assuming there is a stated Value,
what is the stated value of the
common stock?
What is the par value of the preferred
stock?
If the annual dividend on preferred
stock is $36,000, what is the dividend
rate on preferred stock?
If dividends of $72,000 were in arrears
on preferred stock, what would be the
balance reported for retained
earnings?
Writing Guidelines
Met
Comments:
2
Stockholders’ Equity Section of
the Balance Sheet Grading Guide
ACC/291 Version 6
Writing Guidelines
Met
Partially
Met
Not Met
Total
Available
Total
Earned
3
#/3
8
#/8
The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
meets course-level requirements.
Intellectual property is recognized with in-text
citations and a reference page.
Paragraph and sentence transitions are
present, logical, and maintain the flow
throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed
including spelling and punctuation.
Assignment Total
Additional comments:
#
Comments:
3
Name
Section
Date
Exercises 11-4
E11-4
Lachlin Corporation
(a)
(b)
(c)
(d)
(e)
627
xercises 11-4
627
1/8/2018
University of Phoenix: Financial Accounting: Tools for Business Decision Making
PRINTED BY: deniseemares@email.phoenix.edu. Printing is for personal, private use only. No part of this book
may be reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Instructions
Prepare the journal entries for the Sagan Co. transactions.
Journalize preferred stock
transactions and indicate
statement presentation.
(LO 2, 4), AP
E11-3 Penland Corporation is authorized to issue both
preferred and common stock. The par value of the preferred is
$50. During the first year of operations, the company had the
following events and transactions pertaining to its preferred
stock.
Feb. 1 Issued 40,000 shares for cash at $51 per share.
July 1 Issued 60,000 shares for cash at $56 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts. (Use T-accounts.)
(c) Discuss the statement presentation of the accounts.
Answer questions about
stockholders’ equity section.
(LO 2, 4), C
E11-4 The stockholders’ equity section of Lachlin Corporation’s
balance sheet at December 31 is presented here.
https://phoenix.vitalsource.com/#/books/9781119228301/cfi/6/40!/4/110/2@0:48.8
1/4
1/8/2018
University of Phoenix: Financial Accounting: Tools for Business Decision Making
Instructions
From a review of the stockholders’ equity section, answer the
following questions.
(a) How many shares of common stock are outstanding?
(b) Assuming there is a stated value, what is the stated value of
the common stock?
(c) What is the par value of the preferred stock?
(d) If the annual dividend on preferred stock is $36,000, what
is the dividend rate on preferred stock?
(e) If dividends of $72,000 were in arrears on preferred stock,
what would be the balance reported for retained earnings?
Prepare correct entries for
capital stock transactions.
(LO 2), AN
E11-5 Mesa Corporation recently hired a new accountant with
extensive experience in accounting for partnerships. Because of
the pressure of the new job, the accountant was unable to
review what he had learned earlier about corporation
accounting. During the first month, he made the following
entries for the corporation’s capital stock.
https://phoenix.vitalsource.com/#/books/9781119228301/cfi/6/40!/4/110/2@0:48.8
2/4
1/8/2018
University of Phoenix: Financial Accounting: Tools for Business Decision Making
Instructions
On the basis of the explanation for each entry, prepare the
entries that should have been made for the capital stock
transactions.
https://phoenix.vitalsource.com/#/books/9781119228301/cfi/6/40!/4/110/2@0:48.8
3/4
1/8/2018
University of Phoenix: Financial Accounting: Tools for Business Decision Making
PRINTED BY: deniseemares@email.phoenix.edu.
Printing is for personal, private use only. No part of this
book may be reproduced or transmitted without
publisher’s prior permission. Violators will be
prosecuted.
https://phoenix.vitalsource.com/#/books/9781119228301/cfi/6/40!/4/110/2@0:48.8
4/4

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