Please give me a complete answer. Thank you. [The following information applies
ID: 2469246 • Letter: P
Question
Please give me a complete answer. Thank you.
[The following information applies to the questions displayed below.]
Malard Corporation was authorized to issue 200,000 shares of $8 par common stock and 50,000 shares of $80 par, 4 percent, cumulative preferred stock. Malard Corporation completed the following transactions during its first two years of operation:
Issued 75,000 shares of $8 par common stock for $10 per share.
Issued 22,000 shares of $80 par preferred stock for $90 per share.
Issued 60,000 shares of $8 par common stock for $12 per share.
During the year, earned $680,000 of cash revenues and paid $394,400 of cash operating expenses.
Declared the cash dividend on outstanding shares of preferred stock for 2014. The dividend will be paid on January 31 to stockholders of record on January 15, 2015.
Closed revenue, expense, and dividend accounts to the retained earnings account.
Issued 12,000 shares of $80 par preferred stock for $92 per share.
Purchased 5,000 shares of common stock as treasury stock at $14 per share.
During the year, earned $585,000 of cash revenues and paid $339,300 of cash operating expenses.
Declared the dividend on the preferred stock and a $1.00 per share dividend on the common stock.
Closed revenue, expense, and dividend accounts to the retained earnings account.
Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".)
b.
Prepare the stockholders’ equity section of the balance sheet at December 31, 2014. (Do not round intermediate calculations)
Prepare the balance sheet at December 31, 2015. (Do not round intermediate calculations.)
Please give me a complete answer. Thank you.
[The following information applies to the questions displayed below.]
Required a. Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) MALARD CORPORATION Accounting Equation Liabilities + Dividends Payable Assets Stockholders' Equity Paid-In Capital in Excess Accounts Titles for etained Earnings Event Paid-In Capital Treasury Preferred Stock Common Stock Cash in Excess + Preferred StockCommon Stock StockRetained Accoun Earnings 2014 1/2 1/15 2/14 12/31 12/31 12/31 Bal 2015 Beg. bal 1/31 12/31 12/31 12/31 End. balExplanation / Answer
Answer b
stockholders’ equity section of the balance sheet at December 31, 2014.
Answer c
Events Cash = Dividends payable + Preferred Stock + Common Stock + Paid In Capital In Excess- Preferred Stock + Paid In Capital In Excess-Common Stock - Treasury Stock+ Retained Earnings 2014 2/ jan 750000 600000 150000 15/Jan 1980000 1760000 220000 14/Feb 720000 480000 240000 31/dec 285600 285600 31/dec 70400 -70400 Balance 3735600 70400 1760000 1080000 220000 390000 215200 2015 Beg balance 3735600 70400 1760000 1080000 220000 390000 215200 31 jan -70400 -70400 01 mar 1104000 960000 144000 1 jun -70000 70000 31 Dec 245700 245700 31 Dec 238800 -238800 BAlance 4944900 238800 2720000 1080000 364000 390000 70000 222100