The City University Of New York Accounting Worksheet

all the following accounting question must be done, there are various entries that must be done.

 

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NCOS Corporation was organized on January 1, 2015. It is authorized to issue 100,000 shares of 8%, $100 par value preferred stock and 1,000,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 1 Issued 50,000 shares of common stock for cash at $5 per share Mar. 1 Issued 90,000 shares of common stock for cash at $8 per share Apr. 1 Issued 1,000 shares of preferred stock for cash at $112 per share. Aug. 1 Issued 5,000 shares of preferred stock for cash at $108 per share. Sep. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $80,000. Nov. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $60,000 for services rendered in helping the company organize. The market price of the common stock was $5 per share. Dec. 1 Determine the following: a) The total number of common shares outstanding b) The total number of preferred shares outstanding Using the share totals calculated in the previous question, prepare the general journal entries necessary to record the DIVIDEND transactions NCOS Corporation made during 2016. If no journal entry, write “NO ENTRY”. Mar. 1 A cash dividend of $60,000 was declared to the common shareholders of record March 15 Mar. 15 Common shareholders of record determined Apr. 30 The dividend declared on March 1 was paid to the common shareholders Jun. 5 15% common stock dividend was announced. stock on that day was $8 per share. The market price of the Jul. 15 The dividend declared on June 5 was issued to the common shareholders. The market price of the stock on that day was $10. Sep. 30 There was a 2-for-1 split of the common stock (Indicate the total number of shares issued). Oct. 30 A stock dividend of 30% was declared for stockholders of record November 30. The stocks were issued on December 15 – make the journal entries to record Oct. 30 The dividend announcement (declaration) Nov. 30 Common shareholders of record determined Dec. 15 The issuance of the stock dividend Dec. 31 The total number of common shares outstanding Dec. 31 Prepare the necessary closing entries for all dividends. …