Purchase Solution

Norris Corporation was organized on January 1, 2007.

Not what you're looking for?

Ask Custom Question

See attached file.

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 per value preferred stock and 500,000 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. 10 Issued 60,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share
May 1 Issued 100,000 shares of common stock for cash at $5 per share
Sept 1 Issued 5,000 shares of common stock for cash at $6 per share
Nov 1 Issued 2,000 shares of preferred stock for cash at $56 per share

A) Journalize the transactions
B) Post to the stockholders equity account (use T accounts)
C) Prepare the paid in capital portion of the stockholders equity section at December 31, 2007.

Attachments
Purchase this Solution
Solution Summary

This solution is comprised of a detailed explanation to journalize the transactions, post to the stockholders equity account, and prepare the paid in capital portion of the stockholders equity section at December 31, 2007.

Solution Preview

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 per value preferred stock and 500,000 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. 10 Issued 60,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share
May 1 Issued 100,000 shares of common stock for cash at $5 per share
Sept 1 Issued 5,000 shares of common stock for cash at $6 per share
Nov 1 Issued 2,000 shares of preferred stock for cash ...

Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Introduction to Finance

This quiz test introductory finance topics.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

View More Free Quizzes
Related BrainMass Solutions

  • Journal entries :stock transaction

    171277 Norris Corporation was organized on January 1, 2007. Norris Corporation was organized on January 1, 2007.

  • Bush Economic Policy and Currency Decline

    Norris, Floyd (September 22, 2007). Off the Charts: Dollar Sinks the Lowest Since It Started to Float. Retrieved on January 30, 2013 from http://query.nytimes.com/gst/fullpage.html?res=9402E7D8123AF931A1575AC0A9619C8B63.

  • Statement of Retained Earnings

    221284 Statement of Retained Earnings Landon Corporation was organized on January 2, 2006, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200.

  • Employment, Discrimination and Labour Law

    The Norris-La Guardia Act This act was passed in 1932, was cosponsored in Congress by George Norris and Fiorello La Guardia, and removed barriers (legal and judicial) against the organized labor in the United States.

  • Expenditures for Promotional Advertising

    The shopping center would have opened on schedule on January 1, 2007, if it had not been struck by a severe tornado in December. Instead, it opened for business on October 1, 2007.

  • Befort Company's Capitalization on Patents

    E 12-4 1. Kling Company was organized in late 2007 and began operations on January 2, 2008.

  • Paid in Capital from Treasury Stock for Davidson Co

    $______________________ Calculation: Problem: Davidson Co. was organized on January 2, 2007, with 500,000 authorized shares of $10 par value common stock.

  • Time Value of Money Problems

    190291 Various time value solutions: Aaron Brown Corporation 1. On January 1, 2007, Aaron Brown Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale.

  • E11-4 Depreciation; E11-1 Change in Estimate; E12-6 Intangib

    A trademark was purchased from Shanghai Company for $32,000 on July 1, 2004. Expenditures for successful litigation in defense of the trademark totaling $8,160 were paid on July 1, 2007.

View More Related Solutions