Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / On January 5, 2020, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock
On January 5, 2020, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions.
Jan. 11Issued 20,000 shares of common stock at $16 per share.Feb. 1Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: equipment with a fair value of $50,000; a factory building with a fair value of $160,000; and land with an appraised value of $270,000.July 29Purchased 1,800 shares of common stock at $17 per share. (Use cost method.)Aug. 10Sold the 1,800 treasury shares at $14 per share.Dec. 31Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend.Dec. 31Closed the Income Summary account. There was a $175,700 net income.
Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
Jan. 11
Feb. 1
July 29
Aug. 10
Dec. 31
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Feb. 1
enter an account title for the journal entry on February 1
enter a debit amount
enter a credit amount
enter an account title for the journal entry on February 1
enter a debit amount
enter a credit amount
enter an account title for the journal entry on February 1
enter a debit amount
enter a credit amount
enter an account title for the journal entry on February 1
enter a debit amount
enter a credit amount
enter an account title for the journal entry on February 1
enter a debit amount
enter a credit amount
choose a transaction date
Jan. 11
Feb. 1
July 29
Aug. 10
Dec. 31
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Aug. 10
enter an account title for the journal entry on August 10
enter a debit amount
enter a credit amount
enter an account title for the journal entry on August 10
enter a debit amount
enter a credit amount
enter an account title for the journal entry on August 10
enter a debit amount
enter a credit amount
choose a transaction date
Jan. 11
Feb. 1
July 29
Aug. 10
Dec. 31
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
Jan. 11
Feb. 1
July 29
Aug. 10
Dec. 31
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
eTextbook and Media
List of Accounts
Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2020. (Enter account name only and do not provide descriptive information.)
PHELPS CORPORATION
Stockholders' Equity
choose the accounting period
December 31, 2020
For the Year Ended December 31, 2020
For the Quarter Ended December 31, 2020
select an opening name for subsection one
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
enter a balance sheet item
$
enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing name for subsection one
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
enter a total amount for subsection one
select an opening name for subsection two
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
enter a balance sheet item
$
enter a dollar amount
enter a balance sheet item
enter a dollar amount
enter a subtotal of the two previous amounts
select a summarizing line for the first part
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
enter a total amount for the first part
enter a balance sheet item
enter a dollar amount
select a closing section name
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
$
enter a total amount for this section
Already member? Sign In
