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

Accounting

Share With

---

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