(solution) On January 29, Quality Marble Inc., a marble contractor, issued

(solution) On January 29, Quality Marble Inc., a marble contractor, issued

On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.

  • a.Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.
  • b.What is the total amount invested (total paid-in capital) by all stockholders as of May 31?

Exercise 8-17
a.
Statement of
Cash Flows Statement of
Cash Flows b. Show your work. Assets = Balance Sheet
Liabilities + Assets = Balance Sheet
Liabilities + Income Statement
Stockholders? Equity Income Statement
Stockholders? Equity Exercise 8-22 February 6
Statement of
Cash Flows Balance Sheet
Assets = Income Statement
Liabilities + Stockholders? Equity Statement of
Cash Flows Balance Sheet
Assets = Liabilities + Stockholders? Equity March 9 April 8
Income Statement