AC310 Problem 5

Problem 5:

Vivi Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par – Common Stock $20,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $11,000. Prepare the stockholders’ equity section of the balance sheet.

 

I need my worked checked and the problem completed. I thought I was on the right track but I am lost at the end. Please help!

Chapter 12 Exercises

5000

9000)

-4500

FALSE

FALSE

TRUE

TRUE

FALSE

TRUE

FALSE

37000

20000

20000

212000

																																																																																																																																																																																																																																															Prob. 1	Division of Net Income
Lill	Dil	Total
Salary allowance	1 Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	5000	10000	25000
Interest allowance	7000
Total interest	12000
Total salaries and interest	22000	15000		37000
Remaining deficiency	(		-4500
Total remainder	-9000
Total Division	18500	10500	28000
Prob. 2
1.					FALSE
A partnership is an association of two or more persons…
2.
The legal requiremnets for forming a partnership is easy
3.				TRUE
4.	The net income of a partnership is not taxed as a…
5.
6.
7.
When a partnership is dissolved, each partner has a claim on total…
8.
9.
Mutual Agency is a disadvantage of the partnership form…
Prob. 3
The Doctor Paretnership
Balance Sheet
December 31, 2012
Assets
Current Assets
Cash
Accounts receivable	32000
Supplies	3000	72000
Equipment	47000
	Land	18000
Building	75000
140000
Total Assets		212000
Long term Mortgage				20000
Total Liabilties
Liabilities and Owner’s Equity
David’s Capital	55000
Matt’s Capital	73000
Chirs ‘s Capital	64000
Total Captal Accpunts	192000
Total Liabilties and Total Captal Accpunts

Chapter 13 Exercises

Land

in Excess of Par – Common Stock

Paid-in capital

50000

50000

20000

(

Prob 4
Account Titles	Debit	Credit
85000
Common Stock			50000
	Paid-in capital	35000
Prob. 5
Stockholders’ equity
Capital stock
Common stock, $10 par, 5000 shares issued
Total capital stock
Additional paid-in capital
In excess of par- common stock
From treasury stock	11000
Total additional pain-in capital	31000
Total paid-in capital	81000
Reatained Earnings	45000
Total paid-in capital & retained earnings	126000
Less treasury stock
Total stockholder’s equity