Seminoles Investment Company

On January 2, 20X1, Seminoles Investment Company began business by issuing 25,000 shares at $4 at par

value for $500,000 cash. The cash was invested, and on December 26, 20X1 all investments were sold for $541,000 cash. Operating expenses for 20X1 were $16,000 all paid in cash. Therefore, net income for 20X1 was on January 30, 20X2, the company bought and retired 6,000 of its own shares on the open market $15.00 each.

Don't use plagiarized sources. Get Your Custom Essay on
Seminoles Investment Company
Just from $13/Page
Order Essay

1.Prepare journal entries for issuance of shares, declaration and payment of cash dividends, and retirement of shares.

2. Create a balance sheet as of December 31, 20X1DateTransactionDebitCreditBalance Sheet02-Jan-21 Cash500,000Asset2021Equity2021Common Stock 25,000 at par $4100,000Cash525,000 Common Stock100,000APIC400,000APIC400,00002-Jan-21…

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code GOODESSAY