ac310 problem 5 494825 | Homework Solutions

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.

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15000 10000 25000 7000 5000 12000 22000 15000 37000 -4500 -4500 -9000 18500 10500 28000 12/31/2012 37000 32000 3000 72000 47000 18000 75000 140000 212000 20000 20000 20000 55000 73000 64000 192000 212000 85000 50000 35000 50000 50000 20000 11000 31000 81000 45000 126000 Total paid-in capital & retained earnings Total stockholder’s equity Less treasury stock ( Division of Net Income Lill Dil Total 1. 2. 3. 4. 5. 6. 7. 8. 9. The Doctor Paretnership Balance Sheet Assets Liabilities and Owner’s Equity Account Titles Debit Credit Stockholders’ equity Prob 4 Prob. 5 Prob. 3 Prob. 2 Prob. 1 Salary allowance Interest allowance Total salaries and interest Total interest Remaining deficiency (9000) Total remainder Total Division A partnership is an association of two or more persons… Mutual Agency is a disadvantage of the partnership form… The net income of a partnership is not taxed as a… The legal requiremnets for forming a partnership is easy When a partnership is dissolved, each partner has a claim on total… Land Paid-in capital in Excess of Par – Common Stock Common Stock Paid-in capital 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 Total additional pain-in capital Total paid-in capital Reatained Earnings Current Assets Cash Accounts receivable Supplies Equipment Land Building Total Assets Long term Mortgage Total Liabilties David’s Capital Matt’s Capital Chirs ‘s Capital Total Captal Accpunts Total Liabilties and Total Captal Accpunts ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

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