Top Tech, Inc. Stockholders' Equity Section at the end of last year was as follows:Paid In capital:Preferred Stock, 200,...

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ACCT 1080-Top Tech, Inc. Stockholders' Equity Section

April 14, 2018

Top Tech, Inc. Stockholders' Equity Section at the end of last year was as follows:
Paid In capital:
Preferred Stock, 200,000 Shs. Authorized, 20,000 Outstanding, $15 Par,% dividend rate 300,000
Common Stock, 60,000 Shs. Issued and Outstanding, No Par 2,200,000
Total Paid in Capital 2,500,000
Retained Earnings 554,300
Total Stockholders' Equity 3,054,300
Req. #1, give general journal entries for the following transactions that took place this year:
1 Bought back 1,000 shs of the common stock that were outstanding. Paid $22/Sh.
2 Sold 800 of the shares bought back in prior transaction. Received $16/Sh.
3 Sold 4,000 shares of Pfd. Stock for $20/Sh.
4 Give 3rd closing enrty with the corp. losing 31,000 for the year.
Req. #2 prepare Top Tech, Inc. Stockholders' Equity Section at the end of this year.
Req. #3 calculate common stock book value per share at the end of last year and at the end of this year.

Prepare a classified Balance Sheet, dated 12­31­14, for these 3 situations:
Situation 1
12­31­14 Assets:
Cash ………………………………. 83,000
Accounts Rec. ………………...…..…… 274,000
Inventory ………………...………………. 225,000
Equipment, Net of Accum. Depr. …….. 601,000
12­31­14 Liabilities:
Accounts Pay. ………………...…..…… 5,000
Short­Term Notes Payable …...…..…… 95,200
Long­Term Notes Payable …...…..… … 271,000
12­31­14 Equity:
Business is named Happy Productions and is owned solely by Harry Happy.
(You will have to determine the equity amount)
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al Topp
Assets and Liabs. are the same as situation 1.
Equity­
Capital as of 1­1­14:
Judy ………………………………………. 200,000
Al, ……………………………………….. 325,000
Capital Contributed in 2014:
Judy …………………………………….. ­
Al ………………………………………… ­
Drawings ,2014:
Judy ……………………………………. 71,000
Al ……………………………………….. 90,000
Share of Profits , every year
Judy …………………………………… 0.4
Al …………………………………….. 0.6
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabs. are the same as situation 1.
Equity­
Paid in Capital(Common Stock) as of 12­31­14 is ………………. 425,000










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