Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (7 points) kitty corporation's december 31, 2018,

(7 POINTS) Kitty Corporation's December 31, 2018, balance sheet showed the following values: Preferred stock,...

70.2K

Verified Solution

Question

Accounting

image
(7 POINTS) Kitty Corporation's December 31, 2018, balance sheet showed the following values: Preferred stock, S30 par value, 8% cumulative, 10,000 shares authorized; 5,000 shares issued s 150,000 and outstanding Common stock, S5 par value, 1,000,000 shares authorized 3,250,000 30,000 6,000,000 2,100,000 110,000 650,000 shares issued, 640,000 shares outstanding Paid-in capital in excess of par value-preferred stock Paid-in capital in excess of par value-common stock Retained carnings Treasury stock (10,000 shares) What was Kitty Corporation's total stockholders' equity value for 20187 4. (8 POINTS) On January 1, 2013, Jackie Corporation bought equipment that cost $75,000 She sells the equipment on January 1, 2018, for $20,000 cash. Total accumulated depreciation at the time of the sale is S40,000. Current year depreciation has already been recorded. What entry should Jackie Corporation make on January 1, 2018, to record the sale of the asset? Debit Date Account Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students