help me please asap Q4 Cell Wireless Company had the following transactions...
50.1K
Verified Solution
Link Copied!
Question
Accounting
help me please asap 
Q4 Cell Wireless Company had the following transactions in 2016, its first year of operations. - Issued 20,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $30.00 per share. - Issued 1000 shares of $10 par value preferred stock. Shares were issued at $90. - Earned net income of 250,000 \$ - Declared dividends of $50,000. Preferred dividend is the 6% of par value. Calculate preferred dividend and common dividend for 2016. Requirements: (20 points) a. Journalize the issuance of common stocks. b. Journalize the issuance of preferred stocks. c. Journalize the closing entry for net income d. Journalize the declaration of dividends. Show the distribution between preferred and common. e. Calculate the ending balance of Retained Earnings after closing entries
help me please asap
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.