ACC 423 Final Exam

ACC 423 Final Exam in $12 OnlyFinancial Statement Analysis

Question 1

Buttercup Corporation issued 250 shares of $11 par value common stock for $4,125. Prepare Buttercup’ journal entry.

Question 2

Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value $511,670
Treasury stock 95,260
Retained earnings 2,400,840
Paid-in capital in excess of par 1,320,150
Prepare Wilco’s December 31, 2012, stockholders’ equity section

Question 3

Woolford Inc. declared a cash dividend of $1.38 per share on its 2.22 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates.