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                                                Baruch College – CUNY

                                       Stan Ross Department of Accountancy

                                       Accountancy 3100 - Section TR74 – A

                                               Fall 2003 – Prof Jan Sweeney

                                                         Quiz 1-Solution

Question 1

1.   No entry necessary.

2.   Land                                                                                                    ......................................................................................................      200,000

                  Common Stock ........................................................................................                             50,000

                  Paid-in Capital in Excess of Stated Value ..................................................                           150,000

3.   Cash                                                                                                    ......................................................................................................      480,000

                  Preferred Stock ........................................................................................                           400,000

                  Paid-in Capital in Excess of Par—Preferred Stock ....................................                             80,000

4.   Organization Expense ................................................................................        12,000

                  Common Stock ........................................................................................                               1,000

                  Paid-in Capital in Excess of Stated Value ..................................................                             11,000

 

Q2 Part A.

————————————————————————————————————

Balance                                   400,000         $2,000,000                     $850,000         $3,000,000

#1—March 1                          160,000              800,000                         -0-                   (800,000)

————————————————————————————————————

Balance                                   560,000         $2,800,000                     $850,000         $2,200,000

#2—April 1                             560,000                  -0-                              -0-                      -0-

————————————————————————————————————

Balance                                1,120,000         $2,800,000                     $850,000         $2,200,000

#3—July 1                              112,000              280,000                       840,000          (1,120,000)

————————————————————————————————————

Balance                                1,232,000         $3,080,000                  $1,690,000         $1,080,000

#4—Aug. 1                                -0-                      -0-                              -0-                   (123,200)

————————————————————————————————————

Balance                                1,232,000         $3,465,000                  $2,075,000            $956,800

#5—Nov. 1                                -0-                      -0-                               -0                     -0   

Balance                                1,232,000         $3,080,000                  $1,690,000      $956,800     ————————————————————————————————————

Part B  $3,080,000 + $1,690,000 + 956,800 – $120,000 = $5,606,800

 

Question 3

(a)           Cash                                                                                           .........................................................................................           4,200

                    Treasury Stock..........................................................................................                               3,600

                    Paid-in Capital from Treasury Stock..........................................................                                  600

 

(b)           Cash......................................................................................................            2000

                     Paid-in Capital from Treasury Stock...................................................              400

                    Treasury Stock..........................................................................................                               2,400

              

                                                Baruch College – CUNY

                                       Stan Ross Department of Accountancy

                                       Accountancy 3100 - Section TR74 – B

                                               Fall 2003 – Prof Jan Sweeney

                                                         Quiz 1-Solution

Question 1

(a)           Cash                                                                                           .........................................................................................           4,200

                    Treasury Stock..........................................................................................                               3,600

                    Paid-in Capital from Treasury Stock..........................................................                                  600

 

(b)           Cash......................................................................................................            2000

                     Paid-in Capital from Treasury Stock...................................................              400

                    Treasury Stock..........................................................................................                               2,400

Question 2

1.   No entry necessary.

2.   Land                                                                                                    ......................................................................................................      200,000

                  Common Stock ........................................................................................                             50,000

                  Paid-in Capital in Excess of Stated Value ..................................................                           150,000

3.   Cash                                                                                                    ......................................................................................................      480,000

                  Preferred Stock ........................................................................................                           400,000

                  Paid-in Capital in Excess of Par—Preferred Stock ....................................                             80,000

4.   Organization Expense ................................................................................        12,000

                  Common Stock ........................................................................................                               1,000

                  Paid-in Capital in Excess of Stated Value ..................................................                             11,000

Q3 Part A.

———————————————————————————————————

Balance                                   400,000         $2,000,000                     $850,000         $3,000,000

#1—March 1                          160,000              800,000                         -0-                   (800,000)

————————————————————————————————————

Balance                                   560,000         $2,800,000                     $850,000         $2,200,000

#2—April 1                             560,000                  -0-                              -0-                      -0-

————————————————————————————————————

Balance                                1,120,000         $2,800,000                     $850,000         $2,200,000

#3—July 1                              112,000              280,000                       840,000          (1,120,000)

————————————————————————————————————

Balance                                1,232,000         $3,080,000                  $1,690,000         $1,080,000

#4—Aug. 1                                -0-                      -0-                              -0-                   (123,200)

————————————————————————————————————

Balance                                1,232,000         $3,465,000                  $2,075,000            $956,800

#5—Nov. 1                                -0-                      -0-                               -0                       -0-

Balance                                1,232,000         $3,080,000                  $1,690,000      $956,800     ————————————————————————————————————

 

Part B  $3,080,000 + $1,690,000 + 956,800 – $120,000 = $5,606,800

 

 

Baruch College – CUNY

                                       Stan Ross Department of Accountancy

                                       Accountancy 3100 - Section TR74 – C

                                               Fall 2003 – Prof Jan Sweeney

                                                       Quiz 1-Solution

Q1

(a)     Cash                                                                                                 ...................................................................................................        60,000

                     Treasury Stock ......................................................................................                             58,000

                     Paid-in Capital from Treasury Stock ......................................................                               2,000

(b)     Cash.......................................................................................................        20,800

         Paid-in Capital from Treasury Stock .........................................................          2,000

         Retained Earnings………………………………………………..              400

                     Treasury Stock ......................................................................................                             23,200

Q2

1.   No entry necessary.

2.   Land                                                                                                    ......................................................................................................      300,000

                  Common Stock ........................................................................................                             50,000

                  Paid-in Capital in Excess of Stated Value ..................................................                           250,000

3.   Cash                                                                                                    ......................................................................................................      550,000

                  Preferred Stock ........................................................................................                           500,000

                  Paid-in Capital in Excess of Par—Preferred Stock ....................................                             50,000

4.   Organization Expense ................................................................................        10,000

                  Common Stock ........................................................................................                               1,000

                  Paid-in Capital in Excess of Stated Value ..................................................                               9,000

 

Question 3  Part A
———————————————————————————————————————

Opening Balance                     450,000         $2,250,000                  $1,130,000         $3,000,000

#1—March 1                          180,000              900,000                         -0-                   (900,000)

————————————————————————————————————

Balance                                   630,000         $3,150,000                  $1,130,000         $2,100,000

#2—April 1                             630,000                  -0-                              -0-                      -0-

————————————————————————————————————

Balance                                1,260,000         $3,150,000                  $1,130,000         $2,100,000

#3—July 1                              126,000              315,000                       945,000          (1,260,000)

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $840,000

#4—Aug. 1                                -0-                      -0-                              -0-                   (138,600)

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $701,400

#5 – Nov.1                                    -0-                        -0-                              -0-                  -0-

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $701,400

 

Part B

Balance =$3,465,000 +$2,075,000+$701,400 - $150,000 =  $6,091,400

                                                Baruch College – CUNY

                                       Stan Ross Department of Accountancy

                                       Accountancy 3000 - Section TR74 – D

                                               Fall 2003 – Prof Jan Sweeney

                                                        Quiz 1-Solution

Q1   1. No entry necessary.

2.   Land                                                                                                    ......................................................................................................      300,000

                  Common Stock ........................................................................................                             50,000

                  Paid-in Capital in Excess of Stated Value ..................................................                           250,000

3.   Cash                                                                                                    ......................................................................................................      550,000

                  Preferred Stock ........................................................................................                           500,000

                  Paid-in Capital in Excess of Par—Preferred Stock ....................................                             50,000

4.   Organization Expense ................................................................................        10,000

                  Common Stock ........................................................................................                               1,000

                  Paid-in Capital in Excess of Stated Value ..................................................                               9,000

 Question 2  Part A

———————————————————————————————————————

Opening Balance                     450,000         $2,250,000                  $1,130,000         $3,000,000

#1—March 1                          180,000              900,000                         -0-                   (900,000)

————————————————————————————————————

Balance                                   630,000         $3,150,000                  $1,130,000         $2,100,000

#2—April 1                             630,000                  -0-                              -0-                      -0-

————————————————————————————————————

Balance                                1,260,000         $3,150,000                  $1,130,000         $2,100,000

#3—July 1                              126,000              315,000                       945,000          (1,260,000)

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $840,000

#4—Aug. 1                                -0-                      -0-                              -0-                   (138,600)

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $701,400

#5 – Nov.1                                    -0-                        -0-                               -0-                  -0-

————————————————————————————————————

Balance                                1,386,000         $3,465,000                  $2,075,000            $701,400

 

Part B

Balance =$3,465,000 +$2,075,000+$701,400 - $150,000 =  $6,091,400

Solution Q3

(a)     Cash                                                                                                 ...................................................................................................        60,000

                     Treasury Stock ......................................................................................                             58,000

                     Paid-in Capital from Treasury Stock ......................................................                               2,000

 

(b)     Cash.......................................................................................................        20,800

         Paid-in Capital from Treasury Stock .........................................................          2,400

         Retained Earnings………………………………………………..              400                      

                     Treasury Stock ......................................................................................                             23,200                                                23,200