Macomb Community College ACCT 1080 Top Tech, Inc. Stockholders’ Equity Section at the end of last year

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 300,000Common Stock, 60,000 Shs. Issued and Outstanding, No Par 2,200,000Total Paid in Capital 2,500,000Retained Earnings 554,300Total Stockholders’ Equity 3,054,300Req. #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 112­31­14 Assets:Cash ………………………………. 83,000Accounts Rec. ……………………..…… 274,000Inventory …………………………………. 225,000Equipment, Net of Accum. Depr. …….. 601,00012­31­14 Liabilities:Accounts Pay. ……………………..…… 5,000Short­Term Notes Payable ………..…… 95,200Long­Term Notes Payable ………..… … 271,00012­31­14 Equity:Business is named Happy Productions and is owned solely by Harry Happy.(You will have to determine the equity amount)Situation 2Business is named Aztec Partners and is owned by Judy Smith and Al ToppAssets and Liabs. are the same as situation 1.Equity­Capital as of 1­1­14:Judy ………………………………………. 200,000Al, ……………………………………….. 325,000Capital Contributed in 2014:Judy …………………………………….. ­Al ………………………………………… ­Drawings ,2014:Judy ……………………………………. 71,000Al ……………………………………….. 90,000Share of Profits , every yearJudy …………………………………… 0.4Al …………………………………….. 0.6Situation 3Business is a corporation named Aztec, Inc.Assets and Liabs. are the same as situation 1.Equity­Paid in Capital(Common Stock) as of 12­31­14 is ………………. 425,000

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