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How much stockholders equity does diamondback have at the beginning of the current fiscal year? B) Use the accounting equation and your answer to part (a) to show how you would calculate Diamondback's assets and liabilities at the beginning of the current fiscal year.  C) Summarize your findings.

How much stockholders equity does diamondback have at the beginning of the current fiscal year? B) Use the accounting equation and your answer to part (a) to show how you would calculate Diamondback's assets and liabilities at the beginning of the current fiscal year.  C) Summarize your findings.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A) How much stockholders equity does diamondback have at the beginning of the current fiscal year?

B) Use the accounting equation and your answer to part (a) to show how you would calculate Diamondback's assets and liabilities at the beginning of the current fiscal year. 

C) Summarize your findings. 

ares of vriter, and (c) that a and the land on which it is located, valued at $800,000, be acquir in accordance with preliminary negotiations by the issuance of 300,000 shares of mon stock valued at $16.50 per share. The plan was approved by the stockholders and writer, and (c) that a building and the land on which it is located, valued at $800,000, be acquired accomplished by the following transactions: Oct. 9. Borrowed $1,500,000 from St. Peter City Bank, giving a 4% mortgage note. 17. Issued 20,000 shares of preferred stock, receiving $126 per share in cash. 28. Issued 300,000 shares of common stock in exchange for land and a building, according to the plan. instructions Journalize the entries to record the October transactions. nommo PR 13-3B Selected stock transactions ОBJ. 3, 4,6 Diamondback Welding & Fabrication Corporation sells and services pipe welding equip- ment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation at the beginning of the current fiscal year: ds, Preferred 2% Stock, $80 par (100,000 shares authorized, . $ 4,800,000 60,000 shares issued)... Paid-In Capital in Excess of Par-Preferred Stock ... .... .. 210,000 Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) 15,750,000 1,400,000 Paid-In Capital in Excess of Par-Common Stock. Retained Earnings. 52,840,000
Transcribed Image Text:ares of vriter, and (c) that a and the land on which it is located, valued at $800,000, be acquir in accordance with preliminary negotiations by the issuance of 300,000 shares of mon stock valued at $16.50 per share. The plan was approved by the stockholders and writer, and (c) that a building and the land on which it is located, valued at $800,000, be acquired accomplished by the following transactions: Oct. 9. Borrowed $1,500,000 from St. Peter City Bank, giving a 4% mortgage note. 17. Issued 20,000 shares of preferred stock, receiving $126 per share in cash. 28. Issued 300,000 shares of common stock in exchange for land and a building, according to the plan. instructions Journalize the entries to record the October transactions. nommo PR 13-3B Selected stock transactions ОBJ. 3, 4,6 Diamondback Welding & Fabrication Corporation sells and services pipe welding equip- ment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation at the beginning of the current fiscal year: ds, Preferred 2% Stock, $80 par (100,000 shares authorized, . $ 4,800,000 60,000 shares issued)... Paid-In Capital in Excess of Par-Preferred Stock ... .... .. 210,000 Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) 15,750,000 1,400,000 Paid-In Capital in Excess of Par-Common Stock. Retained Earnings. 52,840,000
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