Jan. 16Feb. 15Jun. 10Jul. 30Aug. 15Oct. 26Nov. 8Nov. 30Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900shares outstanding). Declared a $0.55 per share dividend on the 95,000 shares of $6par value common stock outstanding. The date of record is January 31, and thepayment date is February 15.Paid the cash dividends.Split common stock 2-for-1.Declared a 50% stock dividend on the common stock. The market value of thecommon stock was $12 per share.Distributed the stock dividend.Purchased 8,000 shares of treasury stock at $9 per share.Sold 4,000 shares of treasury stock for $10 per share.Sold 1,400 shares of treasury stock for $5 per share. 1. Record the transactions in Halborn's general journal.2.Prepare the Halborn's stockholders' equity section of the balance sheet as ofDecember 31, 2024. Assume that Halborn was authorized to issue 2,000shares of preferred stock and 300,000 shares of common stock. Bothpreferred stock and common stock were issued at par. The ending balance ofretained earnings as of December 31, 2024, is $1,080,000.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Answered: 1. Record the transactions in Halborn's…

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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Instructions: a. Journalize the transactions and the closing entry for net income. b. Prepare stockholders’ equity section on December 31, 2021.
Instructions Journalize the selected transactions. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-forsale investment. g. Purchased 8,000 shares of treasury common stock at $33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock…
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity. d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.
On January 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
On July 1, 2021, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $12 par preferred stock for a lump sum of $140,000. At this date Nall's common stock was selling for $18 per share and the preferred stock for $24 per share. A. Record the journal entry for this allocation and insurance using the proportional method. Record the journal entry for this allocation and issuance using the incremental method, assuming you do not have the market value for preferred stock.
Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin’s transactions related to its stockholders’ equity. See information below: Stockholders’ Equity On January 1 of the current year, Red Robin had 441,100 shares of $1 par value common stock issued (i.e., the shares had been issued prior to the current year). They have 1,245,000 shares authorized and 400,200 shares outstanding. Red Robin has had only one stock repurchase transaction in its history. On August 1 of the current year, Red Robin reissued 6,650 shares for$24 per share. On December 1 of the current year, Red Robin reissued 11,700 shares at $12 per share. Red Robin declared dividends of 18 cents per share on the last day of each calendar quarter and paid them on the 5th day of the 1st month of each calendar quarter. For the sake of simplicity, assume the date of record is also the last day of each calendar quarter. Red Robin did not declare any dividends in the prior year.
Please help me
Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49,500 shares for cash at $53 per share. July 1 Issued 64,500 shares for cash at $58 per share. - Your answer is partially correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Feb.1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2332000 3741000 Credit 2475000 132000 3225000 516000
Donnie Hilfiger has the following balances in its stockholders' equity accounts on December 31, 2021: Treasury Stock, $375,000; Common Stock, $250,00O; Preferred Stock, $1,300,000; Retained Earnings, $1,650,000; and Additional Paid-in Capital, $3,100,000. Prepare the stockholders' equity section of the balance sheet for Donnie Hilfiger as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DONNIE HILFIGER Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital Total stockholders' equity
Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $12 per share. Sold 400 shares of the treasury stock for cash of $18 per share. Sold 100 shares of the treasury stock for cash at $10 per share. July 12 July 20 Journalize these transactions. Include the date. Explanations are required.

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