15Starr Corporation was organized on January 1, 20X1, with anauthorization of 400,000 shares of common stock with a par valueof $6 per share. During 20X1, the corporation had the followingcapital transactions:January 5July 28December 31issued 225,000 shares @ $10 per sharepurchased 30,000 shares @ $11 per sharesold the 30,000 shares held in treasury @ $18 pershareStarr used the cost method to record the purchase and reissuance ofthe treasury shares. What is the total amount of additional paid-incapital as of December 31, 20X1?a. $-0-.b. $690,000.$900.000.d. $1,110,000.

Step 1:Computation of the total additional paid-in capital as of December 31, 20X1:Additional…

Answered: 15 Starr Corporation was organized on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 20X7, MH had the following transactions relating to stockholders' equity: Issued 15,000 shares of common stock at $7 per share. Issued 10,000 shares of common stock at $9 per share. Reported a net income of $270,000. Paid dividends of $60,000. Purchased 3,000 shares of treasury stock at $10 (part of the 10,000 shares issued at $9). What is the total stockholders' equity of MH at the end of 20X7? Select one: a. $355,000 b. $375,000 c. $498,000 d. $378,000 e. $495,000
Required information The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected net income of $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity
Instructions On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
Company purchased 5,000 of its own shares at $50 per share. DATE Debit Credit X/X
Hanshaben
Journal entry?
Part A During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 103 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. January 9 Issued 30 million common shares for $14 per share. March 11 Issued 4,200 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at $14 per share. Part B A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A. Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date General Journal ($ in millions) Debit Credit September 1 Common stock 4 Retained earnings 72 Cash 76 December 1 Cash 40 Common stock 2 Gain on sale of previously issued shares 38 Required:…
At the beginning of current year, Axed Company was authorized to issue share capital of 100,000 shares with P30 par value. Axed had the following share capital transactions during the year: January 1 Issued 80,000 shares at P70 per share May 1 Reacquired 4,000 treasury shares at P65 per share July 1 Approved a share split of 5 for 1 October 31 Issued a 10% share dividend when the market value of a share is P25 December 31 Reissued all of the treasury shares at P35 December 31 Net income for the year was P4,500,000. What total amount should be reported as share capital at year-end? 3,200,000 3,428,000 2,940,000 2,628,000 What total amount should be reported as share premium at year-end? 3,200,000 3,640,000 3,922,000 4,362,000 What amount of retained earnings should be reported at year-end? 3,550,000 4,500,000 3,430,000 2,950,000
Extracts from the statements of financial position of Nedburg are as follows. Statements of financial position as at 30 September: 20X2 20X1 $m $m Ordinary shares of $1 each 750 500 Share premium 350 100 On 1 October 20X1 a bonus issue of one new share for every 10 held was made, financed from the share premium account. This was followed by a further issue for cash. What amount will appear under 'cash flows from financing activities' in the statement of cash flows of Nedburg for the year ended 30 September 20X2 in respect of share issues?
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 fill in the blank a5807602402bfa1_2 fill in the blank a5807602402bfa1_4 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 fill in the blank 2f1ded0c8043f90_2 fill in the blank 2f1ded0c8043f90_3 fill in the blank 2f1ded0c8043f90_5 fill in the blank 2f1ded0c8043f90_6 fill in the blank 2f1ded0c8043f90_8 fill in the blank 2f1ded0c8043f90_9 Nov. 10 fill in the blank 2f1ded0c8043f90_11 fill in the blank 2f1ded0c8043f90_12 fill in the blank 2f1ded0c8043f90_14 fill in the blank 2f1ded0c8043f90_15 fill in the blank…
55

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS