Your answer is partially correct.As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.1.Windsor, Inc. is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired landby issuing 3,000 shares of its $20 par value common stock. The owners' asking price for the land was $126,000, and the fairvalue of the land was $115,500.2.Sheridan Company is a publicly held corporation whose common stock is traded on the securities markets. On June 1, itacquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for saleat $268,500. The stock was selling at $11 per share.Prepare the journal entries for each of the situations above. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)No.DatesAccount Titles and ExplanationDebitCredit1.Dec. 5Land115500Common StockPaid-in Capital in Excess of Par-Common Stock2.June 1Land268500Common StockPaid-in Capital in Excess of Par-Common StockeTextbook and MediaSolutionList of AccountsSave for LaterAttempts: unlimited600005550020000068500Submit Answer

Lets understand the basics. When there is purchase of asset using issuing shares then entry need to…

Answered: 2 June 10 Land Common Stock Paid-in…

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

Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $100,000 cash. b. Borrowed $60,000 from a bank. c. Purchased equipment for $42,000 cash. d. Prepaid rent on office space for 6 months in the amount of $9,000. e. Performed consulting services in exchange for $7,100 cash, f. Performed consulting services on credit in the amount of $19,250. 9. Incurred and paid wage expense of $10,200. h. Collected $13,500 of the receivable arising from Transaction f 1. Purchased supplies for $1,680 on credit. 3. Used $1,100 of the supplies purchased in Transaction i k. Paid for all of the supplies purchased in Transaction 1. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND…
entó%20la%20siguiente%20información%20en%20su%20estado%20de%20situaci.. ESPAÑOL INGLÉS FRANCÉS ABC Corporation presented the following information in its 2021 statement of financial position: Common Stock ($30 par value, 5,000 issued and outstanding) $150,000 Capital paid in excess of par value of common $80,000 Retained Earnings $100,000 Prepare journal entries for each of the following transactions that occurred during the year: 24. 120 shares were purchased to be held as treasury stock at a cost of $60 per share. Enviar comentarios Guardado Contribuir
v
Problem 3 National Supply's shareholders' equity included the following accounts at December 31, 2022: Ordinary share capital, P1 par Share premium-ordinary Retained earnings P 6,000,000 30,000,000 20,000,000 Each share was originally issued at an average price of P6 per share. National Supply reacquired its ordinary shares in two separate transactions and later sold shares. February 15 February 17 Reacquired 300,000 shares at P8 per share Reacquired 300,000 shares at P5.50 per share November 9 Sold 200,000 shares at P7 per share (assume FIFO). Prepare the entries for each of the transactions under each of two separate assumptions: 1. The shares are retired. 2. The shares are accounted for as treasury shares,
Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 160,200 shares Common Stock, 1,983,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings The following transactions affected stockholders' equity during 2026. Jan. 1 Feb. 1 June 1 July 1 Sept. 15 Dec. 31 $3,204,000 9,915,000 200,000 26,495,000 4,431,000 Dec. 31 29,300 shares of preferred stock issued at $24 per share. 48,800 shares of common stock issued at $21 per share. 2-for-1 stock split (par value reduced to $2.50). 28,100 shares of common treasury stock purchased at $11 per share. Kingbird uses the cost method. 10,200 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Net income is $2,103,000. Prepare the stockholders'…
A7 please help.....
Ll.136.
6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct $27,500 Correct Common Stock Dividend Distributable Correct $11,000 Correct Paid-in Capital in Excess of Par Value-Common Stock Correct $16,500 Correct 15-Feb: Distributed the stock dividend Date Account DR CR 15-Feb Common Stock Dividend Distributable Correct $11,000 Correct Common Stock $10 Par Value Correct Incorrect
price of common shares is $30, what is the price-earnings ratio on common stock for Year 2? (Round intermediate computation to two decimal places and final answer to one decimal place.) Oa. 13.4
YTD 52-week %CHG HI LO Stock (SYM) DIV -3.9 25.79 14.20 What is the firm's earnings per share (EPS)? O $0.66 O $0.16 $1.51 O $11.59 YLD % AZZ (AZZ) .16 ?? O $1.25 VOL NET P/E 100s CLOSE CHG 13 34 19.60 -1.25
F26.
Please help me with show all calculation thanku

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

2 June 10 Land Common Stock Paid-in Capital in Excess of Par-Common Stock 268500 200000 68500