40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock.During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share.Sept 5Purchased 20,000 shares of common stock for the treasury at $8 per share.6 Declared a $0.50 per share dividend to stockholders of record on December 20,payable January 3, 2015.Dec.InstructionsJournalize the transactions for Patrick Corporation.OFocus

Record the issuance of common stock.

Answered: 40. Patrick Corporation is authorized…

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

ANSWERED Sunday, May 29, 2022 BUSINESS ACCOUNTING Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions √x 8
need help
2018 Jan. 1 Authorized the issuance of 2 million shares of $5 par value common stock and 100,000 shares of $100 par value, 10% cumulative, preferred stock. Jan. 2 Issued 200,000 shares of common stock for $12 cash per share. Jan. 3 Issued 100,000 shares of common stock in exchange for a building valued at $820,000 and merchandise inventory valued at $380,000. Jan. 4 Paid $10,000 cash to the company's founders for organization activities. (Hint: Debit Organization Expenses) Jan. 5 Issued 12,000 share of preferred stock for $110 cash per share. 2019 June 4 Issued 100,000 shares of common stock for $15 cash per share. Prepare the January 2, 2018, journal entry for Barton's issuance of 200,000 shares of common stock for $12 cash per share assuming a.) Common stock is no-par stock without a stated value. b.) Common stock is no-par stock with a stated value of $10 per share
Data Controls Corporation had 250,000 shares of common stock outstanding at the end of 2017. During 2018, the following transaction took place: March 1 Issued 24,000 shares June 1 3 for 1 stock split August 1 Issued 60,000 shares September 1 Issued a 20 percent stock dividend October 1 Issued 16,000 shares November 1 Purchased 15,000 shares to be held as a treasury stock December 1 Reissued 5,000 of the shares held in treasury Required: You may use the Data COntrol Corp. has a simple capital structure. Compute the Weighted average of shares outstanding to be used in the earnings per share computations for 2018 and the number of outstanding shares on December 31, 2018. Answer must include: a table with Event/ Average Data shares, # of shares, Stock split, stock dividends, pd. of time, weighted No. of
Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold at $25 per share. The journal entry for this transaction would: a. Credit Cash $250,000 and debit Paid-in capital $250,000 b. Credit Cash $250,000, debit Common stock $100, and debit Paid-in capital $249,900 c. Debit Cash $250,000, credit Common stock $100, and credit Paid-in capital $249,900 d. Debit Cash $250,000, credit Paid-in capital $100, and credit Common stock $249,900
The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. (a) 1 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 1,500 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $2.90 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
1.
Please help me to solve this problem
Accounting Wildhorse Co. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Apr. 1 May 1 Issued 76,500 shares of common stock for cash at $4.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Aug. 1 Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $108 per share. (a) Your answer is partially correct. Post to the stockholders'…

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