On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity accounts.$ 258,000516,000140,000Common stock, $1 par, 258,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 14,000 shares outstandingRetained earningsTreasury stock, at cost, 5,800 sharesDuring 2024, Gerlach Incorporated had several transactions relating to common stock.January 15:February 17:April 10:1,400,0002,800,00029,000Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.8per share, fair val $9.40 per share).Distributed the property dividend.A 2-for-1 stock split was declared and distributed on outstanding common stock andeffected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.July 18:Declared and distributed a 3% stock dividend on outstanding common stock; The fairvalue is, $5 per share.December 1:Declared a 50 cents per share cash dividend on the outstanding common shares.December 20: Paid the cash dividend.Required:Record the above transactions and events in journal entry format.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No1234567DateJanuary 15, 2024 Loss on investmentsJanuary 15, 2024 Retained earningsApril 10, 2024July 18, 2024Investment in equity securitiesFebruary 17, 2024 Property dividends payableAnswer is not complete.General JournalProperty dividends payableInvestment in equity securitiesPaid-in-capital - excess of par, commonCommon stockDecember 01, 202 Retained earningsRetained earningsCommon stockPaid-in-capital - excess of par, commonCash dividends payableDecember 20, 202 Cash dividends payableCashDebit140,000940,000940,000252,20075,300Credit140,000940,000940,000252,200

Shareholder’s equity is the amount that belongs to the shareholders of the company which includes…

5 6 7 July 18, 2024 Retained earnings Common stock Paid-in-capital - excess of par, common December 01, 202, Retained earnings Cash dividends payable December 20, 202 Cash dividends payable Cash ››› ›› 75,300

5 6 7 July 18, 2024 Retained earnings Common stock Paid-in-capital - excess of par, common December 01, 202, Retained earnings Cash dividends payable December 20, 202 Cash dividends payable Cash ››› ›› 75,300

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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LOC-6, LOC-7 PROBLEM C.7 Stockholders' Equity Section The two cases described as follows are independent of each other. Each case provides the informa- tion necessary to prepare the stockholders' equity section of a corporate balance sheet. a. Early in 2019, Wesson Corporation was formed with the issuance of 50,000 shares of capital stock at $5 per share. The corporation reported a net loss of $32,000 for 2019, and a net loss of $12,000 in 2020. In 2021 the corporation reported net income of $90,000 and declared a dividend of 50 cents per share. b. Amber Industries was organized early in 2017 with the issuance of 100,000 shares of capital stock at $10 per share. During the first five years of its existence, the corporation earned a total of $900,000 and paid dividends of 25 cents per share each year on the common stock. Instructions Prepare the stockholders' equity section of the corporate balance sheet for each company for the year ending December 31, 2021.
Balance Sheet Equity APIC Events Assels Liab Acct Payable Div Payable Notes Payable Cash 257.000.00 S Acct Rec 17,500.00 $ Inventory 28.000.00 Common Stock 200,000.00$ Equipment Land 50,000.00 | $ |Accum Depr 8,333.00 $ Wages Payable Retahed Earnings 176,167.00 Account Titles for Retained Earnings Building 250.000.00-| Beginning Balances as of Dec 31, Year 1 118,000.00 100,000.00 $ 500,000 1.Acquired $550,000 by signing a note payable with a local bank 2. Sold 25.000 shares of $22 Common Stack for $1,500,000 3. Purchased Equipment for $300.000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sa. Sold 15,000 units at $3.50 on Account 5b. COGS for Sales on AccoLnt 6. Collect $70,000 on Account 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170.000 Units at $1.50per unit 9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218.600 of Accounts Payable 12. Purchased Inventory on…
lm aldeg alwolk EX 12-1 Effect of financing on earnings per share OBJ. 1 54 Domanico Co., which produces and sells biking equipment, is financed as follows: Bonds payable, 8% (issued at face amount) Preferred $5 stock, $10 par Common stock, $20 par $10,000,000 10,000,000 10,000,000 PLpoug biemo 1000 (llob Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is (a) $10,500,000, (b) $11,800,000, and (c) $13,000,000.
12:04 1 ull Stock Dividends Acellus What is the total annual dividend received from owning 50 shares of stock A, if Company A issues a $0.15 quarterly dividend to its shareholders? total annual dividend = [?] %3D Round to the nearest hundredth. Enter Copyright © 2003 - 2021 Acellus Corporation. All Rights Reserved. Help Resources
Exercise 13-7 Financial statement impact of dividends and splits P2 For each dividend and stock split issued, determine the impact-increase, decrease, or no effect-on total assets, total liabilities, and total equity. quan $5,000 cash dividend 7% stock dividend 40% stock dividend 7-for-1 stock split Total Assets Total Liabilities Total Equity
Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,500 shares of its own stock at $20 cash per share. January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $24 cash per share. August 22 Sold 2,812 of its treasury shares at $17 cash per share. September 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the…
Q4 Corporation financial statements at December 31 (in millions) ASSETS Cash LIABILITIES Accounts payable Notes payable Accrued wages Accrued taxes Total current liabilities 20X9 S10 5. 3. 2. 20X8 20X9 $5 10 15 20X8 $ 8 5. 2. 3. $ 4 Accounts receivable Inventory 12 Total current assets Long-term debt Common stock Retained carnings Total Net fixed assets 40 40 20 10 20 10 15 20 Total Sales $95, Cost of goods sold $50, Selling, general, and administrative expenses S15. Depreciation $3,Interest $2, Taxes $10 (a) Prepare a flow of funds statement for 20X9 for the Corporation (b) Prepare a cash flow statement using the indircct method for Corporation.
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Connon stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,500 shares of its own stock at $15 cash per share, 5 Directors declared a 56 per share cash dividend payable on February 28 to the February 3 stockholders of record. Jan. Jan. $750,000 70,000 400,000 $1,220,000 Oct. Dec. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $19 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of…
20Y6 20Y5 Net income Preferred dividends Average number of common shares outstanding $4,243,200 $2,855,360 564.000 564.000 128,000 shares 104,000 shares Determine the earnings per share for 20Y6 and 20Y5. b. Does the change in the earnings per share from 20Y5 to 20Y6 indicate a favorable of unfavorable trend? EX 13-1 Dividend per share Internal Insights Inc., a developer of radiology equipment, has stock outstanding as follows: 70,000 shares of cumulative preferred 2% stock, $60 par, and 100,000 shares of $10 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $49,000; second year, $132,000; third year, $146,000; fourth year, $160,000. Compute the dividend per share on each class of stock for each of the four years. OBJ. 3 EX 13-2 Dividend per share OBJ. 3 Lightfoot Inc., a software development firm, has stock outstanding as follows: 40,000 shares of cumulative preferred 1% stock, $125 par, and 100,000 shares of $150…
ACCT2110 Financial Accounting Chapter 11 Stockholders' Equity Homework Problem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31 is presented here. MAISTYLE CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $900,000 Common stock, no par; 750,000 shares authorized, 600,000 shares issued 1,800,000 Total paid-in capital 2,700,000 Retained earnings 1,158,000 Total paid-in capital and retained earnings 3,858,000 Less: Treasury stock (8,000 common shares) (32,000) Total stockholders' equity $3,826,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000,…
QS 11-6 (Algo) Accounting for cash dividends LO P2 Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $172,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15. 59:06 View transaction list ook Journal entry worksheet > 1 3 Record the declaration of a cash dividend payable to common stockholders. Note: Enter debits before credits. Date General Journal Debit Credit July 15 ... raw lill O 69°F Cloudy 4x pe here to search 99+ 21 ort sc delete 24 6. 6) backspace R T Y. JL F G H. K
Exercise 9-15 (Algo) Calculate basic EPS LO 9-6 Mechforce, Incorporated had net income of $145,200 for the year ended December 31, 2022. At the beginning of the year, 14,000 shares of common stock were outstanding. On April 1, an additional 20,000 shares were issued. On October 1, the company purchased 5,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 9,000 shares of 4.95%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Earnings per share