A company reported the following stockholders' equity on January 1 of the current year:Common stock-$10 par value, 1,000,000 shares authorized;260,000 shares issuedPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityPrepare journal entries for the following selected transactions.March 1 Purchased 11,000 shares of its own stock for $21 cash per share.May 5Sold 5,000 shares of its treasury stock for $21 cash per share.October 12 Sold 3,000 shares of its treasury stock for $22 cash per share.View transaction list12Purchased 11,000 shares of its own stock for $21 cashper share.Sold 5,000 shares of its treasury stock for $21 cash pershare.3 Sold 3,000 shares of its treasury stock for $22 cash pershare.$ 2,600,0001,270,0001,685,000$ 5,555,000XCredit>

Treasury Stock: Treasury stock, sometimes referred to as treasury shares or reacquired stock, is…

Answered: A company reported the following…

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 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…
Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, cormon stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 Directora declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $24 cash per share. Sold 2,000 of its treasury shares at $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 credit…
April 1 Issued 21,000 additional shares of common stock for $17 per share June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,500 additional shared of common stock for $18 per share Dec. 15 Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31.
If Common Stock is $10 par value , 140,000 shares are authorized, and 60,000 shares , if the directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record , what is the debit and credit ?
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
Dwight Corporation in its first year of operations had the following stock transactions. Record each transaction in the journal provided. Mar 3 Issued 10,000 shares of common stock, $1 par value, for cash of $50,000. Apr 12 Issued 500 shares of preferred stock, $10 par value, for cash of $12,500. Jul 8 Issued 2,000 shares of preferred stock, $10 par value, in exchange for land valued at $60,000.
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…
On January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e.g.…
vi.3
Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year. Common stock—$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 600,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $ 1,070,000 During the current year, the following transactions affected its stockholders’ equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $4 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 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend…
11-06 AB: Can you Post to the stockholders’ equity accounts using T Accounts? Flounder 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 46,500 shares for cash at $53 per share. July 1 Issued 69,000 shares for cash at $57 per share.
The stockholders' equity section of Jun Company's balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock's per share market value on April 2 is $15 (prior to the dividend). Common stock-$5 par value, 415,000 shares authorized, 220,000 shares issued and outstanding Paid-in capital in excess of par value, common stock. Retained earnings Total stockholders' equity Prepare the stockholders' equity section immediately after the stock dividend is distributed. Total paid-in capital Total stockholders' equity JUN COMPANY Stockholders' Equity April 2 (after stock dividend) $ 0 $ 1,100,000 530,000 853,000 $ 2,483,000 0 4

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