Accounting for SharesKress Products' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. Kress sold 252,400 shares and reacquired 1,650 of those sharesThe reacquired shares were held as treasury stock. Later Kress sold an additional 16,300 shares and purchased 3,100 more treasury shares.Required:Determine the number of issued and outstanding shares.Issued sharesOutstanding sharessharesshares

INTRODUCTION: A corporation's shares are units of equity ownership. Shares exist as a financial…

Answered: Accounting for Shares Kress Products'…

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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On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and outstanding. All 43,000 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,040 shares of treasury stock for $26 per share and later sold the treasury shares for $22 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a Oa. credit to a gain account for $5,200 Ob. debit to a loss account for $5,200 Oc. debit to Treasury Stock for $27,040 Od. credit to Treasury Stock for $27,040
A-Calculate the total number of ordinary shares issues B- calculate the number of capitalisation shares issues C- calculate the value of capitalisation shares D- calculate the ordinary share dividend
Use the following information for the next five (5) questions: The following data were compiled prior to preparing the statement of financial position of Arms Corporation. Authorized share capital, P100 par value 4,000,000 Unissued share capital 800,000 Subscribed share capital 480,000 Subscription receivable 120,000 Premium on share capital 320,000 Premium on bonds payable 240,000 Gain on sale of treasury shares 80,000 Donated capital 800,000 Share warrants outstanding 200,000 Reserve for bond sinking fund 400,000 Reserve for treasury shares 144,000 Reserve for depreciation 600,000 Treasury shares, at cost 144,000 Retained earnings, unappropriated 576,000 Cash dividends payable 160,000 Revaluation increment on property 800,000 Net unrealized loss on available for sale securities 96,000 What is the legal capital of Arms Company?
The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $688,200 and a credit or credits to a.Paid-in Capital from Preferred Stock for $688,200. b.Preferred stock for $599,400 and Paid-in Capital in Excess of Par Value−Preferred Stock for $88,800. c.Preferred Stock for $688,200. d.Preferred Stock for $599,400 and Retained Earnings for $88,800.
1
The Snow Corporation issues 9,900 shares of $54 par value preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $613,800. What credit or credits will the entry consist of? Select the correct answer. Preferred Stock for $534,600 and Retained Earnings for $79,200. Preferred Stock for $613,800. Paid-in Capital from Preferred Stock for $613,800. Preferred stock for $534,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $79,200.
Assume that on June 30, Sunland Corporation declares a 10% stock dividend on its 100000 common shares, to be distributed on August 5 to shareholders of record on July 20. Assume the fair value of its shares on June 30 is $13.64 per share and $16.00 on August 5. Which of the following is the correct entry to record the distribution of the stock dividend? Dividends Payable Common Shares Stock Dividends Distributable Common Shares Stock Dividends Distributable Stock Dividends Stock Dividends Distributable Cash 160000 136400 160000 136400 160000 136400 160000 136400
on january 1 , lime manufacturing corporation purchased 185000 shares of its own reviously issued $5 par common stock for $25 per share. On april 1, Lime Manufacturing sels 105000 of the treasury stock for $27 per share. On june 1, Lime Manufacturing sels 65000 of the treasury for $19 per share. Prepare journal entries for each date.
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Required: 1.Memorandum entry of transactions2.Post to the Shareholder’s equity Accounts3.Prepare the share capital section of the Shareholder’s equity as at Dec.31,2018
BFAR Corp. was authorized to issue 200,000 ordinary shares with P50 par value. The company had the following chronological transactions during the year: Issued 80,000 shares at P60 per share Received subscription for 37,000 shares at par Re-acquired 9,000 treasury shares at P65 per share . Re-issued 2,400 treasury shares at P30 per share How many shares are outstanding at year-end? ●
MAKE T-ACCOUNT for the following: Ordinary shares Preference shares Share premium- Ordinary shares Share premium- Preference shares Share premium- Treasury shares Total additional paid-in capital Total contributed capital Total stockholders’ equity

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