Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020:- Common stock, S10 par, 50,000 shares authorized, 30,000 shares issued and outstanding .$ 300,000Paid in Capital in Excess of Par Value, Common Stock.- Retained Earnings..The following transactions occurred during 2021:1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share.2. March 10: Declared a S2 per share cash dividend on the outstanding common stock.3. April 07: Paid the cash dividends declared early in March 10.4. May 20: Sold all treasury shares for $19 each.5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1200,000500,000was $14 per share.6. Dec. 10: Distributed the shares which declared on Oct. 1.7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share.NOTE: If there is no entry, please write: “NO ENTRY"Required: Prepare Journal entries to record transactions that occurred during 2021.

Journal Entries - Journal Entries are the primary record of the transaction entered into by the…

Answered: Hamad Town Company had 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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On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of$5per share. During the year, the following occurred. Apr.1 issued 10,000 additional shares of common stock for$16per share. June 15 Declared a cash dividend of$1per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Purchased 1,800 additional shares of common stock for$15per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.30 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dividend dates (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter 0 for the amounts, List all debit entries before credit entries.
National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders Equity Common stock, 5 million shares at $1 part Paid-in capital-excess of par Retained earnings Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 480,000 shares at $9 per share. February 17, 2825 Reacquired 480,000 shares at $6.50 per share. November 9, 2826 Sold 335,000 shares at $8 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net Income was $20 million in 2024, $22 million in 2025, and $24 million in 2026. No dividends were paid during the three-year period. Complete…
On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows: Common stock ( $5 par value) $1, 480,000; paid - in capital in excess of par value $37,800; and retained earnings $1,235, 000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 37,500 shares for cash at $20 per share. July 1 Sold 6,300 treasury shares for cash at $26 per share. Sept. 1 Sold 4, 900 treasury shares for cash at $18 per share. Journalize the treasury transactions
On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400,000; paid-in (contributed) capital in excess of par value $200,000; and retained earnings $150,000. During the year, the following treasury stock transactions occurred. March 5: Purchased 6,000 shares for cash at $16 per share. April 25: Sold 4,000 treasury shares for cash at $18 per share. June 25: Sold 2,000 treasury shares for cash at $11 per share Required: Prepare journal entries to record the above treasury stock transactions. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $15,000 cash to purchase land Answer Dr. Land Cr. Cash 15,000 15,000 For the toolbar. press ALT+F10 (PC) or ALT+FN+F10 (Mac).
Alexander Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$25 par value, 60,000 shares authorized, 39,000 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 3,900 shares of its own stock at $25 cash per share. January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record February 28 Paid the dividend declared on January 7. July 9 Sold 1,560 of its treasury shares at $30 cash per share. August 27 Sold 1,950 of its treasury shares at $20 cash per share. September 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.. October 22 Paid the dividend declared on September 9. December 31 Closed the $61,000 credit balance (from net income)…
National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023
Herman Inc. has 180,000 shares of $5 par common stock outstanding at the beginning of the year 2022. The following transactions affecting stockholders’ equity occured suring the year. Assume Paid-in Capital—Treasury Stock has a zero beginning balance. · January 15: Purchased common stock as treasury shares, 6,000 shares at $20. · April 15: Sold common treasury stock, 2,400 shares at $14. The journal entry on April 15, 2022 will include: A) A credit to Treasury Stock for $120,000 B) A debit to Retained Earnings for $14,400 C) A debit to Treasury Stock for $48,000 D) A debit to Paid-in-Capital, Treasury Stock for $14,400
Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding..... -Paid in capital in excess of par value, common stock $3,000,000 -Retained earnings... 400,000 900,000 Total $4,300,000 The Corporation completed the following transactions in 2021. - Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. - Mar. 01, Purchased 30,000 shares of its own common for $15 per share. -Mar. 31, Paid the cash dividend declared on Jan. 10. May 01, Sold 10,000 of its treasury shares at $15 cash per share. -Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. -Nov, 01, Distributed stock dividends declared on Sep. 30. -Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for 2021. CLEARLY…
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Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 - Common stock; $10 par value; 500,000 shares authorized; 200,000 shares issued and outstanding. - Paid in capital in excess of par value, common stock $2,000,000 ...400,000 -Retained earnings.. 900.000 Total $3,300,000 The Corporation completed the following transactions in 2021. 1- Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. 2- Mar. 01, Purchased 10,000 shares of its own common for $15 per share. 3- Mar. 15, Paid the cash dividend declared on Jan. 10. 4- May 01, Sold 6,000 of its treasury shares at $15 cash per share. 5- Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov. 01, Distributed stock dividends declared on Sep. 30. 7-Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for…
The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000 Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) a. A stock dividend of 6% is (1) declared and (2) issued. b. A stock dividend of 100% is (1) declared and (2) issued. C. A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation a. (1) a. (2) b. (1) b. (2) c. (1) c. (2) Debit Credit
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