Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 900,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. Declares a cash dividend of $2 per share. 1 Mar. Pays the cash dividend. 30 Jul. Declares a 5% stock dividend when the stock is trading 10 at $20 per share. Aug. Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 30 Jul. 10 Aug. 5 II II 1II 1| II II III II

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 900,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. Declares a cash dividend of $2 per share. 1 Mar. Pays the cash dividend. 30 Jul. Declares a 5% stock dividend when the stock is trading 10 at $20 per share. Aug. Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 30 Jul. 10 Aug. 5 II II 1II 1| II II III II

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

When Ale Co. started operating in Year 1, it issued 750,000 shares of common stock. In Year 2, the company issued 50,000 more shares of common stock and 100,000 shares of preferred stock (with each preferred share convertible into one common share). In Year 3, 40 percent of the preferred shares were converted into common shares. At the end of Year 3, the company underwent a 4-for-1 stock split. Determine the total number of outstanding common stock shares at the end of Year 3.
Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock? Responses Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash…
United Resources Company obtained a charter from the state in January of this year. The charter authorized 211,000 shares of common stock with a par value of $1. During the year, the company earned $477,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 98,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 29,000 shares of the previously issued shares for $21 per share and is holding them as treasury stock. c. Resold 4,000 shares of treasury stock for $24 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 1,500 shares of its own common stock at $12 per share. Apr. 10 Reissued 750 shares of its common stock held in the treasury for $16 per share. Jun. 12 Reissued 750 shares of common stock at $10 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Apr. 10 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Jun. 12 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the…
Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: March 1: Issued 400,000 shares of stock at $9.75 per share June 15: Purchased 10,000 shares of treasury stock for $9 per share Sept 1: Declared a cash dividend of 10-cents per share on common stock Sept. 15: Record date for cash dividend Oct, 1: Paid cash dividend Journalize the transactions.
During Year 11, Pacilio Security Services experienced the following transactions: Paid the sales tax payable from Year 10. Paid the balance of the payroll liabilities due for Year 10 (federal income tax, FICA taxes, and unemployment taxes). Issued 5,000 additional shares of the $5 par value common stock for $8 per share. Issued 1,000 shares of $50 stated value, 5 percent cumulative preferred stock for $52 per share. Purchased $500 of supplies on account. Purchased 190 alarm systems at a cost of $310. Cash was paid for the purchase. After numerous attempts to collect from customers, wrote off $3,670 of uncollectible accounts receivable. Sold 210 alarm systems for $600 each plus sales tax of 5 percent. All sales were on account. Record the cost of goods sold related to the sale from Event 8 using the FIFO method. Billed $125,000 of monitoring services for the year. Credit card sales amounted to $58,000, and the credit card company charged a 4 percent fee. The remaining $67,000 were…
During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 81,500 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,200 for services rendered in helping the company to incorporate. July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,400 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (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 0 for the amounts. Record entries in the order displayed in the problem statement.)
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $2 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 5% stock dividend when the stock is trading at $20 per share. Aug. 5 Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 30 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Jul. 10 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18…
Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later Elroy resold 950 shares of the treasury stock for $63 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?
Use the following information to answer the next four questions. A company begins operations on 1/1/22, selling 100,000 shares of common stock (with 500,000 shares authorized). These shares have a par value of $1/share and were originally sold for $5/share. On 3/1/22, the company repurchases 1,000 common shares for $8/share (the company does not formally retire the shares). On 5/1/22, the company resells 500 of those shares for $10/share. On 8/1/22, the company declares and executes a 2-for-1 stock split. On 12/1/22, the company declares a $0.10/share cash dividend. The date of record is 12/31/22 and the payment date is 1/10/23. Net income during 2022 was $200,000 At 12/31/22, the common shares are trading at $7/share. a) What is the balance in common stock at 12/31/22? b) What is the balance in additional paid in capital at 12/31/22? c) What is the balance in treasury stock at 12/31/22? d) What is the balance in retained earnings at 12/31/22?
A company issues 20,000 common shares for $15 each. Later in the year, the same company issues another 35,000 common shares for $27 each. Two weeks later, it repurchases 5,000 shares for 19 per share. The entry to record the repurchase would be which of the following? Debit Cash for $95,000 & Contributed Capital - Retirement of Common Shares for $18,200, credit Common Shares for $113,200. Debit Common Shares for $95,000 & Retained Earnings for $18,200, credit Cash for $113,200. Debit Common Shares for $95,000, credit Cash for $95,000. Debit Common Shares for $113,200, credit Contributed Capital - Retirement of Common Shares for $18,200 & Cash for $95,000.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 3,000 shares of its own common stock at $16 per share. Apr. 10 Reissued 1,500 shares of its common stock held in the treasury for $20 per share. Jun. 12 Reissued 1,500 shares of common stock at $14 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank Mar 1. Apr. 10 Jun. 12