TB MC Qu. 10-134 (Algo) Clothing Emporium was organized on January...Basu Emporium was organized on January 1, 2024. The firm was authorized to issue 140,000 shares of $8 par value common stock. During 2024, Basu Emporium had thefollowing transactions relating to stockholders' equity:1. Issued 42,000 shares of common stock at $10 per share2. Issued 28,000 shares of common stock at $11 per share3. Reported a net income of $140,0004. Paid dividends of $70,000What is total paid-in capital at the end of 2024?Multiple Choice$728,000$658,000$798,000$868,000

Total paid in capital includes par value and the additional paid in capital i.e. Total Issue price…

Answered: (Algo) Clothing Emporium was organized…

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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Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
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 issued Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 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 list 1 2 Purchased 11,000 shares of its own stock for $21 cash per share. Sold 5,000 shares of its treasury stock for $21 cash per share. 3 Sold 3,000 shares of its treasury stock for $22 cash per share. $ 2,600,000 1,270,000 1,685,000 $ 5,555,000 X Credit >
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 540,000 shares issued) $5,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,050,000 Retained Earnings 12,260,000 Treasury Stock (54,000 shares, at cost) 756,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $68,040. Apr. 10. Issued 105,000 shares of common stock for $1,890,000. June 6. Sold all of the treasury stock for $918,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the…
Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 50,000 b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 43,000 Accounts Receivable. Building 15,000 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 30,000 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 9 d. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital
During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stock Jan. 10 Issued 75,000 shares for cash at $7 per share. July 1 Issued 35,000 shares for cash at $9 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Your answer is correct. Date Jan 10 July 1 Account Titles and Explanation Cash Common Stock Cash Paid-in Capital in Excess of Par-Common Stock Common Stock Debit 525000 315000 Credit WI 525000 70000 245000
Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Kingbird, Inc. had the following transactions during the current period. Mar. 2 Issued 4,400 shares of $5 par value common stock to attorneys in payment of a bill for $26,400 for services performed in helping the company to incorporate. June 12 Issued 55,000 shares of $5 par value common stock for cash of $343,750. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $111 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit
Badger corporation issued 9,000 shares of its $5 per value common stock in payment for attorney services billed at 108,00. Badger corporations stock has been actively trading at $12 PER SHARE. ATHE JOURNAL ENTRY FOR THIS YRANSACRION WOULD INCLUDE A -credit to common stock 63,000 Debit to legal expense 45,000 -debit to legal expense 108,000 Credit to paid in capital in excess of Pat common 108,000
The following information pertains to Matthew Corporation. Prepare journal entries for the following dates: 1/1/22: the company issues 140,000 shares of common stock, $5 par, for $8 per share 2/1/22: the company issues 10,000 shares of common stock, $5 par value, for $9 per share 3/15/22: the company declares a $4 per share dividend, to stockholders of record on 4/15/22, payable on 5/10/22 4/15/22: date of record: 5/10/22: date of payment: 7/1/22: the board of directors declares a 15% stock dividend when the market value of the stock is $12 per share, to be distributed on 8/15/22. 8/15/22: the company distributes the stock dividend shares 10/31/22: the company declares a $5 per share cash dividend, to be paid on 11/30/22 11/30/22: the company pays the cash dividend
On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000. Prepare a stockholders’ equity…

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