aterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. Waterport sold 251,500 shares and reacquired 1,650 of tha mares. The reacquired shares were held as treasury stock. Later Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. zequired: Determine the number of issued and outstanding shares. Issued shares 267,300 X shares 262,550 X shares Outstanding shares

aterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. Waterport sold 251,500 shares and reacquired 1,650 of tha mares. The reacquired shares were held as treasury stock. Later Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. zequired: Determine the number of issued and outstanding shares. Issued shares 267,300 X shares 262,550 X shares Outstanding shares

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
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.
Horton Company began business on January 1, 20x1 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, the Company declared a cash dividend of $1 per share to stockholders of record on July 31. The Company paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, the Company resold half of these shares for $30 per share. a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/20x1 assuming that the Net Income for the year was $3,000,000.
Badger Corporation issued 5000 shares of its $5 par value common stock in payment for attorney services billed at $40,000. Badger Corporation's stock has been actively trading at $7 per share. The journal entry for this transaction would include a: Ocredit to Additional Paid in Capital $40,000. Odebit to Legal Expense $40,000. Odebit to Legal Expense $35.000. Ocredit to Common Stock $55,000. None of the above.
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.
MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 20X7, MH had the following transactions relating to stockholders' equity: Issued 15,000 shares of common stock at $7 per share. Issued 10,000 shares of common stock at $9 per share. Reported a net income of $270,000. Paid dividends of $60,000. Purchased 3,000 shares of treasury stock at $10 (part of the 10,000 shares issued at $9). What is the total stockholders' equity of MH at the end of 20X7? Select one: a. $355,000 b. $375,000 c. $498,000 d. $378,000 e. $495,000
The sub parts of 4 and 5 only
Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The company issued 75,000 shares at $4 per share. When the market price of common stock was $6 per share, Martial Arts Schools declared and distributed a 12% stock dividend. Later, Martial Arts Schools declared and paid a $0.60 per share cash dividend. Read the requirements. Requirement 1. Journalize the declaration and the distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, journalize the declaration of the stock dividend. Accounts and Explanation Date Debit C) Credit Requirements 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done X
Use the following information for the next three (3) questions: At the beginning of current year, Axed Company was authorized to issue share capital of 100,000 shares with P30 par value. Axed had the following share capital transactions during the year: January 1 Issued 80,000 shares at P70 per share May 1 Reacquired 4,000 treasury shares at P65 per share July 1 Approved a share split of 5 for 1 October 31 Issued a 10% share dividend when the market value of a share is P25 December 31 Reissued all of the treasury shares at P35 December 31 Net income for the year was P4,500,000. What total amount should be reported as share capital at year-end? Group of answer choices 3,200,000 3,428,000 2,940,000 2,628,000
ity Company wish to declare a dividend whereby ordinary shareholders are to receive a total per share dividend of P6. The entity provided the following shareholders’ equity at year-end: Preference share capital, P100 par, 9% participating up to 12%, noncumulative,100,000 shares authorized, 30,000 shares issued 3,000,000 Ordinary share capital, P25 par, 200,000 shares authorized and issued 5,000,000 Share premium 1,050,000 Retained earnings 4,300,000What is the total amount of the dividend that must be declared to meet the per share goal of the board of directors?