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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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.
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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
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
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Dallas Corporation purchased 300 shares of its own $10 par value common stock for $7,500. Later, these shares are sold for $8,000 cash. The journal entry to record the sale includes a: Select one: a. $500 increase to Paid-in Capital from Treasury Stock b. $4,800 increase to Paid-in Capital from Treasury Stock c. $500 increase to Gain on Sale of Treasury Stock d. None of the above
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? 3,200,000 3,428,000 2,940,000 2,628,000 What total amount should be reported as share premium at year-end? 3,200,000 3,640,000 3,922,000 4,362,000 What amount of retained earnings should be reported at year-end? 3,550,000 4,500,000 3,430,000 2,950,000
On June 8, Pharoah Ltd. was incorporated and issued 33,600 common shares for $336,000. On August 19, an additional 8,400 shares were issued for $100,800. On November 2, the company paid $32.256 to repurchase 3,360 common shares and on December 7 it paid $58.240 to repurchase 4,480 common shares. (a) Your answer is correct. Calculate the average cost of the common shares on places, ag. 15.25.) June 8 Aug 19 Nov. 2 Dec. 7 $ $ 5 $ Average Cost 10 10.40 10.40 10.40 hares on June 8, August 19. November 2, and December 7. (Round arewers to 2 decimal
On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and outstanding. All 49,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a debit to a loss account for $1,820. credit to a gain account for $1,820. credit to Treasury Stock for $21,840. debit to Treasury Stock for $21,840. MacBook Pro