Ayayai Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-inCapital in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2022, the company had the following treasurystock transactions.Purchased 5,500 shares at $9 per share.Sold 1,000 shares at $13 per share.Sept. 1Sold 1,000 shares at $11 per share.Dec. 1 Sold 1,500 shares at $7 per share.Mar. 1June 1Ayayai Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000.D(a)Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debitentries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditS

Given Mar. 1 Purchased 5500 shares at $9 per share.June 1 Sold 1000 shares at $13 per share.Sept.…

Answered: Ayayai Corporation had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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DeZurik Corporation had the following stockholders’ equity section in its June 30, 2022, balance sheet (in thousands, except share and per share amounts): June 30 (in thousands)2022 Paid-in capital: $4.0 Preferred stock, $ ? par value, cumulative, 60,000 shares authorized, 21,000 shares issued and outstanding $ 1,490 Common stock, $6 par value, 4,000,000 shares authorized, 840,000 shares issued, 750,000 shares outstanding Additional paid-in capital on common stock 5,320 Retained earnings Less: Treasury common stock, at cost, ? shares Total stockholders' equity $ 15,410 Required: Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2022. What was the average issue price of common stock shown on the June 30, 2022, balance sheet? How many shares of treasury stock does DeZurik Corporation own at June 30, 2022?…
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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).
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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
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
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On January 1, 2022, Metro Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Additional paid-in capital, common 500,000 Additional paid-in capital, preferred 100,000 Preferred stock, $100 par, 10,000 shares issued 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 common shares 25,000 During 2022, Metro Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Denver Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. 1) Prepare the journal entry (ies) for…
The following stockholders' equity accounts arranged alphabetically are in the ledger of Concord Corporation at December 31, 2022. Common Stock ($7 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, $55 par) Retained Earnings Treasury Stock (10,000 common shares) 4: eTextbook and Media List of Accounts Save for Later + Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) + $2,793,000 ◆ 11,000 675,000 159,000 880,000 1,748,000 130,000 CONCORD CORPORATION Balance Sheet (Partial) $ $ Attempts: 0 of 3 used $ Submit Answer

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