B&O begins operations on January 1, 2022. On January 1, 2022, B&O issues 90,000 shares of $1 par value common stock for $120,000. Prepare the journal entry to record the issuance of common stock. Dr: CR: CR:
Q: A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per…
A: Company may raise capital or funds from the issue of common stock or preference stock. When these…
Q: a. Prepare journal entries b. Assuming that the profit for the year amounted to P450,000, prepare…
A: The statement of equity records the variation in the balance of equity of the company.
Q: On January 1, 2022 B&O issues 1,000 shares of $100 par value 2% cumulative Class A preferred stock…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Journalize the corporations transactions for 2024 and use the image attached stating the short…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: The stockholders' equity accounts of Pina Company have the following balances on December 31, 2020.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Required Information (The following information applies to the questions displayed below] Donnie…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: Garda World Security Corporation has the following shares, taken from the equity section of its…
A: Lets understand the basics.Shares are mainly divided into two types which are,(1) Equity shares(2)…
Q: Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share. When the transaction is…
A: Journal Entry: Journal entry is the initial process of tracking transactions in the books of a…
Q: Nebraska Inc. issues 4,150 shares of common stock for $132,800. The stock has a stated value of $18…
A: The organization can raise funds for the operation by issuing common stock, preferred stock for the…
Q: D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Rollers company is incorporated on January 1, 2018. Company is authorized to issue 160,000 shares of…
A: Stockholders' equity refers to the contribution of owners to the firm. It may include various items…
Q: sh dividends: December2017 $80,000 December2018 195,000 December2019 300,000 Required: 1.…
A: (1) Allocation of dividends to each class of stock, assuming that the preferred stock is 9% and not…
Q: The following data is available for Swifty Corporation at December 31, 2021: Common stock, par $10…
A: Common stock are the ordinary shares that a corporation issues to the investors in order to raise…
Q: A corporation issues 3,100 shares of common stock for $99,200. The stock has a stated value of $15…
A: Whenever common stock issued with no par value and if the company has a stated value for such common…
Q: Question Six: The following accounts appear in the ledger of Alico Corporation after the books are…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: 1. Record the transactions in Halborn's general journal. 2. Prepare the Halborn's stockholders'…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Common stock, $10 par, 290,000 shares issued and outstanding $ 2,900,000 Paid-in capital in…
A: Solution:- Preparation of journal entries for each of the following cases as follows:-
Q: The stockholders' equity accounts of G.K. Chesterton Company have the following balances on December…
A: Stock dividend is a dividend declared and issued in the form of shares. No cash was involved in this…
Q: The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31,…
A: Company means a form of business where the share holder invest money in business in form of shares…
Q: Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12…
A: Given that issued common stock = 2300 shares stated value = $12 per share
Q: Question Six: The following accounts appear in the ledger of Alico Corporation after the books are…
A: Stockholder means the person who invested in the stock/share of the company and are the real owners…
Q: On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on…
A: Company means a form of business where the share holder invest money in business in form of shares…
Q: Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31,…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: A corporation issues 4,550 shares of common stock $145,600. The stock has a stated value of $19 per…
A: Common Stock is a share issued by the company to the shareholders. The common stock is issued at par…
Q: The stockholders’ equity accounts of Bonita Company have the following balances on December 31,…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December…
A:
Q: The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value…
A: The journal entries are prepared to record the transactions on regular basis. The Stockholder's…
Q: The stockholders' equity accounts of Wildhorse Company have the following balances on December 31,…
A: The process of entering each individual financial transaction that a business makes into its journal…
Q: Question 7 : Adham Corporation was organized on January 1, 2019. During its first year, the…
A: Equity share capital or common stock refers to the capital raised by a company by offering shares.…
Q: Nebraska Inc. issues 4,200 shares of common stock for $134,400. The stock has a stated value of $14…
A: The objective of the question is to determine the amount that would be credited to the Common Stock…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
- Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
- Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
