(b)Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journalentries presented in the previous part.)Paid-in Capital from Treasury StockTreasury StockRetained EarningseTextbook and MediaList of AccountsSave for LaterAttempts: 0 of 5 usedSubmit Answer(c)Prepare the stockholders' equity section for Bramble Corporation at December 31, 2022. (Enter the account name only and do notprovide the descriptive information provided in the question.)BRAMBLE CORPORATIONBalance Sheet (Partial)> Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock (54 par) 5440,000, Paid-inCapital in Excess of Par-Common Stock $210,000, and Retained Earnings $110,000. In 2022, the company had the followingtreasury stock transactions.Mar. 1Purchased 7,000 shares at $8 per share.June 1Sold 1,000 shares at $13 per share.Sept. 1Sold 1,000 shares at $11 per share.Dec.Sold 1,000 shares at $7 per share.Bramble Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000.(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 ExplanationDebitCredit>

Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings s110.000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000 shares at 58 per share. June 1 Sold 1,000 shares at $13 per share Sept. 1 Sold 1.000 shares at $11 per share Dec 1 Sold 1.000 shares at 57 per share. Bramble Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25.000. (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022. for net income. (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.) Date Account Titles and Explanation Debit Credit >

Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings s110.000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000 shares at 58 per share. June 1 Sold 1,000 shares at $13 per share Sept. 1 Sold 1.000 shares at $11 per share Dec 1 Sold 1.000 shares at 57 per share. Bramble Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25.000. (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022. for net income. (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.) Date Account Titles and Explanation Debit Credit >

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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Grouper Ltd. has the following equity accounts at January 1, 2023. Preferred shares outstanding: 2,800 shares Common shares outstanding: 4,500 shares (a) $84,000 Average issue price $ 450,000 What was the average issue price of the preferred shares?
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
8. Daisy Company had 350,000 ordinary shares outstanding on January 1, 2020. During 2020 and 2021, the following transactions took place. 2020 March I July 1 October 1 December 1 Sold 33,600 shares Issued a 20 percent stock dividend Sold 22,400 shares Purchased 21,000 shares to be held in treasury 3 for I share split Sold 84,000 shares 2021 June 1 September 1 What is the weighted average number of shares for 2020 to be used in the earnings per share computation for comparative financial statements at the end of 2021? b. What is the weighted number of shares for 2021 used in the carnings per share computation for comparative financial statement at the end of 2021? a.
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…
CarFind Inc. showed the following equity information at December 31, 2022 Common shares, unlimited shares authorized; 4,100,000 shares issued and outstanding Retained earnings On April 1, 2023, 210,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.98, $1.86, and $2.46, respectively. On December 11, the board of directors declared a 21 share split to shareholders of record on December 15, the distribution date was December 20. Profit earned during the year was $1,495,000. $1,010,000 1,380,000 Required: Prepare the company's equity section on the December 31, 2023, balance sheet. Contributed capital: Total equity CARFIND INC. Equity Section of Balance Sheet December 31, 2023
The following data is available for Crane Corporation at December 31, 2025: Common stock, par $10 (authorized 31500 shares) $283500 Treasury stock (at cost $15 per share) $1080 Based on the data, how many shares of common stock are issued? O 28278. O 31428. O 31500. O 28350.
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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…