(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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The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
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The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
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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?
Bramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in Capital in Excess of Par- common stock $106,000, and retained earnings $242,000. During 2022, the following transactions affected stockholders' equity. 1. 2. 3. 4. Issued preferred stock with a par value of $128,500 for $209,000. Purchased treasury stock (common) for $36,500. Earned net income of $135,000. Declared and paid cash dividends of $52,500. Prepare the stockholders' equity section of Bramble Corp's December 31, 2022, balance sheet.