Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. Issued 2,500 shares of preferred stock for cash at $111 per share. May Aug. Nov. 1 1 Sept. 1 1

Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. Issued 2,500 shares of preferred stock for cash at $111 per share. May Aug. Nov. 1 1 Sept. 1 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Milton Company's charter authorizes 1,000,000 shares of common Graded Discussion stock and 400,000 shares of preferred stock. In its first year of operations during 2018, the company presented the following transactions: • Issued 5,000 shares of common stock. Stock has par value of $0.01 per share and was issued at $30 per share. Earned Net income $200,000 • Paid dividends of $5 per share. Required 1. Prepare the journal entry to record the following: a. Common stock shares issued b. Close out net income to retained earnings c. Dividend paid d. Close out dividend to retained earnings. 2. Prepare the Stockholders equity section of the company's balance sheet at December 31, 2018 and include the following information > information on par values, > the number of shares authorized and issued where necessary and > the sub total for the total paid in capital > total stockholders' equity
Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >
Basil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000 shares of 9%, $100 par value preferred stock. On January 1, 2018, the second year of operations, the retained earnings balance was $80,000. During 2018, the company had the following stock transactions. Jan. 7 Issued 150,000 shares of common stock at $15 per share. May. 5 Attorneys for the company accepted 250 shares of common stock as payment for legal services rendered. The legal services are estimated to have a value of $4000 June 1 Issued 10,000 share of preferred a stock at $150 per share. July 4 Issued 20,000 shares of common stock in exchange for a building. The building was advertised for $200,000. Basil’s Corporation's common stock has been actively traded on the stock exchange at $20 per share at the time of the exchange. Sept. 1 Purchased 10,000 shares of common stock for the treasury at $20 per share. Oct. 2 Sold 4,000 shares of the…
d
Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% 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: Mar. 1 Issued 10,000 shares of preferred stock at $115 per share. Mar. 2 Issued 120,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 10,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 2 Apr. 10 Jun. 12 Aug. 5 Additional Paid-in Capital from Common Stock Additional Paid-in Capital from Preferred Stock Cash Common Stock Equipment III III III…
Inside Incorporated was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par, 100,000 shares, one vote per share. Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting. The following selected transactions were completed during the first year of operations in the order given: Issued 21,000 shares of the $6 par common stock at $19 cash per share. Issued 3,100 shares of preferred stock at $23 cash per share. At the end of the year, the accounts showed net income of $39,000. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.
Whispering Winds Corporation was organized on January 1, 2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share.Mar.Apr..1May1Aug1Sept.1Issued 5,750 shares of preferred stock for cash at $110 per share.Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.Issued 81,500 shares of common stock for cash at $4.25 per share.Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.Issued 11,500 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.
Ivanhoe Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 103,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,900; 2022, $13,600; and 2023, $28,000. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2023, under part (b).
CURCord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr May Aug. (a) (b) 1 (c) 1 Sept. 1 Nov. 1 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4,850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. Issued 76.500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41.500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 pershare. Issued 2.500 shares of preferred stock for cash at $112 pershare. Prepare the paid-in capital section of stockholders' equity…
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the above transactions.
Springer Company was incorporated on January 1, 2022, at which time 500,000 shares of $1 par value common stock were authorized, and 210,000 of these shares were issued for $9 per share. Net income for the year ended December 31, 2022, was $1,900,000. Springer Company's board of directors declared dividends of $1.40 per share of common stock on December 31, 2022, payable on January 27, 2023. The entry to record the payment of dividends on January 27, 2023 is: Multiple Choice O Debit Credit Debit Credit Debit Credit Debit Credit Retained Earnings Dividends Payable Cash Dividends Payable Retained Earnings Cash Dividends Payable Cash 294,000 294,000 294,000 294,000 294,000 294,000 294,000 294,000
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $11 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $16 per share. b. Issued 10,000 shares of the class A preferred stock for $30 per share. c. Issued 54,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity