Common stock-$10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Paid the dividend declared on January 5 Sold 2,063 of its treasury shares at $24 cash per share. Sold 3,437 of its treasury shares at $17 cash per share. Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Feb. 28 July 6 Aug 22 Sept. 5 Oct 28 Dec. 31 $ 600,000 60,000 430,000 $1,090,000 1.Prepare journal entries to record each of the above transactions

Common stock-$10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Paid the dividend declared on January 5 Sold 2,063 of its treasury shares at $24 cash per share. Sold 3,437 of its treasury shares at $17 cash per share. Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Feb. 28 July 6 Aug 22 Sept. 5 Oct 28 Dec. 31 $ 600,000 60,000 430,000 $1,090,000 1.Prepare journal entries to record each of the above transactions

Name: Common stock-$10 par value, 100,000 shares authorized, 60,000 shares
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Description: Common stock-$10 par value, 100,000 shares authorized, 60,000 shares issued andoutstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityIn year 2016, the following transactions affected its stockholde

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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Subject: accounting
A company reports the following components of stockholders’ equity at December 31 of the prior year. Common stock—$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 370,000 Total stockholders' equity $ 1,330,000 During the current year, the following transactions affected its stockholders’ equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2,000 of its treasury shares at $16 cash per share. September 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on…
Identifying and Analyzing Financial Statement Effects of Stock TransactionsThe stockholders' equity of Verrecchia Company at December 31, 2011, follows: Common stock, $ 5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value 600,000 Retained earnings 346,000 During 2012, the following transactions occurred:Jan. 5 Issued 10,000 shares of common stock for $12 cash per share.Jan. 18 Purchased 4,000 shares of common stock for the treasury at $14 cash per share.Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $17 cash per share.July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share.Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares. Prepare the December 31, 2012, stockholders' equity section of the balance sheet assuming that the company reports…
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Journalize the following selected transactions completed during the current fiscal year: Date Transaction February 1 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. February 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. May 15 Paid the dividend declared on May 1. October 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55). November 12 Issued the certificates for the common stock dividend declared on October 19. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorised, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stoak at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July & Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Requirement October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income)…
Assume the following data relative to ABC Corporation for 2016 is available: Net Income $1,400,000 Transactions in common shares: Jan 1, 2016 Beginning number: 500,000 March 1, 2016 Purchased treasury shares 60,000 June 1,2016 Stock split 2 for 1 Nov 1, 2016 Issuance of new shares 120,000 8% Cumulative Preferred Stock Sold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000 Stock Options-60,000 options Exercisable at the option price of $25 per share. $30 average market price in 2016, $20 year end marke price(market price and option price adjusted for stock split) 4. What is Diluted EPS per share?
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