Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 uring 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock 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. ebruary 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. eptember 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. ecember 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings.

Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 uring 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock 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. ebruary 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. eptember 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. ecember 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings.

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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OUse the following to answer questions 18 - 22 Attention Men's Wear, Inc. Balance Sheet (Stockholders' Equity Section) At December 31, 20XE Preferred stock, $100 par value $1,000,000 Common stock, $0.01 par value 7,500 Additional Paid in capital 15,950,000 Total paid in capital 16,957,500 Retained earnings 850,000 Treasury stock (300,000) Total stockholders' equity $17,507,500 18. shares. How many shares of preferred stock have been issued? 19. shares. How many shares of common stock have been issued? $ issued at an average price of $102.00 per share. At what price issued? 20. per share. If the preferred shares were per share were the common shares If retained earnings at the beginning of the period was $825,000 and Net income was $475,000, what were the declared dividends for the year? 21. 2$ 22. shares. If the treasury stock was repurchased at $30.00 per share, how many shares were purchased?
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Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock ( () () () (> () eTextbook and Media () ( O Paid-in Capital in Excess of Stated Value-Common Stock >> (>
Quèstion 15 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 th year, the following treasury stock transactions occurred. March 5: Purchased 5,000 shares for cash at $28 per share. April 25: Sold 2,000 treasury shares for cash at $30 per share. June 25: Sold 3,000 treasury shares for cash at $22 per share Required: Prepare journal entries to record the above treasury stock transactions.
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Assume that a company has the following information: Common Stock Information: # of shares issued and outstanding Par value per share 20,000 $9 Stockholders' Equity section of the Balance Sheet: Common Stock $180,000 Additional Paid in Capital Retained Earnings Total Stockholders' Equity $3,000,000 $4,820,000 $8,000,000 The company has the option of EITHER announcing a 3:1 stock split OR declaring a 200% stock dividend. Fill in the blanks below to show the stockholders' equity balances under each of these options. After After Current 3:1 200% Situation Stock Split Stock Dividend Common Stock Information: # of shares issued and outstanding 20,000 Par value per share $9 Stockholders' Equity section of the Balance Sheet: Common Stock $180,000 Additional Paid in Capital $3,000,000 Retained Earnings $4,820,000 Total Stockholders' Equity $8,000,000 II IIII
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Total Stockholders' Equity of P200,000 should be Treasury Shares