Current Attempt in ProgressBlossom Corporation has outstanding 19,000 shares of $5 par value common stock. On August 1, 2025, Blossomreacquired 200 shares at $74 per share. On November 1, Blossom reissued the 150 shares at $64 per share. Blossom had no previoustreasury stock transactions.Prepare the entry to retire the treasury shares remaining following the November 1, 2025, reissuance. The shares were initially issuedfor $45 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateNovember 1,2025Account Titles and ExplanationDebitCredit

When treasury stocks are retired, (1) Common stocks are debited with par value (2) Paid in capital…

Answered: Current Attempt in Progress Blossom…

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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Current Attempt in Progress Sandhill Inc. had 978000 shares of common stock issued and outstanding at December 31, 2024. On July 1, 2025, an additional 978000 shares were issued for cash. Sandhill also had stock options outstanding at the beginning and end of 2025 which allow the holders to purchase 307000 shares of common stock at $28 per share. The average market price of Sandhill's common stock was $35 during 2025. The number of shares to be used in computing diluted earnings per share for 2025 is 2017400. 1528400 O 1712600. O2201600.
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000
Kingbird Corporation has outstanding 21,000 shares of $5 par value common stock. On August 1, 2025, Kingbird reacquired 210 shares at $87 per share. On November 1, Kingbird reissued the 160 shares at $75 per share. Kingbird had no previous treasury stock transactions. Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Debit Treasury Stock Date 8/1/25 11/1/25 Cash Cash Retained Earnings Treasury Stock 18270 1000 18270 6270 Credit 18271 1200X
Pharoah Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024: Common shares (1,350,000 shares issued and outstanding) $27,000,000 Retained earnings $5,456,000 On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.20 per share. Provide the journal entry to record the share repurchase transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Overland Corporation took part in the following selected transactions. Prepare journal entry(entries) for following independent event. a. Purchased 6,000 shares of treasury stock at $70 per share. The treksury shares purchased were issued in 2018 at $46 per share. Assuming Overland uses the retirement method to prepare entry and before this transaction the company had $100,000 credit balance of Paid-in capital- shares repurchase and $800,000 retained earnings b. The board votes a 4-for-1 stock split. At the date, the market value is $80 c. The board votes a 150% stock dividend. At the date, the market value is $80, assuming the company treats the distribution as "large" stock dividends effected in the form of a stock dividend and before this transaction the company has 54,000 shares of common stock
During its first year of operations, Cupola Fan Corporation issued 48,000 of $1 par Class B shares for $475,000 on June 30, 2021. Share issue costs were $3,300. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $48,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.70 per share dividend on December 1, 2021, the payment of the dividend on December 31, 2021 and the retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) please dont give answer in the image format
Edward Corporation is authorized to issue 100,000 shares of $1 par value common stock. During 2021, Edward Corporation took part in the following selected transactions. Prepare journal entry(entries) for following independent event. 1. Purchased 10,000 shares of treasury stock at $50 per share. The treasury shares purchased were issued in 2019 at $31 per share. Assuming Edward uses the retirement method to prepare entry and before this transaction the company had $120,000 credit balance of Paid-in capital – shares repurchase and $1,500,000 retained earnings. 2. The board votes a 3-for-1 stock split. At the date, the market value is $52. 3. The board votes a 120% stock dividend. At the date, the market value is $55, assuming the company treats the distribution as "large" stock dividends effected in the form of a stock dividend and before this transaction the company has 330,000 shares of common stock.
On January 1, 2020, Urban Inc. issued 10,000 shares of $1 par common stock for $10 per share. On June 30, 2020, Urban Inc. reacquired 1,000 shares of common stock at $8 per share. On December 15, 2020, Urban Inc. reissued 500 shares of common stock at $12 per share. Assume that Urban accounts for repurchases of its common stock as direct stock retirements. The entry on June 30, 2020, to account for the direct stock retirement would include a Credit to Paid-in Capital in Excess of Par-Common Stock for $2,000. Credit to Retained Earnings for $2,000. Debit to Paid-in Capital in Excess of Par-Common Stock for $9,000. Debit to Retained Earnings for $9,000.
The Li Group had 150,000 shares of common stock outstanding at January 1, 2024. The following activities affected common shares during the year. There are no potential common shares outstanding. 2024 February 28 Purchased 3,000 shares of treasury stock. October 31 Sold the treasury shares purchased on February 28. November 30 Issued 12,000 new shares. December 31 Net income for 2024 is $1,639,000. 2025 January 15 Declared and issued a 2-for-1 stock split. December 31 Net income for 2025 is $1,639,000. Required: 1. Determine the 2024 EPS. 2. Determine the 2025 EPS. 3. At what amount will the 2024 EPS be presented in the 2025 comparative financial statements? Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Numerator Denominator Earnings per Share 1. = 0 23 2. = 0 3. 0
Use the following information to answer the next four questions. A company begins operations on 1/1/22, selling 100,000 shares of common stock (with 500,000 shares authorized). These shares have a par value of $1/share and were originally sold for $5/share. On 3/1/22, the company repurchases 1,000 common shares for $8/share (the company does not formally retire the shares). On 5/1/22, the company resells 500 of those shares for $10/share. On 8/1/22, the company declares and executes a 2-for-1 stock split. On 12/1/22, the company declares a $0.10/share cash dividend. The date of record is 12/31/22 and the payment date is 1/10/23. Net income during 2022 was $200,000 At 12/31/22, the common shares are trading at $7/share. a) What is the balance in common stock at 12/31/22? b) What is the balance in additional paid in capital at 12/31/22? c) What is the balance in treasury stock at 12/31/22? d) What is the balance in retained earnings at 12/31/22?
During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2024. Share issue costs were $1,500. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $39,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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