Required information[The following information applies to the questions displayed below)Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 parvalue. During the first year, the company earned $410,000 of net income and declared no dividends, the followingselected transactions occurred in the order given:a. Issued 110,000 shares of the common stock at $56 cash per share.b. Reacquired 26,000 shares at $51 cash per share.c. Relssued 10,500 shares from treasury for $52 per share.d. Reissued 10,500 shares from treasury for $50 per share.2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet<>2Record the issuance of 110,000 shares of common stock with a $5 par valuefor a price of $56 per share,

Cash A/c dr. (110,000 * $56). $6,160,000 To common stock A/C.…

d information owing information applies to the questions displayed below.) Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par During the first year, the company earned $410,000 of net income and declared no dividends, the following i transactions occurred in the order given: ed 110,000 shares of the common stock at $56 cash per share. quired 26,000 shares at $51 cash per share. sued 10,500 shares from treasury for $52 per share. sued 10,500 shares from treasury for $50 per share. purnal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry n the first account field.) saction list nal entry worksheet prd the issuance of 110,000 shares of common stock with a $5 par value a price of $56 per share,

d information owing information applies to the questions displayed below.) Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par During the first year, the company earned $410,000 of net income and declared no dividends, the following i transactions occurred in the order given: ed 110,000 shares of the common stock at $56 cash per share. quired 26,000 shares at $51 cash per share. sued 10,500 shares from treasury for $52 per share. sued 10,500 shares from treasury for $50 per share. purnal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry n the first account field.) saction list nal entry worksheet prd the issuance of 110,000 shares of common stock with a $5 par value a price of $56 per share,

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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Give the necessary Journal Entries to record the following transactions : (a) A shareholder was holding 500 equity shares of $ 10 each of a company issued at 10% discount. He paid $ 2 on application, $ 3 on allotment but could not pay the first call of $ 3 per share and his shares were forfeited by the directors. These shares were reissued subsequently at a price of $ 7 per share. (b) A holds 200 equity shares of $ 10 each on which he paid $ 1 per share as application money. B holds 300 equity shares of $ 10 each on which he has paid $ 1 and $ 3 per share as application and allotment money respectively. Cholds 500 equity shares of $ 10 each on which he has paid $ 1 on application, $ 3 on allotment and $ 2 on first call. They all fail to pay their arrears and the second call of $ 2 per share and the directors, therefore, forfeited the shares. All these shares were reissued subsequently @ $ 11 per share as fully paid.
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Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
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Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: Total Contributed Capital Total GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Stockholders' Equity
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