Employees holding 44,000 share subscriptions submitted their finaldeposit on the share subscription plan. The 1,000 shares subscribed werecancelled due to employees leaving the company. Their deposits on theshare subscription plan was refunded. A total of 132,000 common shareswere issued on this date.Dec 10Dec 20The board of directors authorized a $0.30 common share dividend toshareholders of record on December 31, The dividend is payable January15, 20x5.Required –Prepare all journal entries to record the above. Use a minimum of 4 decimalswhen calculating per share book values (best practice is to cell reference yourcalculations performed in Excel directly).Prepare a Statement of changes in shareholders' equity for the year endedDecember 31, 20x4. The net income for the year was $2,500,000.а.b. The shareholders' equity section of Tram Inc. as at December 31, 20x3 is as follows:Common shares, 2,000,000 shares outstandingContributed surplus – Common Share RepurchasesRetained Earnings$15,000,000375,0006,100,000The following transactions took place during 20x4:Employees subscribed for 50,000 shares at $13 per share. A deposit of10% was received on this date.Jan 2Feb 12Issued 250,000 shares for total cash proceeds of $2,200,000.Employees holding 47,000 share subscriptions submitted their 30%deposit on the share subscription plan. The 3,000 shares subscribed werecancelled due to employees leaving the company. Their deposits on theshare subscription plan was refunded.Mar 31Аpr 15Repurchased 70,000 common shares for $17 per share.May 1The board of directors approved a 3:1 stock split.Jun 15Issued 100,000 shares for total cash proceeds of $1,800,000.Employees holding 45,000 share subscriptions submitted their second30% deposit on the share subscription plan. The 2,000 shares subscribedwere cancelled due to employees leaving the company. Their deposits onthe share subscription plan was refunded.Sept 30Nov 15Repurchased 120,000 common shares for $8 per share.

Shareholder Equity means a company's net worth or the total dollar amount that would be returned to…

Answered: Dec 10 Dec 20 a. Employees holding…

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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On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3,000 shares were sold on November 10 for $23 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 - Select - - Select - - Select - - Select - b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select -
1
Instructions On January 31, Wilderness Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 1 2 B DATE AS
On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit June 1
Nutritious Pet Food Company's board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 8,000 shares but 1,900 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? If an amount box does not require an entry, leave it blank. Nov. 12
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
On April 1, 10,000 shares of $6 par common stock were issued at $24, and on April 7, 6,000 shares of $60 par preferred stock were issued at $106. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 7 ( Previous ms Next to search 3:27 PM 53°F Sunny (中ツ 12/14/2021 114 delete 144 pause home alt USE YOUR SMARTPHONE FOR Reviews Videos Features
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Credit
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when 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.)
On June 1, Teal Mountain Inc. issues 3,000 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation June 1 Debit Credit
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On April 1, 9,000 shares of $8 par common stock were issued at $26, and on April 7, 2,000 shares of $80 par preferred stock were issued at $108. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 7

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