Diane's Designs has two classes of stock authorized: 7%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 1 Issue 100,000 shares of common stock for $15 per share. Issue 1,200 shares of preferred stock for $14 per share. February 6 October 10 Purchase 9,000 shares of its own common stock for $13 per share. November 12 Resell 5,000 shares of treasury stock at $21 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

Diane's Designs has two classes of stock authorized: 7%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 1 Issue 100,000 shares of common stock for $15 per share. Issue 1,200 shares of preferred stock for $14 per share. February 6 October 10 Purchase 9,000 shares of its own common stock for $13 per share. November 12 Resell 5,000 shares of treasury stock at $21 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

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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Required information [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May 8 May 31 Purchase 10,000 shares of its own common stock for $45 per share. Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net…
o Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $52 per share. February 14 Issue 42,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $42 per share. May 31 Resell 5,000 shares of treasury stock for $47 per share. December 1 Declare a cash dividend on its common stock of $0.35 per share and a $21,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions.
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Subject: accounting
Little League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 May 31 Purchase 11,000 shares of its own common stock for $44 per share. Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on its common stock of $8.45 per share and a $26,480 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 38 Pay the cash dividends declared on December 1. Required: Determine the financial statement effects of each of these transactions 2024. Complete this question by entering your answers in the tabs below. January 02 February 14…
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $35 per share. February 6 Issues 3,000 shares of 8% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Resells 5,500 shares of treasury stock at $45 per share. Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1)Record the issuance of 100,000 shares of common stock for $35 per share. 2)Record the issuance of 3,000 shares of 8% preferred stock for $11 per share. 3)Record the purchase of 11,000 shares of its own common stock for $40 per share. 4)Record the resale of 5,500 shares.
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Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $16 per share. February 6 Issues 1,100 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $21 per share. December 15 Resells 5,500 shares of treasury stock at $26 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 4 Record the issuance of 100,000 shares of common stock for $16 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2021
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May May 8 Purchase 10,000 shares of its own common stock for $45 per share. 31 Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (58 of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 2 2. Prepare the stockholde equity section of the balance sheet as of December 31, 2021. Net income for the year was $475,000. (Amounts to be deducted should…
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s first year of operations:February 2 Issue 1.5 million shares of common stock for $35 per share.February 4 Issue 600,000 shares of preferred stock for $23 per share.June 15 Purchase 150,000 shares of its own common stock for $30 per share.August 15 Resell 112,500 shares of treasury stock for $45 per share.November 1 Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.)November 30 Pay the dividends declared on November 1.Required:1. Record each of these transactions.2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,900,000.
National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s first year of operations: February 2 Issue 1.3 million shares of common stock for $28 per share. February 4 Issue 530,000 shares of preferred stock for $22 per share. June 15 Purchase 130,000 shares of its own common stock for $23 per share. August 15 Resell 97,500 shares of treasury stock for $38 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $636,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,830,000. (Amounts to be deducted should be…