During its first year of operations, Bonita Corporation had the following transactions pertaining to its common stock.Jan. 10Mar. 1JulySept.11Issued 83,700 shares for cash at $6 per share.Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company toincorporate.Issued 32,100 shares for cash at $8 per share.Issued 63,100 shares for cash at $10 per share. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)Date<Account Titles and ExplanationDebitCredit

PARTICULARS DEBIT CREDIT CASH ACCOUNT 502,200 TO COMMON STOCK 418,500…

Answered: During its first year of operations,…

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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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $31, ($19), and $21 in 2024, 2023, and 2022, respectively Other Total comprehensive income ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2023 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: Accumulated other comprehensive income, 2024 2024 $395 9,383 8,463 138 $ 18,379 ($ in millions) Years Ended December 31 2023 2024 2022 $818 $ 673 $988 44 (2) $ 1,030 2023 (27) (3) $788 $395 9,383 7,907 96 $ 17,781 Required: 3. From the information provided, determine how Kaufman calculated the $138 million accumulated other comprehensive income in 2024.…
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During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 81,500 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,200 for services rendered in helping the company to incorporate. July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,400 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (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 0 for the amounts. Record entries in the order displayed in the problem statement.)
OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock. During 20X7, OM had the following transactions relating to stockholders' equity: Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?
Ashvini
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 per share. (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 Debit Cre (a) > >
Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: 19 Issued 5,500 common shares for cash of $11.50 per share. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Jul. Aug. 11 Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Jul. 19 Accounts Debit Credit
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
Concord Corporation had the following transactions during the current period. Mar. 2 Issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in helping the company to incorporate. June 12 Issued 70,000 shares of $5 par value common stock for cash of $437,500. July 11 Issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,800 shares of treasury stock for $72,000. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically inc when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" fo. account titles and enter O for the amounts.)

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PARTICULARS	DEBIT	CREDIT
CASH ACCOUNT	502,200
TO COMMON STOCK		418,500
TO SECURITIES PREMIUM ACCOUNT		83700