Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par common stock and 70,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 16,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 55,000 shares of common stock for $18 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $10 par common stock and 70,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 16,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 55,000 shares of common stock for $18 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.

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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Horton Company began business on January 1, 20x1 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, the Company declared a cash dividend of $1 per share to stockholders of record on July 31. The Company paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, the Company resold half of these shares for $30 per share. a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/20x1 assuming that the Net Income for the year was $3,000,000.
ABC Corporation's charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares were sold and issued at $18 per share; in addition, 800 shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was $22,000 and cash dividends of $6,000 were declared and paid. At year-end, liabilities amounted to $25,000. On the last day of the year, 100 shares of stock were purchased from a disgruntled stockholder at $22 per share (assume the cost method). At year end, what is the total amount of the company's total stockholders' equity? 480,400 478,200 455.400 472,200
MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 20X7, MH had the following transactions relating to stockholders' equity: Issued 15,000 shares of common stock at $7 per share. Issued 10,000 shares of common stock at $9 per share. Reported a net income of $270,000. Paid dividends of $60,000. Purchased 3,000 shares of treasury stock at $10 (part of the 10,000 shares issued at $9). What is the total stockholders' equity of MH at the end of 20X7? Select one: a. $355,000 b. $375,000 c. $498,000 d. $378,000 e. $495,000
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the above transactions.
Carmen Company is a corporation that has issued both preferred and common stock. As of January 1, it had 50,000 shares of 2.75% $100 par, preferred stock outstanding and 250,000 shares of $10 par common stock outstanding. Journalize the following transactions. (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its common stock at market price. The shares are purchased at a market price of $22 per share. (b) On March 15, Carmen declares a dividend on preferred stock of $2.75 per share. The date of record is March 25 and the date of payment is March 31. (c) On December 1, Carmen declares a cash dividend on common stock of $0.12 per share. The date of record is December 15 and the date of payment is December 21. (d) On December 27, the board orders that 2,500 shares of the treasury stock purchased in (a) be sold. The sale price is $25 per share.
Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $11 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $16 per share. b. Issued 10,000 shares of the class A preferred stock for $30 per share. c. Issued 54,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity
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Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000 shares of $10 par value preferred stock. During the year the company issued the following shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17 Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000 shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for $16 per share. a. How many common shares have been issued? b. How many common shares are outstanding? c. How many preferred shares…
Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 61,000 shares issued and outstanding Paid-in capital in excess of par Common Multiple Choice Retained earnings Total Stockholders' Equity On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share. What is the dollar value of the stock dividend issued by Gilligan Corporation? $18,300 $48,800 $76,250 $366,000 488,000 $114,500 $ 854,000 1,436,000 $ 2,290,000 Google Chrome
Subject: acounting
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