eBook4Show Me HowCalculatorPrint ItemEntries for treasury stockInstructionsChart of AdccountsJournalInstructionsX.On January 31, Wilderness Resorts Inc. reacquired 24,400 shares of its common stock at $30 per share. On April 20, Wilderness Resorts sold 12,000 of the reacquiredshares at $39 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share,Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titdes.PreviousNextCheck My Work 3 more Check My Work uses remaining10:55

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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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eBook Question Content Area Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $614,000 $164,000 Current maturities of serial bonds payable 380,000 380,000 Serial bonds payable, 10% 1,540,000 1,920,000 Common stock, $1 par value 70,000 90,000 Paid-in capital in excess of par 800,000 800,000 Retained earnings 2,750,000 2,190,000 The income before income tax expense was $633,600 and $554,400 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year fill in the blank 1 Prior year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year fill in the blank 3 Prior year fill in the…
eBook Question Content Area Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 2. Assume that the stock has a $9 stated value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the…
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Question Content Area Nutritious Pet Food Company’s board of directors declares a cash dividend of $5,500 on June 30. At that time, there are 3,000 shares of $6 par value 4% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 - Select - - Select -
tings Store M Gmail YouTube Maps Home MOH - Immigration ht At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 100,000 of which were issued on October 1, 2021. Net income for the year ended December 31, 2021, was $1,700,000 and preferred stock dividends were $40,000. What should be Hancock's 2021 earnings per common share, rounded to the nearest penny? $3.91 $4.00 $3.78 O$4.25
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $52 per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 36 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $ c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
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Chapter 10 Homework A Saved Help Save & Exit Submit Check my work 7 Finishing Touches has two classes of stock authorized: 7%, $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 $24 per share. February 6 Issues 1,900 shares of 78 preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. 2 points In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding. eBook Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Hint FINISHING…
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eBook Show Me How Question Content Area Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company’s common stock are acquired at a price of $40 per share plus a $300 brokerage commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 shares of the Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 1,400 shares of Denver Company’s stock was $35 per share. Denver Company has 400,000 shares of common stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount box does not require an entry, leave it blank. Sep. 12 Investments-Denver Company Stock Investments-Denver Company Stock Cash Cash Oct. 15 Cash Cash Dividend Revenue Dividend Revenue Nov. 10…
eBook Question Content Area Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock…

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