a. Purchased 16,000 common shares of Heller Co. at $16 cash per share.b. Received a cash dividend of $1.25 per common share from Heller.c. Year-end market price of Heller common stock is $17.50 per share.d. Sold all 16,000 common shares of Heller for $252,480 cash.Note: For each account catégory, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.Balance SheetTransactionCashAssetNoncash AssetsLiabilitiesContrib.CapitalEarnedCapitalIncome StatementRevenuesExpensesNetIncome(256,000)✔256,0000 ✓Cash=Investment= ✓ N/A✔ N/A=N/AM/AN/A(b)20,000 ▼20,000✓20,000 ✔0✓ =20,000 ✓Cash✓ N/A÷ N/A÷✓ N/A=Retained earningsDividend income=✓ N/A=(c)0✓24,000 ✔0✓0✓24,000 ▼24,000く24,000Cash= Investment✓ N/A=N/ARetained earningsnrealized gain÷(d)252,480✔(2.240,000) x-28,480 xCash÷✓ InvestmentN/AN/ARetained earningsM/A0~✓ N/AUnrealized loss÷0x -28.480 xCheck

Accounting equation :The accounting equation states that the total assets will equal the sum of…

Answered: ed 16,000 common shares of Heller Co.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
Paid dividends of $1.50 per share. There were 1000000 shares issued and 120000 shares of treasury stock. How much cash was paid?
A 120. Subject:- accounting
2. Chillox has 5,000 shares of stock outstanding with a par value of $1.00 per share and a market price of $19 per share. The balance sheet shows $61,000 $22,500 $66,500 Cash Debt $52,500 Other Current Assets Common stock $5,000 Net Fixed Assets Capital in excess of par $60,000 Retained earnings $32,500 Total Assets $150,000 Total Liabilities and Equity $150.000 The firm just announced a 10% stock dividend. Required: a) Show the changes in Balance Sheet after the stock dividend. b) Show the changes in Balance Sheet if the firm announces a $3 regular cash dividend instead of the stock dividend. c) Will you prefer paying cash dividends or will you use the cash instead for stock repurchase? Justify your decision.
Mani.5
true or false.d. Issuing 1,000 shares of $5 par-value stock at $12 increases contributed capital by $12,000.
2
Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler Co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per 31 Received a $4.40 per General Journal Requirement share cash dividend on the remaining Kohler Co. shares. share cash dividend on the JCW Co. shares. General Ledger Trial Balance Fair Value Adj For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of…
D. February 2 Issue 1.5 million shares of common stock for $15 per share. February 4 Issue 400,000 shares of preferred stock for $24 per share. June 15 Purchase 150,000 shares of its own common stock for $10 per share. August 15 Resell 112,500 shares of treasury stock for $25 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $400,000 (5% 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list ces Journal entry worksheet 1 Record the issuance of 1.50 million shares of common stock for $15 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 02, 2021
2 Issue 120,000 shares of common stock for $50 per share. January February 14 Issue 40,000 shares of preferred stock for $13 per share. May May December 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. 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, 2021. Net income for the year was $470,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity
8

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

ed 16,000 common shares of Heller Co. at $16 cash per share. a cash dividend of $1.25 per common share from Heller. market price of Heller common stock is $17.50 per share. 16.000 common shares of Heller for $252,480 cash.