Exercise 11-12A Treasury stock transactions LO 11-5Elroy Corporation repurchased 2,300 shares of its own stock for $35 per share. The stock has a par of $20 per share. A month later,Elroy resold 575 shares of the treasury stock for $43 per share.Requireda. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required"In the first account field.)View transaction listJournal entry worksheet<2Record the repurchase of own stock.Note: Enter debits before credits.Event1Record entryGeneral JournalClear entryDebitCreditView general JournalmN View transaction listJournal entry worksheet<1Record the sale of repurchased stock.Note: Enter debits before credits.Event2Record entryGeneral JournalClear entryDebitCreditView general Journal

The journal entries are prepared to record the transactions on regular basis. The treasury stock has…

Answered: Exercise 11-12A Treasury stock…

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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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…
Exercise 11.1 The Smallman Corporation was organized on January 1, 2006. It is authorized to issue 1,000,000 shares of common stock with a par value of $1 per share and 10,000 shares of $100 par value, 10% non-cumulative preferred stock. The following equity transactions occurred during the first year. Jan 10 Issued 80,000 shares of common stock for cash at $3 per share Feb 1 Issued 1,000 shares of preferred stock for a building having a fair market value of $125,000. Mar 1 Issued 1,000 shares of preferred stock for cash at $125 per share Apr 1 Issued 24,000 shares of common stock for land. The asking price for The land was $90,000. The fair market value was $80,000. May 1 Issued 80,000 shares of common stock for cash at $4 per share Aug 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services…
Exercise 13-3 Accounting for par, stated, and no-par stock issuances LO P1 8 Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $18 par value. 2. The stock has neither par nor stated value. 3. The stock has a $9 stated value. View transaction list Journal entry worksheet Record the issue of 9,000 shares of $9 stated value common stock for $177,100 cash. Note: Enter debits before credits. General Journal Transaction 3 Clear entry Record entry Debit Credit View general journal
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Question 14 Brianna company has 2,500,000 ordinary shares outstanding on January 1, 20B. An additional 500,000 ordinary shares were issued on April 1, 20B, and 250,000 more on July 1, 20B. On October 1, 20B, Brianna issued 5,000, P1,000 face value, 7% convertible bonds. Each bond is convertible into 40 ordinary shares. No bonds were converted into ordinary shares in 20B. What is the number of shares to be used in computing diluted earnings per share? 2,875,000 2,925,000 3,000,000 3,050,000
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ACCA 205 PRACTICE QUESTION ISSUE OF SHARES The Star Traders Co, was formed with a total capital made up as follows: 1,000,000 shares of common stock at $2 par 80,000 6% Preferred shares at $100 per share Issued 300,000 shares of common stock for cash at $8 per share. Purchased a building by issuing 10,000 shares of $2 par value common stock at the current market price of $10 per share. Issued common stock at a market price of $8 per share for the payment of incorporation expenses and legal fees amounting to $20,000 Issued 20,000 shares of 6% Preferred stock at a current market price of $105 per share. Jan 1. 2. 6. 8. 10. Sept. 18. Paid a cash dividend on common stock @ $2 per share outstanding and the preference dividend due. The dividend is paid out of current year's net intome.
Question 6 On January 1, 20B, Lovell company had 600,000 ordinary shares outstanding. On April 1, 20B, an additional 180,000 ordinary shares were issued for cash. Lovell also had P5,000,000 of 8% convertible bonds outstanding during 20B, which are convertible into 150,000 ordinary shares. The bonds are dilutive in the 20B earnings per share computation. No bonds were issued or converted into ordinary shares during 20B. What is the number of shares that should be used in computing diluted earnings per share? 735,000 780,000 885,000 930,000
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k Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 25,000 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 21,000 shares of common stock for $13 per share. b. Issued 6,000 shares of the class A preferred stock for $30 per share. c. Issued 59,000 shares of common stock for $16 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 Paid-in capital in excess of par, CS Common stock Preferred stock Total Paid-In Capital Total stockholders' equity $ $ 0 0 Next
ces Exercise 11-6A (Static) Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Complete this question by entering your answers in the tabs below. Required A Required B Assume that the Board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are…
PROBLEM 12-3B The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Selected stock transactions Objectives 4, 5, 7 Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock . Retained Earnings $ 600,000 ..... 100,000 RAS.S. 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred…

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