Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January February September 10 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Resells 5,500 shares of treasury stock at $45 per share. 2 Issues 100,000 shares of common stock for $35 per share. Issues 3,000 shares of 8% preferred stock for $11 per share. 6 Required: 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 Journal entry worksheet 1 3 4 > Record the issuance of 100,000 shares of common stock for $35 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2021 Record entry Clear entry View general journal
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January February September 10 Purchases 11,000 shares of its own common stock for $40 per share. December 15 Resells 5,500 shares of treasury stock at $45 per share. 2 Issues 100,000 shares of common stock for $35 per share. Issues 3,000 shares of 8% preferred stock for $11 per share. 6 Required: 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 Journal entry worksheet 1 3 4 > Record the issuance of 100,000 shares of common stock for $35 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2021 Record entry Clear entry View general journal
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
Related questions
Question
The financial statements of Friendly Fashions include the following selected data (in millions):
($ in millions except share data) | 2021 | 2020 | ||
Sales | $ | 9,843 | $ | 10,934 |
Net income | $ | 280 | $ | 798 |
$ | 1,710 | $ | 2,290 | |
Average Shares outstanding (in millions) | 665 | - | ||
Dividends per share | $ | 0.38 | - | |
Stock price | $ | 8.50 | - | |
Required:
Calculate the following ratios for Friendly Fashions in 2021. (Enter your Dividend yield and Price-earning ratio values to 2 decimal places. Enter your answers in millions (i.e. 5,500,000 should be entered as 5.5).)
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