Flounder Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par - Common Stock $215,000, and Retained Earnings $110,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,500 shares at $11 pershare. Dec. 1 Sold 1,500 shares at $6 per share. Flounder Corporation uses the cost method of accountingfor treasury stock. In 2022, the company reported net income of $25,000. (a) Journalize the treasury stocktransactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entriesbefore credit entries. Record journal entries in the order presented in the problem. Credit account titles areautomatically indented when amount is entered. Do not indent manually.) Date Dec 1 Mar. 1 Account Titlesand Explanation Debit Credit [111 [][][][][[11[(a)Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debitentries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)DateDec. 1Mar. 1くAccount Titles and ExplanationDebitCredit

The Total Stockholders Equity is the value of the total capital/equity of the owners of the entity.…

Answered: Flounder Corporation had the following…

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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Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $2.55, non-cumulative, Authorized: 20,400 shares Issued and outstanding: 5,200 shares Common shares, Authorized: Unlimited Issued and outstanding: 86,000 shares Retained earnings $36,400 On February 1, 2023, 5,200 preferred shares were issued at $7.90 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 11% common share dividend was declared and distributed on the same day when the market price per common share was $4.30. On October 1, 2023, 20,400 common shares were issued at $4.44 each. Profit earned during 2023 was $410,800. KAYE BIOTECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Comman 291,080 41,400 Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Drafarroad…
Oriole Corporation had 100,800 shares of stock outstanding on January 1, 2025. On May 1, 2025, Oriole issued 61,200 shares. On July 1, Oriole purchased 10,080 treasury shares, which were reissued on October 1. Compute Oriole's weighted-average number of shares outstanding for 2025. Weighted-average number of shares outstanding
The following items were shown on the balance sheet of Oriole Pet Supply Corporation on 12/31/2025: Stockholders' Equity Paid-In Capital Capital Stock Common stock, $5 par value, 726,000 shares authorized: shares issued and outstanding Additional paid-in capital In excess of par Total paid-in capital Retained Earnings Total paid-in capital and retained earnings Less: Treasury stock (18,800 shares) Total stockholders' equity $2,880,000 195,840 3,075,840 544,000 3,619,840 282,000 $3,337,840 -/10
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
1. Yellow Corporation had the following stockholders' equity accounts on December 31, 2020. Common Stock ($8 par value, 120,000 shares authorized, $ 320,000 40,000 shares issued and outstanding) Paid-in-Capital in Excess of Par - Common Stock $ 2,900,000 Retained Earnings $ 3,500,000 The following were transactions that occurred during 2021: 20-Feb Declared a $4 cash dividends per share on common stock 3-Mar Record date for cash dividends declared on 20 Feb 19-Mar Paid cash dividends 28-Apr Issued 15,000 shares of common stock for $16 per share 5-May Declared a $3 cash dividends per share on common stock 9-Jun Record date for cash dividends declared on 5 May 17-Jul Paid cash dividends 8-Aug Issued 23,500 shares of common stock for $20 per share 7-Sep Declared a $2 cash dividends per share on common stock 9-Oct Record date for cash dividends declared on 7 September 5-Nov Paid cash dividends 31-Dec Determined that net income for the year was $650,000 Instructions: 1. Journalize the…
Ayayai Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Purchased 5,500 shares at $9 per share. Sold 1,000 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $7 per share. Mar. 1 June 1 Ayayai Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. D (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit S
Below is United Delivery Service’s (UDS) stockholders' equity for the year ended 2022: Common Stock, $3 par value $60,000 Paid-in Capital in Excess of Par—Common 35,000 Retained Earnings 100,000 Treasury Stock (10,000) In March, UDS declares and distributes a 12% stock dividend when the market value of the stock is $6. 1) Prepare UDS's March end stockholders' equity section. 2) How would retained earnings change if UDS doubled their number of shares through a 2 for 1 stock split?
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.50 cumulative preferred shares, 1,000 shares issued $ 50,000 Common shares, 10,000 shares issued Retained earnings $306,000 During 2023 the company completed the following transactions: 196,000 February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend Declared a 10% stock dividend on April 14 the common shares. Market price per May 14 July 6 share REQUIRED: 60,000 1. November 20 Received equipment valued at $30,000 and issued 3,750 common shares. common share was $7/ share Distributed the stock dividend Issued 2,000 common shares for $5/ Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at
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Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock ($5 par) $536,900, Paid-in Capital in Excess of Par—Common Stock $221,330, and Retained Earnings $117,620. In 2015, the company had the following treasury stock transactions. Mar. 1 Purchased 5,800 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,840 shares at $10 per share. Dec. 1 Sold 1,290 shares at $6 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $28,720. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Open accounts for Paid-in Capital from Treasury Stock, Treasury…
Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock (54 par) 5440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings $110,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000 shares at $8 per share. June 1 Sold 1,000 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. Sold 1,000 shares at $7 per share. Bramble Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000. (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit >

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