GL1101 - Based on Problem 11-2A LO C3, P2, P3Austin Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 110,000 shares authorized,40,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 400,00060,000330,000Total stockholders' equity$ 790,000During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 4,000 shares of its own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders ofJan.Jan.record.28 Paid the dividend declared on January 5.6 Sold 1,500 of its treasury shares at $27 cash per share.22 Sold 2,500 of its treasury shares at $20 cash per share.5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders ofFeb.JulyAug.Sept.record.28 Paid the dividend declared on September 5.31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Oct.Dec.Statement ofStockholdersImpact onEquityGeneralGeneralRequirementTrial BalanceEquityJournalLedgerREFor each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negativevalues. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on thebalance sheet.Dates: Jan 01v to: Dec 31< Prev2 of 2Next 28 Paid the dividend declared on September 5.31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Oct.Dec.Impact onEquityGeneralStatement ofStockholdersGeneralJournalRequirementLedgerTrial BalanceEquityREFor each transaction, indicate the impact on total stockholders' equlty. Enter decreases to equity as negativevalues. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on thebalance sheet.Dates: Jan 01to: Dec 31Impact on equityTotal Stockholders' Equity - January 1Jan. 2) Purchased 4,000 shares of its own stock at$23 cash per share.Jan. 5) Directors declareda $2 per share cashdividend payable on Feb. 28 to the Feb. 5stockholders of record.Feb. 28) Paid the dividend declared on January 5.Jul. 6) Sold 1,500 of its treasury shares at $27cash per share.Aug. 22) Sold 2,500 of its treasury shares at $20cash per share.Sep. 5) Directors declared a $2 per share cashdividend payable on October 28 to the September25 stockholders of record.Oct. 28) Paid the dividend declared on September5.Dec. 31) Closed the $497,000 credit balance (fromnet income) in the Income Summary account toRetained Earnings.< Prev2 of 2Next

Date Impact on Equity $ Jan 2 Purchase 4000 shares of its own stock at $ 23 cash per share…

Answered: GL1101 - Based on Problem 11-2A LO C3,…

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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Reporting stockholders' equity Using the following accounts and balances, prepare the Stockholders'Equity section of the balance sheet using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are authorized, and 40,000shares have been reacquired.
What is the total stockholders' equity based on the following account balances? Common Stock $450,000 Paid-in Capital in Excess of Par $90,000 Retained Earnings Treasury Stock a. $740,000 b. $730,000 c. $720,000 d. $640,000 $190,000 $10,000
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Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorised, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stoak at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July & Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Requirement October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income)…
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Scott Corporation at January 1 follow: Common stock, $5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value (common stock) 600,000 Retained earnings 346,000 During the year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $13 cash per share. 18 Purchased 4,000 shares of common stock as treasury stock at $15 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 per share. July 17 Sold 500 shares of the remaining treasury stock for $14 per share. Oct. 1 Issued 5,000 shares of eight percent, $25 par value preferred stock for $36 cash per share. These are the first preferred shares issued out of 50,000 authorized shares. Dec. 31 Closed the net income of $73,500 to the Retained Earnings account.…
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Identifying and Analyzing Financial Statement Effects of Stock Transactions (FSET) Lipe Company reports the following transactions relating to its stock accounts. Feb. 20 Issued 16,800 shares of $1 par value common stock at $25 cash per share. Feb. 21 Issued 25,200 shares of $100 par value, 8% preferred stock at $250 cash per share.. Jun. 30 Purchased 3,360 shares of its own common stock at $15 cash per share. Sep. 25 Sold 1,680 shares of the treasury stock at $21 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction Issuance of common stock. Issuance of preferred stock. Purchase of treasury stock. Sale of treasury stock. Check Cash Cash Cash Cash Cash Asset 420,000 + ✓N/A 6,300,000 ✓ # ✓N/A (50,400)✓ 35,280 + ✓ ✔ N/A Noncash Assets 0 + 0✔ + 0✔ + = ✔ N/A N/A Liabilities…
Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, 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.
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Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following: Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 Paid-in capital in excess of par value, common stock 216,000 Retained earnings 864,000 Total stockholders’ equity $ 1,800,000 Prepare the daily entries to record the following transactions: October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share. November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share. November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.
Reporting StocknolderS Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized. and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par-Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity 0000 00 00 64

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