h. Purchased 40,000 shares of Pinkberry Co.'s common stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Description Debit Credit i. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Description Debit Credit j. Paid the cash dividends to the preferred stockholders. Description Debit Credit k. Received $27,500 dividend from Pinkberry Co. investment in (h). Description Debit Credit I. Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are a held-to-maturity investment. Description Debit Credit

h. Purchased 40,000 shares of Pinkberry Co.'s common stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Description Debit Credit i. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Description Debit Credit j. Paid the cash dividends to the preferred stockholders. Description Debit Credit k. Received $27,500 dividend from Pinkberry Co. investment in (h). Description Debit Credit I. Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are a held-to-maturity investment. Description Debit Credit

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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D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
C D B A Evon, a limited liability company, issued 1,000,000 ordinary shares each with a nominal value of 25 cents at a price of $1.10 per share, all received in cash. What should be the accounting entries to record this issue of shares? $1,100,000 $250,000 $850,000 Debit Cash Credit Share Capital Credit Share Premium Debit Share Capital Debit Share Premium Credit Cash Debit Cash Credit Share Capital Debit Cash Credit Share Capital Credit Retained Earnings $250,000 $850,000 $1,100,000 $1,100,000 $1,100,000 $1,100,000 $250,000 $850,000
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7. On January 3, Russet Corporation purchased 2,250 shares of the company's $3 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Russet Corporation sold 1,400 shares of the treasury stock for cash of $14 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock. Date Jan. 3 Accounts and Explanation Debit Credit
When incorporated Y Ltd. Issued 2,000 common shares to A for dollar 2,000. In year 2, Y Ltd. issued 1,600 additional common shares to B for dollar 16,000, the market value of the shares at that date. What is the total paid up capital of the common shares owned by A?
If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.
On July 9, you purchased 1,500 shares of Blue Water stock for $32 a share. On August 4, you sold 200 shares of this stock for $33 a share. You sold an additional 150 shares on August 12 at a price of $34.50 a share. The company declared a dividend of $1.30 per share on August 3 to holders of record as of Monday, August 19. This dividend is payable on September 15. How much dividend income will you receive on September 15? Group of answer choices $260 $455 $1.950 $1,495 $1,690