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Issue 5,0 s102.50 per share nal shares of preferred stock for 1-Mar 1-Mar Issue 100,000 additional shares of common stock for s25.00 per share Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. 1-Apr Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share Resell 40,000 shares of treasury stock purchased on August I for $26.50 per share 31-Dec Net income for the year was $750,000 1-Aug 1-Oct

Issue 5,0 s102.50 per share nal shares of preferred stock for 1-Mar 1-Mar Issue 100,000 additional shares of common stock for s25.00 per share Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. 1-Apr Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share Resell 40,000 shares of treasury stock purchased on August I for $26.50 per share 31-Dec Net income for the year was $750,000 1-Aug 1-Oct

FINANCIAL ACCOUNTING
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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LMar ssue 5,000 additional shares of preferred stock for s102.50 per share Issue 100,000 additional shares of common stock for Is25.00 реr share 1-Apr Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. 1-Aug Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share o. Resell 40,000 shares of treasury stock purchased on August 1 for $26.50 per share 31-Dec Net income for the year was $750,000 The beginning balances are shown below. Complete the Stockholders' Equity Statement of using the above information: Additional Total Preferred Stock Paid-in Capital Stockholders' Equity Common Retained Treasury Stock Earnings Stock Beginning balance 20XC $1,000,000 $80,000 $7,600,000 $1,200,000 so $9,880,000 Issuance of stock Net income for the year Less: Dividends Purchase Treasury stock Resell Treasury stock Ending balance 20XC 2$ March 1, how much did additional paid in capital increase? 6. When the shares were issued on On August 1st when the shares were equity 7. repurchased, decrease? how much did stockholders' 8. 2$ On August 1st when the shares were repurchased, how much did net income decrease? 9. $ On October 1st when the 40,000 shares were resold, how much did additional paid in capital change (if decrease put "-“ in front of the number)? On June 1st when the dividend was declared, how much did retained earning decrease? 10. $ 11. $ Compute ending retained earnings on December 31st 12. $ Compute ending stockholders equity on December 31st.
Transcribed Image Text:LMar ssue 5,000 additional shares of preferred stock for s102.50 per share Issue 100,000 additional shares of common stock for Is25.00 реr share 1-Apr Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. 1-Aug Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share o. Resell 40,000 shares of treasury stock purchased on August 1 for $26.50 per share 31-Dec Net income for the year was $750,000 The beginning balances are shown below. Complete the Stockholders' Equity Statement of using the above information: Additional Total Preferred Stock Paid-in Capital Stockholders' Equity Common Retained Treasury Stock Earnings Stock Beginning balance 20XC $1,000,000 $80,000 $7,600,000 $1,200,000 so $9,880,000 Issuance of stock Net income for the year Less: Dividends Purchase Treasury stock Resell Treasury stock Ending balance 20XC 2$ March 1, how much did additional paid in capital increase? 6. When the shares were issued on On August 1st when the shares were equity 7. repurchased, decrease? how much did stockholders' 8. 2$ On August 1st when the shares were repurchased, how much did net income decrease? 9. $ On October 1st when the 40,000 shares were resold, how much did additional paid in capital change (if decrease put "-“ in front of the number)? On June 1st when the dividend was declared, how much did retained earning decrease? 10. $ 11. $ Compute ending retained earnings on December 31st 12. $ Compute ending stockholders equity on December 31st.
Use the following to answer questions 6 – 12 J&TR, Inc., has two classes of stock authorized: $100.00 par preferred and $0.10 par value common. As of the beginning of 20XC, 10,000 shares of preferred stock and 800,000 shares of common stock have been issued. Record the following transactions to complete the Statement of Stockholders’ Equity: Effect on Stockholders' Equity L.Mar Issue 5,000 additional shares of preferred stock for S102.50 per share L-Apr ssue 100,000 additional shares of common stock for $25.00 per share Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. LAve Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share Resell 40,000 shares of treasury stock purchased on August 1 for $26.50 per share 31-Dec Net income for the year was $750,000 1-Oct The beginning balances are shown below. Complete the Equity Statement of Stockholders' using the above information: Additional Total Stockholders' Preferred Stock Paid-in Сapital Retained Earnings Treasury Stock Common Stock Equity Beginning balance 20XC $1,000,000 $80,000 $7,600,000 S1,200,000 so $9,880,000 Issuance of stock Net income for the year Less: Dividends Purchase Treasury stock Resell Treasury stock Ending balance 20XC 6. 2$ When the shares were issued on March 1, how much did additional paid in capital increase? 2$ On August 1st when the shares were stockholders' equity 7. repurchased, how much decrease? did 8. $ On August 1st when the shares were repurchased, how much did net income decrease? On October 1st when the 40,000 $ shares were resold, how much did additional paid in capital change (if decrease put "-“ in front of the number)? 9. 10. $ On June 1st when the dividend
Transcribed Image Text:Use the following to answer questions 6 – 12 J&TR, Inc., has two classes of stock authorized: $100.00 par preferred and $0.10 par value common. As of the beginning of 20XC, 10,000 shares of preferred stock and 800,000 shares of common stock have been issued. Record the following transactions to complete the Statement of Stockholders’ Equity: Effect on Stockholders' Equity L.Mar Issue 5,000 additional shares of preferred stock for S102.50 per share L-Apr ssue 100,000 additional shares of common stock for $25.00 per share Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. LAve Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share Resell 40,000 shares of treasury stock purchased on August 1 for $26.50 per share 31-Dec Net income for the year was $750,000 1-Oct The beginning balances are shown below. Complete the Equity Statement of Stockholders' using the above information: Additional Total Stockholders' Preferred Stock Paid-in Сapital Retained Earnings Treasury Stock Common Stock Equity Beginning balance 20XC $1,000,000 $80,000 $7,600,000 S1,200,000 so $9,880,000 Issuance of stock Net income for the year Less: Dividends Purchase Treasury stock Resell Treasury stock Ending balance 20XC 6. 2$ When the shares were issued on March 1, how much did additional paid in capital increase? 2$ On August 1st when the shares were stockholders' equity 7. repurchased, how much decrease? did 8. $ On August 1st when the shares were repurchased, how much did net income decrease? On October 1st when the 40,000 $ shares were resold, how much did additional paid in capital change (if decrease put "-“ in front of the number)? 9. 10. $ On June 1st when the dividend
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