During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stockJan. 10 Issued 75,000 shares for cash at $7 per share.July 1 Issued 35,000 shares for cash at $9 per share.(a)Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before creditentries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount isentered. Do not indent manually)Your answer is correct.DateJan 10July 1Account Titles and ExplanationCashCommon StockCashPaid-in Capital in Excess of Par-Common StockCommon StockDebit525000315000CreditWI52500070000245000 During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stockJan. 10 Issued 75,000 shares for cash at $7 per share.July 1 Issued 35,000 shares for cash at $9 per share.(a)Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before creditentries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount isentered. Do not indent manually)Your answer is correct.DateJan 10July 1Account Titles and ExplanationCashCommon StockCashPaid-in Capital in Excess of Par-Common StockCommon StockDebit525000315000CreditWI52500070000245000

Answer : a) Date Account title Debit Credit 10jan Cash $525,000 Common stock (75000*$7)…

Answered: Issued 75,000 shares for cash at $7 per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Board of Voyager, Inc. has authorized for sale 10,000 shares of common stock at a price of $50/share. The company has 6,000 issued shares and has 1,000 shares held in Treasury. How much money can the company raise in total by issuing new shares of stock? $200,000 $500,000 $350,000 $150,000
! Required Information [The following information applies to the questions displayed below.] Refer to the following transactions. a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share. b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share. d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share. e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share. f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share was $39. Required: Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) sign and the amount in the…
vvk.6
im stuck
A corporation has 100,000 shares of 4% preferred stock outstanding. Also, thereare 100,000 shares of common stock outstanding. Par value for each is $100. If a $825,000dividend is paid, how much goes to the preferred stockholders?a. Noneb. $400,000c. $412,500d. $33,000e. $825,000
vi.3
I need all solutions to check answers. 12-7i Comprehensive Problem 4 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Issued 15,000 shares of $20 par common stock at $30, receiving cash. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Paid the cash dividends declared in (d). Purchased 8,000 shares of treasury common stock at $33 per share. 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. Paid the cash dividends to the preferred…
If dividends of $1.50 per share were paid and there were 1000000 shares issued and 120000 shares of treasury stock how much money is paid?
Consider the following events: • 25,000 shares of preferred stock, cumulative, 5%, $40 par was issued for $60/share. • The annual cash dividend was declared and paid to the above preferred stock. • The company purchased 12,000 shares of common stock at $68 per share to be held as Treasury stock. • Interest of $32,000 was paid to bondholders. • Bonds Payable with a par value of $400,000 were retired at $432,000. Compute the net cash flow from financing activities (parentheses indicate an outflow).
6 The board of directors of Mountain Hotels has declared a dividend of $1,500,000. The company has 100,000 shares of preferred stock that pay $1.40 per share and 1,350,000 shares of common stock. After first finding the amount of dividends due the preferred shareholders, calculate the dividend per share of common stock (in $). (Round your answer to the nearest cent.) $
Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
Paid dividends of $1.50 per share. There were 1000000 shares issued and 120000 shares of treasury stock. How much cash was paid?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Issued 75,000 shares for cash at $7 per share. Issued 35,000 shares for cash at $9 per share. Your answer is correct. 4