Ivanhoe Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2024:Accumulated other comprehensive income (loss)$(24,000)Contributed surplus-reacquisition of common shares550,000Retained earnings1,520,000Common shares (36,000 shares)828,000Ivanhoe had the following transactions and events during 2024:Feb. 2Repurchased 800 shares for $37,600.Apr. 17Declared and paid cash dividends of $75,000.Oct. 29Issued 2,100 shares for $93,000 cash.Dec. 31Reported comprehensive income for the year of $451,000, which included other comprehensive income of $41,000.Prepare journal entries to record the transactions that took place during 2024. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

Journal entries are fundamental records used in accounting to capture financial transactions. Both…

Answered: Ivanhoe had the following transactions…

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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On January 1, 2023, Sunland Corporation had 84,600 common shares outstanding. On April 1, the company issued an additional 28,200 shares. On July 1, the company repurchased and cancelled 43,200 common shares. On November 1, the company issued 53,400 new shares. Cash dividends of $56,000 were declared to non-cumulative preferred shareholders. Net income for the year was $856,230. Calculate the weighted average number of shares for 2023 and earnings per share (EPS). (Round earnings per share to 2 decimal places, e.g. 15.75.) Weighted average number of shares Earnings per share 6A 11 /share
A company reported $450,375 of profit for 2023. It also declared $64,000 of dividends on preferred shares for the same year. At the beginning of 2023, the company had 80,000 outstanding common shares. These three events changed the number of outstanding shares during the year: June 1 Sold 34,000 common shares for cash. Aug. 31 Purchased and retired 25,000 common shares. Oct. 1 Completed a three-for-one share split. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders b. What is the weighted-average number of common shares for the year? Weighted-average outstanding shares $ 386,375 c. What is the earnings per share for the year? (Round the final answer to 2 decimal places.) Earnings per share
During the year, Cellular Land, Inc. issued 1,500 shares of its $0.50 stated value common stock for $15 per share, and declared and paid cash dividends totaling $0.25 per share. By what amount does contributed capital increase as a result of these events? $22,500 $750 $21,750 $22,125
Nash's Trading Post, LLC issued 14800 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $36000 and issued long-term notes payable of $326000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
During the first year Zidux corp issued 80,000 shares of $4 par value common stock at a price of $50 cash per share. Zidux Corp was organized on January 2, 2018. On December 31, 2018: Net Income = $350,000 Cash Dividends paid= $70,000 Find the amount Zidux will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 15 Accounts and Explanation Debit Credit Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Java the entry paying the cash dividends on January 4, 2025. X
Blossom Corporation has outstanding 150,000 common shares that were issued at $12 per share. The balances at January 1, 2023, were $19 million in its Retained Earnings account: $4.10 million in its Contributed Surplus account, and $0.90 million in its Accumulated Other Comprehensive Income account. During 2023, Blossom's net income was $3,300,000 and comprehensive income was $3,450,000. A cash dividend of $0.80 per share was declared and paid on June 30, 2023, and a 6% stock dividend was declared at the fair value of the shares and distributed to shareholders of record at the close of business on December 31, 2023. You have been asked to give advice on how to properly account for the stock dividend. The existing company shares are traded on a national stock exchange. The shares' market price per share has been as follows: Oct. 31, 2023 Nov. 30, 2023 Dec. 31, 2023 Average price over the two-month period (a) $31 34 Account Titles and Explanation 38 35 Prepare a journal entry to record…
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
JAE Corp. completed the following transactions during Year 2: Issued 3,000 shares of $10 par common stock for $25 per share. Repurchased 500 shares of its own common stock for $26 per share. Resold 200 shares of treasury stock for $30 per share. Required How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account.

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