Jameela Corporation reports the following stockholders' equity section on December 31, 2019. Common Stock, $10 Par value: 200,000 share authorized: 120,000 shares issued and outstanding $1,200,000 Paid-in-capital in excess of par value, common stock 330,000 Retained Earnings 800.000 Total $2.330,000 Jameela Corporation completed the following transactions related to stockholders' equity in 2020. Feb 15 Directors declared a $1.5 per share cash dividend payable on March 31 to the Feb. 25 stockholders of record. March 01 Purchased 15,000 shares of its own common for $13 per share. Paid the cash dividend declared on Feb 15. March 31 July 10 Sold 5,000 of its treasury shares at $13 cash per share. Oct 25 Directors declared a 30% stock dividend when the market price is $15. Distributed stock dividends declared on Oct 25. Dec 01 Dec 15 The company implemented 2-for-1 stock split for its common stock. Closed the $200,000 credit balance in Income Summary account (from net income) Dec 31 EC N MICS Required: LEARNING Prepare journal entries to record each of these transactions for 2020 ENTER

Jameela Corporation reports the following stockholders' equity section on December 31, 2019. Common Stock, $10 Par value: 200,000 share authorized: 120,000 shares issued and outstanding $1,200,000 Paid-in-capital in excess of par value, common stock 330,000 Retained Earnings 800.000 Total $2.330,000 Jameela Corporation completed the following transactions related to stockholders' equity in 2020. Feb 15 Directors declared a $1.5 per share cash dividend payable on March 31 to the Feb. 25 stockholders of record. March 01 Purchased 15,000 shares of its own common for $13 per share. Paid the cash dividend declared on Feb 15. March 31 July 10 Sold 5,000 of its treasury shares at $13 cash per share. Oct 25 Directors declared a 30% stock dividend when the market price is $15. Distributed stock dividends declared on Oct 25. Dec 01 Dec 15 The company implemented 2-for-1 stock split for its common stock. Closed the $200,000 credit balance in Income Summary account (from net income) Dec 31 EC N MICS Required: LEARNING Prepare journal entries to record each of these transactions for 2020 ENTER

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 69E: Stock Dividends Crystal Corporation has the following information regarding its common stock: S10...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Comprehensive The shareholders equity section of Superior Corporations balance sheet as of December 31, 2018, is as follows: The following events occurred during 2019: Required: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019. 3. Calculate Superior's legal capital at December 31, 2019.
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
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Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
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Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.
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