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

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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At the end of 2019, Haley Corporation had the following equity accounts and balances: Common stock, $10 par $800,000 Additional paid-in capital-common stock 200,000 Retained earnings 279,000 During 2020, Haley engaged in the following transactions involving its equity accounts: a. Sold 5,000 shares of common stock for $19 per share. b. Sold 1,200 shares of 12%, $50 par preferred stock at $75 per share. c. Declared and paid cash dividends of $22,000. d. Repurchased 1,000 shares of treasury stock (common) for $24 per share. e. Sold 300 of the treasury shares for $26 per share. Required: 1. Prepare the journal entries for Transactions a through e. 2. Assume that 2020 net income was $123,700. Prepare a statement of stockholders' equity at December 31, 2020.
The shareholders' equity of Blue Corporation includes OMR 500,000 of OMR 1 par common stock and OMR 100,000 of 6% cumulative preferred stock. The board of directors of Blue declared cash dividends of OMR4,000, OMR3000, and OMR24,000 as cash dividends in each of 2017, 2018 and 2019 respectively. What is the amount of dividends that common stockholders will receive in 2019? Select one: a. OMR 11,000 b. OMR 7,000 c. OMR 6,000 d. OMR 13,000
ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a par value of Rp6 per share. During 2019, the corporation had the capital transactions as provided below. ABC Co. used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of share premium as of December 31, 2019?
The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock, During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: Мay 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings $ 8,880,000 $ 8,880,000 14,670,000 12,070,000 2,400,000 14,140,000 11,794,000 Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively (1,932,000) (1,872,000) Total stockholders' equity $ $35,342,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income
Zakaryan Corporation was organized on January 1, 2020. The corporation's governing documents authorized the issue of 100,000 shares of $1 par common stock. During 2020, Zakaryan had the following transactions relating to stockholders' equity: Issued 10,000 shares of common stock at $14 per share. Issued 20,000 shares of common stock at $16 per share. Reported a net income of $200,000. Paid dividends of $100,000. Purchased 3,000 shares of treasury stock at $20 (part of the 20,000 shares issued at $16). What is total shareholders' equity at the end of 2020? O $600,000. O $540,000. O $500,000. O $400,000. 4
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: Мay 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings $ 8,880,000 $ 8,880,000 2,400,000 14,140,000 11,794,000 ? 14,670,000 12,070,000 Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively (1,932,000) (1,872,000) Total stockholders' equity $ $35,342,000 b. The only transaction affecting additional paid-in capital during the month of May was the sale of additional common stock. At what price per share were the additional shares sold? (Round your answer to 2 decimal places.) Price per share
The board of directors of Tru Corporation declared cash dividends of $4.4 million, $9.0 million, and $51.0 million in each of its first 3 years of operation: 2019, 2020, and 2021, respectively. The shareholders' equity of Tru Corporation includes the items shown below. Common stock, $1 par, 50,000,000 shares outstandingPreferred stock, 5%, $100 par, 1,000,000 shares outstanding Required:Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is noncumulative and nonparticipating. (Round your answer to 2 decimal places. For instance, if your answer is $12 per share, write 12.00. If your answer is 32 cents per share, write 0.32).
On January 1, 2020, Concord Corporation purchased 1,100 shares of treasury stock. Other information regarding Concord Corporation is provided as follows. 2019 2020 Net income $205,000 $210,000 Dividends on preferred stock $27,000 $27,000 Dividends on common stock $21,000 $25,000 Common stockholders’ equity beginning of year $595,000 $796,000 Common stockholders’ equity end of year $796,000 $867,000 Compute return on common stockholders’ equity for each year. (Round answer to 1 decimal place, e.g. 10.5.) 2019 2020 Return on common stockholders’ equity %
The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock. During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
Statement of Shareholders' Equity On January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,800 Common stock, $5 par 37,500 Additional paid-in capital on preferred stock 21,500 Additional paid-in capital on common stock 58,700 Total contributed capital $210,500 Retained earnings 185,000 Total Shareholders' Equity $395,500 During 2019, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $120 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2019. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2019. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December…
An excerpt from the financial records of Windle Inc. (Windle) at December 31, 2019, was as follows: Preferred shares, Series A, $5, cumulative, 60,000 shares issued and outstanding $ 6,000,000 Preferred shares, Series B, $6.50, non-cumulative, 40,000 shares issued and outstanding $ 4,000,000 Common shares, 1,800,000 shares issued and outstanding $25,400,000 The following common share transactions took place in 2020: April 1: Windle issued 200,000 common August 31: Windle repurchased and cancelled 60,000 common October 31: Windle issued 100,000 common shares. Additional information: Windle’s net income for the year ended December 31, 2020, was $17,600,000. Dividends on preferred shares in arrears and for the current year were declared in full on December 15, 2020 (dividends on preferred shares were in arrears and had last been declared in full on December 15, 2018). Windle is subject to tax at a rate of 30%, and reports under Required: Calculate Windle’s…