affect stockholders' equity during 2021, its first year of operations:January 2 Issues 100,000 shares of common stock for $35 per share.February 6 Issues 3,000 shares of 8% preferred stock for $11 per share.September 10 Purchases 11,000 shares of its own common stock for $40 per share.December 15 Resells 5,500 shares of treasury stock at $45 per share.In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1per share) on all common shares outstanding and $2,400 on all preferred shares outstanding.Required:Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to bededucted should be indicated by a minus sign.)FINISHING TOUCHESBalance Sheet(Stockholders' Equity Section)December 31, 2021Stockholders' equity:Total paid-in capitalTotal stockholders' equity$00

Stockholders' equity is an important component of a company's financial reporting because it gives…

Answered: January 2 Issues 100,000 shares of…

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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a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Descr D C b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Descr D C c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Descr D C d. 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. Journalize the common stock and the preferred stock entries separately. Descr D C e. Paid the cash dividends declared in (d). Descr D C f. Purchased 8,000 shares of treasury common stock at $33 per share. Descr D C g. Declared a $1.00 quarterly cash…
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.3 million shares of common stock for $22 per share. February 4 Issue 470,000 shares of preferred stock for $23 per share. June 15 Purchase 130,000 shares of its own common stock for $17 per share.. August 15 Resell 97,500 shares of treasury stock for $32 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $376,000 (4% of par value) cash. dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,770,000. (Amounts to be deducted should be indicated by a minus sign.)…
Instructions On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Enterprises issued 50,000 shares of $5 par value common stock at $13 per share. Prepare journal entries for the following transactions: 4/8/22: Heifitz Enterprises bought 80 shares of its own stock for $14 per share. 5/9/22: Heifitz Enterprises re-issued 25 shares for $16 per share. 9/5/22: Heifitz Enterprises re-issued 10 shares for $11 per share.
Elliptical Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash, $20,000 of Inventory, and acceptance of a Note Receivable in the amount of $40,000. What is the amount of the Credits to Preferred Stock and to Additional Paid-in Capital In Excess of Par Value, Preferred Stock the Company would record?
Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par value preferred stock ($4 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders' equity occurred: July 1 Issued 32,000 shares of common stock at $18 cash per share. 12 Issued 3,600 shares of common stock in exchange for equipment with a fair market value of $64,000. 15 Issued 6,000 shares of preferred stock for cash at $45 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Debit Credit Jul.01 Answer Answer Answer Answer Answer Answer Paid-in-Capital in Excess of Par Value - Common Stock Answer Answer Issued shares of common stock. Jul.12 Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued common stock for equipment. Jul.15 Answer Answer Answer Answer…
Journal entry?
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Bob Co issued 25,000 shares of $1 par value stock for $3.50 on January 1st. On October 9th, they purchased 2,000 shares of their own stock for $3,000. On November 10th, they sold 1,000 shares of the stock for $2,0000 On December 15th, they sold the remaining shares for $500. Record the entries for each date.
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
Wonder Ltd. has treasury stock transactions in 20X9 as follows: a. Feb. 27 Purchased 140,000 common shares as treasury stock at $6.50 per share. b. March 15 Purchased 64,000 common shares as treasury stock for $5.50 per share. c. April 30 Reissued 100,000 shares of treasury stock for $4.25 per share. d. May 16 Purchased 54,000 common shares as treasury stock for $6.05 per share. e. Nov. 26 Reissued 268,000 shares of treasury stock for $4 per share. At the end of 20X8, Wonder Limited had reported the following in shareholders’ equity: Common shares, no-par value; authorized, unlimited shares; issued, 5,800,000 shares, outstanding, 5,500,000 shares $ 21,117,000 Contributed capital on treasury stock transactions 133,600 Retained earnings 14,840,000 Treasury stock, 300,000 common shares (1,260,000) Required:1. Prepare…
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 fill in the blank a5807602402bfa1_2 fill in the blank a5807602402bfa1_4 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 fill in the blank 2f1ded0c8043f90_2 fill in the blank 2f1ded0c8043f90_3 fill in the blank 2f1ded0c8043f90_5 fill in the blank 2f1ded0c8043f90_6 fill in the blank 2f1ded0c8043f90_8 fill in the blank 2f1ded0c8043f90_9 Nov. 10 fill in the blank 2f1ded0c8043f90_11 fill in the blank 2f1ded0c8043f90_12 fill in the blank 2f1ded0c8043f90_14 fill in the blank 2f1ded0c8043f90_15 fill in the blank…

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January 2 Issues 100,000 shares of common stock for $35 per share. February 6 Issues 3,000 shares of 8% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $40 per share December 15 Resells 5,500 shares of treasury stock at $45 per share.