Journalize

Q: During the year, the company acquired and retired shares, while other shares were issued:

A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…

Q: Cyclone Corporation was authorized to issued 1, 000 shares of P100 par, 8% cumulative preference…

A: Ordinary shares, often referred to as common shares, seem to be company shares that provide…

Q: Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.53 million, one-year note. Interest Is…

A:

Q: Ivanhoe Corporation was organized on January 1, 2023, with 409000 no par value common shares…

A: Contributed Surplus is one of important component of stockholders equity. This means amount…

Q: On December 31, 2023, Clarkson Company had 100,000 shares of common stock outstanding and 30,000…

A: Earnings per shareEarnings per share is a company's net profit divided by the number of common…

Q: At the beginning of the current year, Di Na Muli, Inc. was authorized to issue 100,000 shares with a…

A: Here's the breakdown of Di Na Muli, Inc.'s share capital transactions and calculations for…

Q: On January 1, 2022, Softmicro Corp was formed by issuing 10,000 shares of $5 par common stock   and…

A: In accounting, journal entries are the primary method of recording financial transactions and events…

Q: Cullumber Ltd. was organized on January 1, 2023, with 299600 no par value common shares authorized.…

A: Stockholders' equity refers to the residual value of the business which belongs to the owners of the…

Q: On December 2, 2022, Andrew Corporation issued for cash 12,000 shares of no-par ordinary shares with…

A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Q: ARIES Inc. had the following transactions in the ordinary shares of May Corporation: anuary 5 Bought…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: were declared on January 5 payable to shareholders as of February 10. MEOW Company shares were split…

A: Initial carrying value of investment on the date of acquisition is the investment cost 10,000…

Q: Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: At the beginning of the current year, Di Na Muli, Inc. was authorized to issue 100,000 shares with a…

A: It is the amount received in excess of par value per share. It is one of the key component of the…

Q: Amel Corporation was organized on January 1, 2015, with an authorization of 1,200,000 shares of…

A: Every company raises finance by way of issue of shares. These can be ordinary shares or preference…

Q: Compute for the balance of share premium account immediately after the retirement of the shares?

A: The shares are acquired and retired and thus the common stock account and share premium account…

Q: What is the weighted-average number of shares outstanding for 2025?

A: Jan 1st Outstanding shares = 381,000 Par value = $2 March 1 Sold = 756,000 Market price = $20 May 1…

Q: Goodall Corporation issued 75,000 shares of $1.60 par value common stock. Later that year, Goodall…

A: Issued share = 75000Share Price = $1.60 per shareReissued share= 2600Share repurchased = 2600

Q: VV Company had 250,000 ordinary shares outstanding at the beginning of 2015. 2020 March 1 Sold…

A: Treasury  shares are shares of company owned by itself.

Q: Monty Ltd. was incorporated on January 1, 2022. During the year the company entered into the…

A: The journal entries are prepared to record the transactions on regular basis. The shares can be…

Q: WW Corp. resells 500 shares of its own common stock for $22 per share. WW had acquired these shares…

A: When a company issue shares in the market and due to any reasons company has the option to…

Q: Elmer's Incorporated has the following stock outstanding on Dec. 31, 2013: Ordinary Shares, P100…

A: The company can issue shares by 3 ways. 1. Sale of Stock for Cash 2. Sale of Stock on Account 3.…

Q: Barbie Co. was organized on January 2, 2015, with 500,000 authorized shares of P10 par value common…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: Calculate basic earnings per share: Calculate fully diluted earnings per share:

A: Basic EPS = (Net income-preferred stock dividend)/common shares Diluted EPS =(Net income)/(common…

Q: Aboitiz Corporation has the ff info in their shareholders' equity section on January 1, 2011:…

A: Retained Earnings: When a company's direct and indirect expenses, income taxes, and dividends to…

Q: On January 1, 2023, Cullumber Ltd. had 522,000 common shares outstanding. During 2023, it had the…

A: The weighted average number of shares is calculated on the basis of the fraction of time period for…

Q: Forgiven corporation had 700,000, P10 par value ordinary shares authorized and 300,000  shares…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares…

A: The treasury stock includes the shares when the company acquires its own shares back from the…

Q: Rollers company is incorporated on January 1, 2018. Company is authorized to issue160,000 shares of…

A: The stockholders' equity comprises the issued capital and retained earnings of the business. The…

Q: The entry to record the May 3 transaction is

A: The entry to record the May 3 transaction is: Particulars Dr. Cr.   Cash $10000…

Q: Problem 19-24 (IAA)

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of…

Q: Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly…

A: The acquisition of shares would lead to decrease cash and increase the treasury stock. Therefore,…

Q: DDD Company had the following ordinary share transactions for the current year: January 1 Beginning…

A: In this question, we will calculate the average shares outstanding and basic earnings per share…

Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…

A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…

Q: Se 3. On December 2, Coley Corp acouired U00 shares of ts $2 par value common stock for $21 each On…

A: Treasury Stock are stock reacquired. The stock which is already sold is bought back are treasury…

Q: Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold…

A: Treasury stock is the number of outstanding shares which has been repurchased by its own company. It…

Q: 2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate…

A: Journal entry is a record of financial transactions in the books of accounts of a business. It…

Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750…

A: Tje journal entries are prepared to keep the record of day to day transactions of the business.

Q: 3. VUR Industries Inc. originally issued its 4,300 common shares at $32 per share and all are…

A: General Journal Entries for VUR Industries Inc.1) Feb 1, 2023 - Purchased and retired 433 common…