LUMP SUM ISSUANCE OF STOCK 2/1/2022 Greeley issues the following for a lump sum of $300,000 Common stock, $2 stated value 800 shares issued Preferred stock, $50 par value 1,200 shares issued INSTRUCTIONS: A Prepare the journal entry to record the issuance of the stock assuming that the market price for the common stock is $20.00 per share and the market price for the preferred stock is $50.00 per share. B Prepare the journal enty to record the issuance of the stock assuming that the market price for the common stock is per share for the preferred stock is unknown. $ 22.00 and that the market price

LUMP SUM ISSUANCE OF STOCK 2/1/2022 Greeley issues the following for a lump sum of $300,000 Common stock, $2 stated value 800 shares issued Preferred stock, $50 par value 1,200 shares issued INSTRUCTIONS: A Prepare the journal entry to record the issuance of the stock assuming that the market price for the common stock is $20.00 per share and the market price for the preferred stock is $50.00 per share. B Prepare the journal enty to record the issuance of the stock assuming that the market price for the common stock is per share for the preferred stock is unknown. $ 22.00 and that the market price

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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Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions 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. Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1)Record the issuance of 100,000 shares of common stock for $35 per share. 2)Record the issuance of 3,000 shares of 8% preferred stock for $11 per share. 3)Record the purchase of 11,000 shares of its own common stock for $40 per share. 4)Record the resale of 5,500 shares.
Recording and Reporting Preferred Stock Cedar Corporation is authorized to issue 28,000 shares of 6%, $10 par, cumulative preferred stock. During 2020, it sold 5,600 shares of preferred stock for $25 per share. Required a. Record the entry for the issuance of preferred stock during 2020. Account Name Dr. Cr. AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common StockPaid-in Capital in Excess of Stated Value—Common StockPaid-in Capital in Excess of Par—Preferred StockPaid-in Capital—Retired StockPaid-in Capital—Treasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or Loss—IncomeN/A Answer Answer Preferred Stock Answer Answer AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common…
National League Gear has two classes of stock authorized: 6%, $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 $28 per share. February 4 Issue 530,000 shares of preferred stock for $22 per share. June 15 Purchase 130,000 shares of its own common stock for $23 per share. August 15 Resell 97,500 shares of treasury stock for $38 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $636,000 (6% 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 $4,830,000. (Amounts to be deducted should be…
Treasury Stock On February 28, 2020 Clock Clocky Corporation issued 150,000 shares of $10.00 Par Value stock for $12.00 per share. On April 15, 2020 Clock Clocky purchased 60% of the shares from shareholders at $8.00 each to hold as treasury stock. On November 25, 2020, Clock Clocky reissued the shares held in treasury at $12.00 per share. Instruction:- Record all transactions using the (i) Cost Method, and (ii) Par Value Method.
12) ABSD INC.'s B.O.D's approved issuance of 5,000,000 share of $50 par value common stock. Currently 4,200,000 shares are outstanding. Current stock price is $60 A 4% stock dividend is declared on March 1, 2020 and paid two months later. Show journal entries required to record declaration and payment of distribution.
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M The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $15 per share.. February 6 Issues 1,000 shares of 74 preferred stock for $13 per share.. September 10 Purchases 12,000 shares of its own common stock for $20 per share. December 15 Resells 6,000 shares of treasury stock at $25 per share. In its first year of operations, The Clothing Cove has net income of $140,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $700 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for The Clothing Cove as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) THE CLOTHING COVE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders'…
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Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 490 shares of preferred stock and 5,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 May 15 July 10 Issue 3,000 shares of common stock for $61 per share. Repurchase 590 shares of treasury stock for $54 per share. Resell 390 shares of treasury stock purchased on May 15 for $59 per share. Issue 390 shares of preferred stock for $64 share. Declare a cash dividend on both common and preferred stock of $2.40 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. October 15 December 1 Required: Record each of these transactions. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal…