Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 120,000 shares of common stock for $50 per share. February 14 Issue 40,00e shares of preferred stock for $13 per share. 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) May May December December 30 Pay the cash dividends declared on December 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. nounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section)

Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 120,000 shares of common stock for $50 per share. February 14 Issue 40,00e shares of preferred stock for $13 per share. 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) May May December December 30 Pay the cash dividends declared on December 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. nounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section)

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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Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May May 8 Purchase 10,000 shares of its own common stock for $45 per share. 31 Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (58 of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 2 2. Prepare the stockholde equity section of the balance sheet as of December 31, 2021. Net income for the year was $475,000. (Amounts to be deducted should…
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 1,800 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,800 additional shares of common stock for $17 per share. Issue 200 additional shares of preferred stock for $28 per share. April 1 June 1 Declare a cash dividend on both common and preferred stock of $0.60 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $14 per share. October 1 Resell 100 shares of treasury stock purchased on August 1 for $16 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $1,800; Additional Paid-in Capital, $18,300; and Retained Earnings, $10,300. Net income for the year…
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…
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 100 shares of preferred stock and 2,600 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,600 additional shares of common stock for $14 per share. April 1 Issue 200 additional shares of preferred stock for $36 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and…
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations: January 2 Issue 100,000 shares of common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share.. May 8 Repurchase 10,000 shares of its own common stock for $50 per share. May 31 Reissue 5,000 shares of treasury stock for $55 per share. December 1 Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $480,000. (Amounts to be deducted should be indicated by…
Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2021: Supper Company Ltd. Stockholders’ Equity June 30,2021 Paid-in Capital Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000 Common stock, par value $? per share, 5,000,000 shares authorized, 1,000,000 shares issued and outstanding 2,000,000 Paid-in capital in excess of par—common 6,000,000 Which of the following is the correct selling price per share for the common stock issued based on the above transactions? Question 8Answer a. $5,000,000 b. $8 c. $6 d. $6,000,000
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On 1/1/19 Karitas Inc., a calendar year company, has 700,000 common shares outstanding. Over the course of the fiscal year, the company experiences thefollowing events: Common stock related events:3/1/2019 issues 140,000 common shares5/1/2019 Distributes a 10.00% stock dividend.8/1/2019 Purchases 40,000 shares of treasury stock.10/1/2019 issues a 3 for 1 stock split The firm also has the following securities outstanding for the entire year (all conversion rates already reflect the effect of the stock dividend and stock split): 50,000 shares of convertible preferred stock. The convertible preferred stock has a par value of $10 per share, pays a 14.00% dividend and is convertible into 3shares of common stock. Convertible bonds with an aggregate par value of $8,500,000. The bonds are sold in increments of $1,000; pay a 6.50% coupon and are convertible into 100 sharesof common stock. 175 call option contracts with a strike price of $14.00 per share. Each option contract is exercisable into…
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…
On November 1, 2020, Skysong, Inc’s stockholders’ equity section is as follows: Common stock, $10 par value $750,000 Paid-in capital in excess of par value—common stock 180,000 Retained earnings 270,000 Total stockholders’ equity $1,200,000 On November 1, Skysong declares and distributes a 15% stock dividend when the fair value of the stock is $18 per share.Indicate the balances in the stockholders’ equity accounts after the stock dividend has been distributed. Common stock $enter a dollar amount Paid-in capital in excess of par value—Common Stock enter a dollar amount Retained earnings enter a dollar amount Total stockholders’ equity $enter a total amount for this section