Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple Forest has 100,000 shares ofcommon stock outstanding as of the beginning of 2024. Maple Forest has the following transactions affecting stockholders' equity in2024.March 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share.Purchases 5,800 shares of treasury stock for $63 per share.Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid ontreasury stock.)May 10June 1July 1Pays the cash dividend declared on June 1.October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 per share.Required:Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" inthe first account field.)

Treasury stocks are the shares of a corporation that are held by the government and are not…

Answered: Maple Forest Corporation designs and…

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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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 65,000 additional shares of $1 par value common stock for $62 per share. May 10 Purchases 6,000 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 3,000 shares of treasury stock purchased on May 10 for $70 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $5,500,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $700,000. Required: Prepare the…
Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 64,000 additional shares of $1 par value common stock for $61 per share. May 10 Purchases 5,900 shares of treasury stock for $64 per share. June 1 Declares a cash dividend of $1.95 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,950 shares of treasury stock purchased on May 10 for $69 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $5,400,000; and Retained Earnings, $2,900,000. Net income for the year ended December 31, 2024, is $690,000.
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March May June 1 Issues 60,000 additional shares of $1 par value common stock for $57 per share. 10 Purchases 5,500 shares of treasury stock for $60 per share. 1 Declares a cash dividend of $1.75 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) 1 Pays the cash dividend declared on June 1. July October 21 Resells 2,750 shares of treasury stock purchased on May 10 for $65 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $5,000,000; and Retained Earnings, $2,500,000. Net income for the year ended December 31, 2021, is $650,000. Required: Prepare the…
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 45,000 additional shares of $1 par value common stock for $42 per share. Purchases 4,000 shares of treasury stock for $45 per share. Declares a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. July 1 October 21 Resells 2,000 shares of treasury stock purchased on May 10 for $50 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $3,500,000; and Retained Earnings, $1,000,000. Net income for the year ended December 31, 2024, is $500,000. Required: Prepare the…
Vd
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…
Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.
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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 53,000 additional shares of $1 par value common stock for $50 per share. Purchases 4,800 shares of treasury stock for $53 per share. Declares a cash dividend of $1.40 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.). May 10 June 1 July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,400 shares of treasury stock purchased on May 10 for $58 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $4,300,000; and Retained Earnings, $1,800,000. Net income for the year ended December 31, 2024, is $580,000. Required: Prepare the…
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024 March 1 May 10 June 1 Issues 57,000 additional shares of $1 par value common stock for $54 per share. Purchases 5,200 shares of treasury stock for $57 per share. Declares a cash dividend of $1.60 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,600 shares of treasury stock purchased on May 10 for $62 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $4,700,000, and Retained Earnings, $2,200,000. Net income for the year ended December 31, 2024, is $620,000. Required: Prepare the…

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