Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020- Common stock; $10 par value; 500,000 shares authorized; 200,000 sharesissued and outstanding- Paid in capital in excess of par value, common stock- Retained earnings.....$2,000,000400,000900,000$3,300,000TotalThe Corporation completed the following transactions in 2021.1- Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record.2- Mar. 01, Purchased 10,000 shares of its own common for $15 per share.3- Mar. 15, Paid the cash dividend declared on Jan. 10.4- May 01, Sold 6,000 of its treasury shares at $15 cash per share.5- Sep. 30, Directors declared a 30% stock dividend when the share market price is $16.6- Nov. 01, Distributed stock dividends declared on Sep. 30.7-Nov. 15, The company implemented 5-for-1 stock split for the common stock.Required: Prepare journal entries to record each of these transactions for 2021.CLEARLY INDICATE THE DEBITS & CREDITSExample: XYZ Company pays $10,000 cash to purchase landAnswer:Dr. Land10,000Cr. Cash10,000

Journal Entry: It is the record of business transactions which is shown in the primary book of…

mmon stock; $10 par value; 500,000 shares authorized; 200,000 shares sued and outstanding $ 2,000,000 ***** ad in capital in excess of par value, common stock ained earnings....... 400,000 900.000 $3,300,000 Corporation completed the following transactions in 2021. . 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 s . 01, Purchased 10,000 shares of its own common for $15 per share. 15, Paid the cash dividend declared on Jan. 10. 01, Sold 6,000 of its treasury shares at $15 cash per share. 30, Directors declared a 30% stock dividend when the share market price is $16. 01, Distributed stock dividends declared on Sep. 30. 15, The company implemented 5-for-1 stock split for the common stock. ed: Prepare journal entries to record each of these transactions for 2021. CLEARLY INDICATE THE DEBITS & CREDITS

mmon stock; $10 par value; 500,000 shares authorized; 200,000 shares sued and outstanding $ 2,000,000 ***** ad in capital in excess of par value, common stock ained earnings....... 400,000 900.000 $3,300,000 Corporation completed the following transactions in 2021. . 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 s . 01, Purchased 10,000 shares of its own common for $15 per share. 15, Paid the cash dividend declared on Jan. 10. 01, Sold 6,000 of its treasury shares at $15 cash per share. 30, Directors declared a 30% stock dividend when the share market price is $16. 01, Distributed stock dividends declared on Sep. 30. 15, The company implemented 5-for-1 stock split for the common stock. ed: Prepare journal entries to record each of these transactions for 2021. CLEARLY INDICATE THE DEBITS & CREDITS

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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Current Attempt in Progress On September 15, 2023, the Board of Directors of Sunland Company declared a $1.20 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Sunland Company had 202,000 common shares issued, of which 31,000 were held in Treasury. On October 15, 2023, the company issued an additional 57,000 common shares for $5.20 each. Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Accounting On 1 January 2021, ADE Ltd. reported the following in shareholders' equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 100,000 shares 2,500,000 Common shares, no-par value; authorized, unlimited shares; issued, 620,000 shares 4,960,000 Contributed capital on retirement of preferred shares 30,000 Retained earnings 3,850,000 The company acquired and retired shares in the following sequence during 2021: Retired 20,000 common shares at $12 per share. a. Retired 30,000 common shares at $6 per share. o. Retired 10,000 preferred shares at $30 per share. c. Retired 5,000 preferred shares at $22 per share. Required: 1. Prepare journal entries for the share retirement transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Retired 20,000 common shares at $12 per share. Common shares (20000 a. Retired 30,000 common shares at $6 per share. a. Retired 10,000 preferred shares at $30 per…
sd subject-Accounting On January 1, 2022, Wentworth, Inc. had the following shares of stock outstanding: 100,000 shares of common stock 60,000 shares of preferred stock, convertible to 32,000 shares of common ($120,000 in preferred dividends paid during the year) On May 1, 2022, an additional 18,000 common shares were issued for cash. On June 30, 2022, Wentworth issued a 10 percent common stock dividend. Net income after taxes for the year was $775,000. Calculate basic earnings per share (to the nearest cent) for the year A. $5.46 B. $5.32 C. $5.05 D. Some other amount.
Financial Accounting & Reporting: Dividend Distribution
Exercise 6-4 (Cash, Share Capital, and Property Dividends) The PQR Corporation reports the following balances of January 1, 2021: P50,000 Ordinary share capital, P25 par, 2,000 shares outstanding Ordinary share premium Retained earnings 20,000 150,000 The following dividend declarations were made during the year: Mar 15 Declared a cash dividend of P6 per share payable on April 15 to shareholders of record of March 31. July 15 Declared as dividends the stocks of Pentagon Corp. owned by PQR Corp. One share of Pentagon Corp. stock will be distributed for every share of PQR Corp. stock owned. The stocks of Pentagon have a carrying value of P25 per share. Oct 15 Declared a 30% stock dividend distributable on December 1 to shareholders of record of November 15. Stocks are selling on this date at P45 per share. Instructions: Record the declaration and distribution of the above dividends. ♡ Share Favourite Delete Edit More a O O
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note:Total Stockholders' Equity of P200,000 should be Treasury Shares
Subject: accounting
Am. 13.
please avoid image in answers thank you
The following data pertain to Kool Corporation Ordinary Share Capital, with par value of P25 20,000 shares were issued of which 6,000 shares were in treasury Share Premium - OS P500,000.00 100,000.00 Retained Earnings Treasury shares at cost The following transactions took place on August 2021 200,000.00 (180,000.00) 8 2,000 treasury shares were sold at P35 per share 25 1,400 treasury shares were sold at P20 Compute 1. Outstanding number of ordinary shares Total Contributed Capital Retained earnings - unappropriated Total Shareholders' equity
1. ABC Company has the following balances in its’ equity account as of January 1, 2021: Ordinary shares, P 5 par P 500,000 Share premium – ordinary 2,000,000 Retained earnings 7,000,000 On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: a. Determine the number of shares issued and outstanding on: Jan 1 Mar 31 June 30 Sep 30 b. Prepare the journal entries for the above transactions