n stock, 80,100 shares at $1 par $ 80,100 Paid-in capital—excess of par 168,210 Retained earnings 121,000 At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first

n stock, 80,100 shares at $1 par $ 80,100 Paid-in capital—excess of par 168,210 Retained earnings 121,000 At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal entry for the repurchase and retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first

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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For the year ended December 31, 2024, Norstar Industries reported net income of $955,000. At January 1, 2024, the company had 1,030,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 Sold 75,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 84,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Answer is complete but not entirely correct. $ Numerator 955 ÷ Denominator Earnings per Share 1,170 = $ 0.82
Ivanhoe Corporation has 10.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 83 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation ◄► A n Debit Credit
Subject: acounting
Accounting for equity investments On January 6, 20Y8, Bulldog Co. purchased 34% of the outstanding common stock of Gator Co. for $225,000. Gator Co. paid total dividends of $20,000 to all shareholders on June 30, 20Y8. Gator had a net loss of $55,000 for 20Y8. a. Journalize Bulldog's purchase of the stock, receipt of the dividends, and the adjusting entry for the equity loss in Gator Co. stock. If an amount box does not require an entry, leave it blank. 20Y8 Jan. 6 20Y8 June 30 20Y8 Dec. 31 b. Compute the balance of Investment in Gator Co. Stock on December 31, 20Y8.
7. How much is the Retained earnings, end - UNAPPROPRIATED? 8. How much is the total shareholders' equity at year-end?
1. How much is the Retained earnings, end - UNAPPROPRIATED? 2. How much is the total shareholders' equity at year-end? 3. What is the number of outstanding ordinary shares?
Rawhides Corporation showed the following account balances on December 31, 2022 balance sheet: Common shares, unlimited authorized shares, 660,000 shares issued and outstanding $3,980,000 Retained earnings $2,130,000 Per their incorporation documents, they are authorized to issue 100,000, $5 preferred shares. During 2023, the following selected transactions occurred: March 1 May 1 June 1 July 1 July 31 November 1 November 20 December 31 Repurchased and retired 100,500 common shares at $7.20 per share; this is the first retirement recorded by Rawhides Declared 2:1 shares split to shareholders of record on May 12, distributable May 30 The board of directors issued 15,000 preferred shares for $27 per share The board declared total cash dividends of $82,000 to shareholders of record on July 22 payable on July 31 Paid the cash dividend Declared a 10% share dividend to shareholders of record on November 10, distributable November 20. The market prices of the shares on November 1, November 10…
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750 Preferred shares, 7,500 shares outstanding, no-par Common shares, 181,400 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 477,082 111,100 555,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,400 common shares bought and retired at $4 per share 16 March 4,300 preferred shares bought and retired at $32.90 per share 20 May 9,500 common shares bought and retired at $1 per share 25 May 1,900 preferred shares bought and retired at $18.30 per share 30 May 11,000 common shares issued at $10.30 per share 15 Nov. 5,100 common shares bought and retired at $30 per share
During its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Waterway Corporation began business by issuing 649600 shares of $5 par value common stock for $25 per share. During its first year, the corporation sustained a net loss of $62300. The year-end balance sheet would show Common stock of $3248000. Common stock of $16240000. Total paid-in capital of $12992000. Total paid-in capital of $16177700.