On April 1, 2023, 400,000 common shares were issued at $0.90 per share. OnJune 1, the board of directors declared a 10% share dividend to shareholders ofrecord on June 15; the distribution date was July 1. The market prices of theshares on June 1, June 15, and July 1 were $2.58, $2.06, and $2.36, respectively.On December 11, the board of directors declared a 2:1 share split to shareholdersof record on December 15; the distribution date was December 20. Profit earnedduring the year was $1,547,500. Required: Prepare the company's equity sectionon the December 31, 2023, balance sheet.

The objective of the question is to prepare the equity section of the company's balance sheet as of…

Answered: On April 1, 2023, 400,000 common shares…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The company has 100,000 preferred shares issued and outstanding for the entire year. The preferred shares are non-cumulative and non-participating. There is a conversion feature where each preferred share can be converted into 20 common shares. On January 1, 2021; the company had 600,000 common shares outstanding. On April 1, the company issued 200,000 common shares. There was a 2 for 1 stock split on June 1. These transactions have been accounted for and are included on the trial balance. The company can issue an unlimited number of common shares. show your work relating to, weighted average number or shares and Earnings per Share and to make any dividend calculations. Only calculate EPS and Diluted EPS for 2021. There was no change in shares during 2020. Revenue 4,027,450 Expenses 3,153,193 Net Income 874,257 Need Journal Entry!
The company has 100,000 preferred shares issued and outstanding for the entire year. The preferred shares are non-cumulative and non-participating. There is a conversion feature where each preferred share can be converted into 20 common shares.On January 1, 2021; the company had 500,000 common shares outstanding. On April 1, the company issued 150,000 common shares. There was a 2 for 1 stock split on June 1. These transactions have been accounted for and are included on the trial balance.The company can issue an unlimited number of common shares.Only calculate EPS and Diluted EPS for 2021.There was no change in shares during 2020. For 2020: Revenue: (3,925,350) Expenses: 3,077,874 Net Income: 847,476
Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue 9,300 shares of 8%, $ 100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $ 1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,560 shares of common stock for cash at $ 7 per share. Mar. 1 Issued 5,680 shares of preferred stock for cash at $ 112 per share. Apr. 1 Issued 24,570 shares of common stock for land. The asking price of the land was $ 90,100; the fair value of the land was $ 80,560. May 1 Issued 80,560 shares of common stock for cash at $ 9 per share. Aug. 1 Issued 9,300 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize. Sept. 1 Issued 9,300 shares of common stock for cash at $ 11 per share. Nov. 1 Issued 1,090 shares of preferred stock for cash at $ 117 per share. Prepare the journal…
Crane Corporation was organized on January 1, 2027. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 1 Issued 71,000 shares of common stock for cash at $5 per share. Issued 11,600 shares of preferred stock for cash at $56 per share. Issued 116,000 shares of common stock for cash at $8 per share. May Sept. 1 Nov. 1 Issued 5,200 shares of common stock for cash at $6 per share. Issued 3,200 shares of preferred stock for cash at $58 per share. (a) Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Jan. 10 $ Mar. 1 Cash 1 $ Common Stock Paid-in-Capit Stated…
On January 1, 2020, Triad Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 25,000 shares of common stock for $550,000. June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. Prepare journal entries to record the above transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Date Mar. 1 Debit Credit
The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock. During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 71,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 1,220 shares of preferred stock for cash at $56 per share. May 1 Issued 116,000 shares of common stock for cash at $8 per share. Sept. 1 Issued 5,200 shares of common stock for cash at $6 per share. Nov. 1 Issued 3,200 shares of preferred stock for cash at $58 per share. Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2022. PRONGHORN CORP.Partial Balance Sheetchoose the accounting periodchoose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended…
Sheridan Company was organized on January 1, 2022. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,550 shares of preferred stock for cash at $105 per share. Issued 24,500 shares of common stock for land. The asking price of the land was $92,500. The fair value of the land was $85,000. Apr. 1 May 1 Issued 80,000 shares of common stock for cash at $5.00 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $44,500 for services performed in helping the company organize. Aug. 1 Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share.
Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…
On January 1st, 2021, Bayshore Boats, Inc. had 30,000 shares of common stockoutstanding. On February 1st the corporation issued 10,000 additional commonshares to raise cash. On May 1st, the corporation declared and issued a 5% stockdividend. On November 1st, the corporation issued 8,000 shares of common stock.On December 1st , the corporation issued a 4:1 stock split.InstructionsCompute the weighted average number of shares to be used in computing earningsper share for 2021
Veritox at January 1, 2020, had 450,000 common shares outstanding (no preferred shares issued). During 2020, the company has issued 60,000 shares on May 1, purchased 36,000 treasury shares on September 1, and issued 42,000 more shares on November 1. Find the weighted average of common shares outstanding for 2020.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS