On January 1, 2022, Monty Corp. had the following stockholders' equity balances.Common Stock (535,000 shares issued)Paid-in Capital in Excess of Par-Common StockCommon Stock Dividends DistributableRetained EarningsDuring 2022, the following transactions and events occurred.1.2.3.4.5.$1,605,000486,000240,750607,0006.Issued 80,250 shares of $3 par value common stock as a result of 15% stock dividend declared on December 15, 2021.Issued 32,500 shares of common stock for cash at $5 per share.Purchased 27,000 shares of common stock for the treasury at $6 per share.Declared and paid a cash dividend of $110,000.Sold 8,400 shares of treasury stock for cash at $6 per share.Earned net income of $345,000. Balances, Jan. 1Issued 80,250 share for stock dividendIssued 32,500 shares for cashPurchased 27,000 shares of treasury stockDeclared cash dividendSold 8,400 shares of treasury stockNet income for yearBalances, Dec. 3169CommonStock120$$Paid-inCapital inExcess ofPar-Common StockDUN$CommonStockDividendsDistributable

The treasury stock represents the common stock purchased back by the company…

Answered: On January 1, 2022, Monty Corp. had the…

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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Ayayai Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Purchased 5,500 shares at $9 per share. Sold 1,000 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $7 per share. Mar. 1 June 1 Ayayai Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. D (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit S
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Concord Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $400,000, Paid-in Capital in ExceSs of Par-Common Stock $185,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Sold 1,000 shares at $7 per share. 1っaa Concord Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $35,000. () Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (Listall debi entries before credit.entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Treasury Stock Cash Cash ए.२unp Treasury Stock Pald-In…
Rollers company is incorporated on January 1, 2018. Company is authorized to issue160,000 shares of $6 par value. Following transactions related Shares issued Shares issued Net income Dividend paid Treasury stock purchased 16,000 @$8 per share 32,000 @ $9 per share $160,000 $80,000 3,500 shares @ $11 per share The balance of stockholder's equity at end of year 2018 is: $489,500 $576,000 $457.500 $416,000 Reset Answer
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The following information is available for Barone Corporation: January 1, 2022 Shares outstanding 1,250,000April 1, 2022 Shares issued 200,000July 1, 2022 Treasury shares purchased 75,000October 1, 2022 Shares issued in a 100% stock dividend 1,375,000 The number of shares to be used in computing earnings per ordinary share for 2022 is
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The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
On January 1, 2023, Sunland Ltd. had 498,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 June 1 Oct. 1 Issued 180,000 shares Issued a 10% stock dividend Acquired 195,000 common shares and retired them Issued a 2-for-1 stock split Issued 74,000 shares The company's year end is December 31. Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to 0 decimal places, e.g. 5,275.) Weighted average number of shares outstanding eTextbook and Media Assume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2…

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