On January 1, 2022, Pharoah Company had the following stockholders' equity accounts.Common Stock ($20 par value, 58,700 shares issued and outstanding)$1,174,000Paid-in Capital in Excess of Par-Common Stock196,000Retained Earnings555,000During the year, the following transactions occurred.Feb. 1Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.Mar. 1Paid the dividend declared in February.Apr. 1Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37.July 1Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price ofthe stock was $14 per share.31Issued the shares for the stock dividend.Dec. 1Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023.31Determined that net income for the year was $375,000.Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note: Open additionalstockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date forclosing balances even in case of zero balance.)Common StockDec. 31Retained EarningsPaid-in Capital in Excess of Par-CommonCommon Stock Dividends DistributableCash DividendsStock Dividends

On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($20 par value, 58,700 shares issued and outstanding) $1,174,000 Paid-in Capital in Excess of Par-Common Stock 196,000 Retained Earnings 555,000

On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($20 par value, 58,700 shares issued and outstanding) $1,174,000 Paid-in Capital in Excess of Par-Common Stock 196,000 Retained Earnings 555,000

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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On January 1, 2022, Skysong, Inc. had $1,190,000 of common stock outstanding that was issued at par and retained earnings of $749,000. The company issued 43,000 shares of common stock at par on July 1 and earned net income of $395,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2022, for the following two independent assumptions. (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 O for the amounts.) (a) (b) No. Account Titles and Explanation (a) Par value is $10 and market price is $15. Par value is $5 and market price is $8. (b) Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Debit 277,425 147,960 Credit 184,950 277,425 92,475 332,910
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On January 1, 2017, Ehrlich Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000Paid-in Capital in Excess of Par—Common Stock 200,000Retained Earnings 540,000During the year, the following transactions occurred.Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.Feb. 15 Paid the dividend declared in January.Apr. 15 Declared a 15% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. 31 Determined that net income for the year was $250,000.Instructions(a) Journalize the…
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…
The books of Oriole corporation carried the following account balances as of December 31, 2020. Cash $210,000. preferred stck(cumulative, nonparticipating,$50 par) $310,000. common stock (non-par value, 284,000 shares issued) $1,420,000. Paid-in capital in excess of par -preferred stock $157,000. Treasury stock (common 2,900 shares at cost). Retained earnings $ 106,100. The company decided not to pay any dividend in 2020. The board of directors, at their annual meeting on December 21,2021, declared the following: The current year dividend shall be 6% on the preferred and $0.30% per share on the common. The dividend in arrears shall be paid by issuing 1,550 shares of treasury stock. At the date of deceleration, the preferred is selling at $80 per shares , and the common at $12 per shares . Net income for 2021 is estimated at $81,400. (a) prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously. ( credit amount title are…
The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
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The following information is available for Metloc Rock Corporation: Common Stock ($5 par) $1,620,000 Retained Earnings 1,205,000 An 17% stock dividend is declared and paid when the market value was $12 per share. Compute total stockholders' equity after the stock dividend. Total Stockholders' Equity
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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