On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactionsoccurred.Mar. 1 Purchased 50,000 shares for cash at $15 per share.July 1 Sold 11,000 treasury shares for cash at $17 per share.Sept. 1Sold 9,500 treasury shares for cash at $14 per share. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (List all debit entries before creditentries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateSept. 1Account Titles and ExplanationDebit114000IICredit|

When the shares issued are bought back from the existing shareholders they are referred to as…

Answered: On January 1, 2022, the stockholders'…

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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Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par value, 100,000 shares authorized,45,000 shares issued and outstanding $ 1,125,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders' equity $ 1,585,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $19 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the…
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Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 5e,eee shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 se, e00 348, 000 $1,140, 000 During 2019, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. 7 Directors declared a $1.5e per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July Aug. 27 Sold 1,500 of 1ts treasury shares at $20 cash per share. Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of 9 Sold 1,200 of its treasury shares at $30 cash per share. record. Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $52,00e credit balance…
1. Yellow Corporation had the following stockholders' equity accounts on December 31, 2020. Common Stock ($8 par value, 120,000 shares authorized, $ 320,000 40,000 shares issued and outstanding) Paid-in-Capital in Excess of Par - Common Stock $ 2,900,000 Retained Earnings $ 3,500,000 The following were transactions that occurred during 2021: 20-Feb Declared a $4 cash dividends per share on common stock 3-Mar Record date for cash dividends declared on 20 Feb 19-Mar Paid cash dividends 28-Apr Issued 15,000 shares of common stock for $16 per share 5-May Declared a $3 cash dividends per share on common stock 9-Jun Record date for cash dividends declared on 5 May 17-Jul Paid cash dividends 8-Aug Issued 23,500 shares of common stock for $20 per share 7-Sep Declared a $2 cash dividends per share on common stock 9-Oct Record date for cash dividends declared on 7 September 5-Nov Paid cash dividends 31-Dec Determined that net income for the year was $650,000 Instructions: 1. Journalize the…
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.50 cumulative preferred shares, 1,000 shares issued $ 50,000 Common shares, 10,000 shares issued Retained earnings $306,000 During 2023 the company completed the following transactions: 196,000 February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend Declared a 10% stock dividend on April 14 the common shares. Market price per May 14 July 6 share REQUIRED: 60,000 1. November 20 Received equipment valued at $30,000 and issued 3,750 common shares. common share was $7/ share Distributed the stock dividend Issued 2,000 common shares for $5/ Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at
The records of Uluru Charters reflected the following balances in the stockholders' equity accounts at December 31, 2024: Common stock, par $12 per share, 43,500 shares outstanding. Preferred stock, 8 percent, par $17.00 per share, 6,610 shares outstanding. Retained earnings, $227,000. On January 1, 2025, the board of directors was considering the distribution of a $62,700 cash dividend. No dividends were paid during 2023 and 2024. Required: 1. Determine the total and per-share amounts that would be paid to the common stockholders and to the preferred stockholders under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. 2. Why might the dividends per share of common stock be different for noncumulative preferred stock and cumulative preferred stock?
Please help me understand part B
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued $ 60,000 Common shares, 5,000 shares issued 30,000 Retained earnings 122,000 $212,000 During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend April 14 Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. REQUIRED: 1. Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
For a recent 2-year period, the balance sheet of Corona December 31 (in millions). Additional paid-in capital Common stock Retained earnings Treasury stock Total stockholders' equity Common stock shares issued Common stock shares authorized Treasury stock shares 2020 Par value of common stock $960 540 7,230 1,824 $6,906 216 Cost per share of Treasury stock $ 500 38 2019 $825 535 5,270 868 $5,762 214 500 28 (a) Answer the following questions. (1) What is the par value of the common stock? (Round par value to 2 decimal places, e.g. $3.15.) mpany (2) What is the cost per share of treasury stock at December 31, 2020, and at December 31, 2019? December 31, 2020 December 31, 2019 (b) Prepare the stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) Coronado Company Balance Sheet (in millions of dollars) (Partial)
Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000
Richman Company had 100,000 shares of common stock outstanding as of January 1, 2020. The following common stock transactions occurred during 2020. March 1—Issued 20,000 shares for cash. June 1—Issued a 10% stock dividend. September 1—Reacquired 10,000 shares as treasury shares. November 1—Sold the 10,000 treasury shares for cash. Instructions: Compute the weighted-average common shares for 2020.

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