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|

The objective of the question is to restate the accounting entry for the sale of treasury shares on…

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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Oriole Corporation had 100,800 shares of stock outstanding on January 1, 2025. On May 1, 2025, Oriole issued 61,200 shares. On July 1, Oriole purchased 10,080 treasury shares, which were reissued on October 1. Compute Oriole's weighted-average number of shares outstanding for 2025. Weighted-average number of shares outstanding
Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,800; 2022, $13,600; and 2023, $29,000. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. Allocation to preferred stock $ Allocation to common stock $ 2021 LA 2022 $ $ 2023
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
Weaver Corporation had the following stock issued and outstanding at January 1, 2018: 94,000 shares of $7 par common stock. 10,000 shares of $150 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 10,000 shares of preferred stock and a $2 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required: Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.
10. In 2021, Xylem Inc. completed the treasury stock transactions listed below. February 2: Reacquired 67,000 shares at $11.70. March 17: Sold 17,000 shares at $13.85. May 17: Sold 22,000 shares at $7.85. Xylem Inc. had issued 100,000 shares of its $1 par common stock for $10 several months ago.Required:Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
The following transactions occurred for Rothman Corp. during 2024, its first quarter of operations (fiscal year ending Dec. 31): 1. 2. On Oct. 5, Rothman issued 2000 shares of $10 par common stock in an IPO and 400 shares of $40 par preferred stock for a lump sum of $85,000 cash. The values of the common and preferred stock were appraised separately at $30 and $50 per share, respectively. On Oct. 20, Rothman declared an 80% common stock dividend, when the market value per share of the common stock was $32. 3. On Dec. 5, the common stock dividend was issued. 4. On Dec. 20, a 3-for-1 stock split occurred for common stock. 5. On Dec. 30, Rothman purchased 100 shares of its own common stock for $14 per share. Instructions: A. Prepare the general journal entries to record each of the above transactions. B. Determine the number of common shares (1) issued and (2) outstanding at Dec. 31, 2024.
The following is a summary of all relevant transactions of Swifty Corporation since it was organized in 2025. In 2025, 15,600 shares were authorized and 7,400 shares of common stock ($50 par value) were issued at a price of $57. In 2026,900 shares were issued as a stock dividend when the stock was selling for $59.310 shares of common stock were bought in 2027 at a cost of $63 per share. These 310 shares are still in the company treasury. In 2026, 9,800 preferred shares were authorized and the company issued 5,100 of them ($100 par value) at $121. Some of the preferred stock was reacquired by the company and later reissued for $4,810 more than it cost the company. The corporation has earned a total of $644,600 in net income after income taxes and paid out a total of $290,300 in cash dividends since incorporation. Prepare the stockholders' equity section of the balance sheet in proper form for Swifty Corporation as of December 31, 2027. Account for treasury stock using the cost method.…
d
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 provide assistance and explanation for scenario provided in the attached image.
Please help me understand part B

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