On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 253,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 11,500 shares outstandingRetained earningsTreasury stock, at cost, 5,300 shares.During 2024, Dolar Incorporated had several transactions relating to common stock.January 15:February 17:April 10:July 18:December 1:December 20:Shareholders' equityRetained earningsDeclared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value$9.15 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 astock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4on this date.Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.Declared a 50 cents per share cash dividend on the outstanding common shares.Paid the cash dividend.Required:Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assumenet income is $530,000 for 2024.Note: Negative amounts should be entered with a minus sign.$ 253,000506,000115,0001,150,0002,300,00026,500Dolar IncorporatedBalance Sheet (Partial)December 31, 2024Total shareholders' equity$ 2,300,000$ 2,300,000

Stockholders’ equity refers to the ownership interest in the business. It is the claim of the owners…

Answered: On January 1, 2024, Dolar Incorporated…

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, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding
On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows: Common stock ( $5 par value) $1, 480,000; paid - in capital in excess of par value $37,800; and retained earnings $1,235, 000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 37,500 shares for cash at $20 per share. July 1 Sold 6,300 treasury shares for cash at $26 per share. Sept. 1 Sold 4, 900 treasury shares for cash at $18 per share. Journalize the treasury transactions
Herman Inc. has 180,000 shares of $5 par common stock outstanding at the beginning of the year 2022. The following transactions affecting stockholders’ equity occured suring the year. Assume Paid-in Capital—Treasury Stock has a zero beginning balance. · January 15: Purchased common stock as treasury shares, 6,000 shares at $20. · April 15: Sold common treasury stock, 2,400 shares at $14. The journal entry on April 15, 2022 will include: A) A credit to Treasury Stock for $120,000 B) A debit to Retained Earnings for $14,400 C) A debit to Treasury Stock for $48,000 D) A debit to Paid-in-Capital, Treasury Stock for $14,400
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity 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…
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The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Retained Earnings Treasury Stock (715 Shares at Cost) Total Stockholders' Equity $657,000 27,000 17,520 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 715 shares have been reacquired. ✓ 1,031,000 ✓ 13,585 Paid-In Capital: Common Stock, $45 Par (80,000 Shares Authorized, 14,600 Shares Issued) Excess Over Par Paid-in capital, common stock From Sale of Treasury Stock Total Paid-In Capital Goodale Properties Inc. Stockholders' Equity June 30 QOOQ
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On January 1, 2022, Metro Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Additional paid-in capital, common 500,000 Additional paid-in capital, preferred 100,000 Preferred stock, $100 par, 10,000 shares issued 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 common shares 25,000 During 2022, Metro Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Denver Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. 1) Prepare the journal entry (ies) for…
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