5On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 244,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 18,000 shares outstandingRetained earningsTreasury stock, at cost, 4,400 sharesDuring 2024, Dolar Incorporated had several transactions relating to common stock.January 15:February 17:April 10:July 18:December 1:December 20:Shareholders' equity$ 244,000488,000180,0001,800,0003,600,00022,000Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fairvalue $9.80 per share).Distributed the property dividend.A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in theform of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair valueof the stock was $4 on this date.Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 pershare.Declared 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 $440,000 for 2024.Note: Negative amounts should be entered with a minus sign.Dolar IncorporatedBalance Sheet (Partial)December 31, 2024

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, 2021, Monty Corp. had 459,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 126,000 sharesMarch 1 Issued a 10% stock dividendMay 1 Acquired 101,000 shares of treasury stockJune 1 Issued a 3-for-1 stock splitOctober 1 Reissued 62,000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2021.
Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie Corporation during the period 2021–2023. At December 31, 2020, the corporation’s accounts included: ($ in thousands) Common stock, 115 million shares at $1 par $ 115,000 Paid-in capital—excess of par 690,000 Retained earnings 940,000 November 1, 2021, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $3.1 million, but were purchased two years previously for $2.7 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5.…
At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $500,000. For 2021, basic earnings per common share amounted to:
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…
s
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2021, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2022, the corporation declared and distributed a 4 %…
The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Required: ($ in millions) $ 240 1,680 1 1,100 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2024, the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026…
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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On December 31, 2022, the equity accounts of Book Creations, Inc., contained the following balances: Common stock ($10 par, 100,000 shares authorized) 30,000 shares issued and outstanding $300,000 Retained earnings $476,600 For the year 2022, the corporation had net income before income taxes of $176,300, income taxes of $35,260, and net income after taxes of $141,040. The corporation’s tax rate is 20 percent.An expansion of the existing plant at a cost of $564,300 is planned. The corporation’s president, who owns 60 percent of the corporation’s common stock, estimates that the expansion would result in an increased net income of approximately $176,300 before interest and taxes. The financial vice president forecasts that the increase would be only $88,150. Management is considering two possibilities for financing: Issuance of 20,000 additional shares of common stock for $29 per share. Issuance of $564,300 face amount, 10-year, 6 percent bonds payable, secured by a…
DeZurik Corporation had the following stockholders’ equity section in its June 30, 2022, balance sheet (in thousands, except share and per share amounts): June 30 (in thousands)2022 Paid-in capital: $4.0 Preferred stock, $ ? par value, cumulative, 60,000 shares authorized, 21,000 shares issued and outstanding $ 1,490 Common stock, $6 par value, 4,000,000 shares authorized, 840,000 shares issued, 750,000 shares outstanding Additional paid-in capital on common stock 5,320 Retained earnings Less: Treasury common stock, at cost, ? shares Total stockholders' equity $ 15,410 Required: Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2022. What was the average issue price of common stock shown on the June 30, 2022, balance sheet? How many shares of treasury stock does DeZurik Corporation own at June 30, 2022?…
Grouper Ltd. has the following equity accounts at January 1, 2023. Preferred shares outstanding: 2,800 shares Common shares outstanding: 4,500 shares (a) $84,000 Average issue price $ 450,000 What was the average issue price of the preferred shares?

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