On January 1, 2024, Martinez Enterprises Inc. had 61,000 common shares, recorded at $366,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 Issued 4,000 common shares at $8 per share. June 15 Sept. 21 Nov. 1 Dec. 20 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Issued 3,000 common shares at $20 per share. Repurchased 10,000 common shares for $18 per share. This was the first time Martinez had repurchased its own shares. Record each of the transactions. Keep a running balance of the average per share amount of the common shares. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. Round the average per share to three decimal places, e.g. 5.271 and final answers to O decimal places, e.g. 5,271. List all debit entries before credit entries.) Date 2024 Account Titles Debit Credit

On January 1, 2024, Martinez Enterprises Inc. had 61,000 common shares, recorded at $366,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 Issued 4,000 common shares at $8 per share. June 15 Sept. 21 Nov. 1 Dec. 20 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Issued 3,000 common shares at $20 per share. Repurchased 10,000 common shares for $18 per share. This was the first time Martinez had repurchased its own shares. Record each of the transactions. Keep a running balance of the average per share amount of the common shares. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. Round the average per share to three decimal places, e.g. 5.271 and final answers to O decimal places, e.g. 5,271. List all debit entries before credit entries.) Date 2024 Account Titles Debit Credit

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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Vaughn Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,720,000 shares of $10 par common stock. At no time has Vaughn issued any potentially dilutive securities. Listed below is a summary of Vaughn's common stock activities. 1. 2. 3. 4. rol (b) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 10% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Vaughn's common stock took place on March 31, 2021 Your answer is incorrect. 1,910,000 191,000 1,830,000 3,931,000 Compute the weighted average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement. LICE
On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. (a) 1 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 1,500 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $2.90 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
On January 1, Ivanhoe Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 (a) 15 Issued 21,000 additional shares of common stock for $17 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 2,500 additional shares of common stock for $18 per share. Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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On October 10, the board of directors of Skysong Corporation declared a 10% stock dividend. On October 10, the company had 12,200 shares of $1 par common stock issued and outstanding with a market price of $15 per share. The stock dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the stock dividend. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit