On January 1, Bonneau Corp purchased 90,000 shares of Crossley, Inc stock for $50 each. Crossley has 300,000 shares outstanding. On October 1, Crossley pays a cash dividend of .75 per share. On December 31, Crossley reports net income of $650,000 Date JOURNAL Description PR DR Page CR

On January 1, Bonneau Corp purchased 90,000 shares of Crossley, Inc stock for $50 each. Crossley has 300,000 shares outstanding. On October 1, Crossley pays a cash dividend of .75 per share. On December 31, Crossley reports net income of $650,000 Date JOURNAL Description PR DR Page CR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On April 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 2,000 shares were sold on November 10 for $23 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.
Problem 4 The Adam Corporation had the following transactions during the year: Jan. 15 Feb 15 Purchased 1,500 shares of LMN stock at S10 per share. Purchased 3,000 shares of KJL stock at $20 per share. Received dividends of $1 per share of LMN stock. Purchased $20,000 of XYZ bonds for $20,000. Interest of 9% is paid on April 15 and October 15. Sold 1,000 shares of KJL stock for $22,000. Received a $2 dividend per share for KJL stock. Received interest on XYZ bond. Sold the bonds for $21,000. Sold 500 shares of LMN stock for $5,000. Mar 15 Apr 15 Aug 15 Sep 15 Oct 15 Oct 15 Nov 15 On this day, LMN stock is selling for $19 per share and KJL stock is selling for $12 per share. Record th reflect the fair market value of the stock. Dec 31 Instructions: a. Record the transactions for the year in general journal format. b. Show how the stock investment would appear on the balance sheet on December 31.
Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000
Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 14,000 shares but 2,500 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend? If an amount box does not require an entry, leave it blank. Dec. 14 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
Top Cat Pte Limited On 1 April 20x0, the first day of the new financial year, Top Cat Pte Limited's share capital comprised 75,000 ordinary shares (issued and outstanding) with a paid-up capital of $750,000. Retained earnings was $150,000. During the year, the following transactions with owners occurred. Prepare the journal entries to record the following transactions. Where no journal entry is required, state why. -1 April 20x0 Issued 5,000 additional ordinary shares for $11 each. -1 June 20x0 Share registry dividend record date. -15 June 20x0 Declared a cash dividend of $1.50 per share to ordinary shareholders. -10 July 20x0 Paid the $1.50 cash dividend. -1 December 20x0 Issued 3,000 additional ordinary shares for $13 per share. -15 March 20x1 Share registry record date. -31 March 20x1 Profit before tax for the period was $340,000 and the company income tax rate is 17%. -31 March 20x1 Declared a cash dividend to ordinary shareholders of $1.80 per share. -As at 31 March 20x1, how…
Required Information Williamson Corporation's Board authorized 81,000 shares of common stock with $3 par value. During the first year, Williamson: a. Sold 59,000 shares of common stock for cash at $44 per share. b. Repurchased 6,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Vww transaction lat Journal entry worksheet 2 Sold 59,000 shares of common stock for cash at $44 per share. Note: Enter debts before ads Transaction Macord entry General Journal Clear entry Debit Credit View general journal
Instructions On January 31, Wilderness Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share. Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 1 2 B DATE AS
XYZ Company has 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the following journal entry: Credit cash $50,000and debit dividends declared $50,000. Debit dividends declared $50,000 and credit dividends payable $50,000. No entry is made until January 31. Debit cash $50,000 and credit dividends payable $50,000.
MC Qu. 11-74 Anthem Inc. issues... Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years later, it repurchases these shares for $90 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debit Common Stock for $22,000, debit Additional Paid-in Capital for $31,978,000 and credit Cash for $32.00 million. Debit Treasury Stock for $18.00 million and credit Cash for $18.00 million. Debit Common Stock for $22,000, debit Additional Paid-in Capital for $17,978,000 and credit Cash for $18.00 million. Debit Stockholders' Equity for $32.00 million, credit Additional Paid-in Capital for $18.00 million and credit Cash for $18.00 million.
Apr. 16 Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July 7 Purchased 3,500 shares of CVF Co. stock at $51 per share. 20 Purchased 1,600 shares of Green Co. stock at $18 per share. Aug. 15 Received an $1.20 per share cash dividend on the Lafayette Co. stock. 28 Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct. 1 Received a $3.30 per share cash dividend on the CVF Co. shares. Dec. 15 Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares. 31 Received a $2.70 per share cash dividend on the CVF Co. shares. What would the end result be on the general ledger?
Help me pls
Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler Co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per 31 Received a $4.40 per General Journal Requirement share cash dividend on the remaining Kohler Co. shares. share cash dividend on the JCW Co. shares. General Ledger Trial Balance Fair Value Adj For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of…