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 notindent manually.)Date<Account Titles and ExplanationDebitCredit On January 1, Wildhorse Corporation had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated valueof $4 per share. During the year, the following occurred.Apr. 1 Issued 23,500 additional shares of common stock for $17 per share.June 15July 10Dec.115Declared a cash dividend of $2 per share to stockholders of record on June 30,Paid the $2 cash dividend.Issued 1,000 additional shares of common stock for $18 per share.Declared a cash dividend on outstanding shares of $4.80 per share to stockholders of record on December 31.

The journal entries are prepared to record the transactions on regular basis. The dividend is…

Answered: On January 1, Wildhorse Corporation had…

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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A Calculator On January 1, Sunshine Corporation had 38,000 shares of $12 par value common stock issued and outstanding. All 38,000 shares had been issued in a prior period at $22 per share. On February 1, Sunshine purchased 1,140 shares of treasury stock for $29 per share and later sold the treasury shares for $20 per share on March 1. Which of the following would be included in the journal entry to record the purchase of the treasury shares on February 1? Select the correct answer. debit to a loss account for $7,980. debit to Treasury Stock for $33,060. credit to a gain account for $7,980. credit to Treasury Stock for $33,060. 4:19 PM 12/20/2010
Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >
Concord Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,200 for services performed in helping the company to incorporate. June 12 July 11 Nov. 28 Issued 64,900 shares of $5 par value common stock for cash of $409,200. Date I Issued 1,175 shares of $100 par value preferred stock for cash at $130 per share. Purchased 3,000 shares of treasury stock for $82,500. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Horton Company began business on January 1, 20x1 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, the Company declared a cash dividend of $1 per share to stockholders of record on July 31. The Company paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, the Company resold half of these shares for $30 per share. a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/20x1 assuming that the Net Income for the year was $3,000,000.
Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,700 shares of no-par common stock for $16 per share. May 15 Issues 400 shares of $10 par value, 11% preferred stock for $13 per share. October 1 Declares a cash dividend of $1.10 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. Required: Prepare journal entries for the transactions
On January 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
Dwight Corporation in its first year of operations had the following stock transactions. Record each transaction in the journal provided. Mar 3 Issued 10,000 shares of common stock, $1 par value, for cash of $50,000. Apr 12 Issued 500 shares of preferred stock, $10 par value, for cash of $12,500. Jul 8 Issued 2,000 shares of preferred stock, $10 par value, in exchange for land valued at $60,000.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8. Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 150,000 common shares outstanding. Apr. 30. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. July 1. Paid the cash dividends. Oct. 31. Declared semiannual dividends of $0.75 on the preferred stock and $0.14 on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions.
Journal entry?
On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a

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