On September 15, 2023, the Board of Directors of Sandhill Company declared a $0.45 per share cash dividend, payable on October 31to shareholders of record as of October 1. On the date of declaration, Sandhill Company had 206,000 common shares issued, of which18,000 were held in Treasury. On October 15, 2023, the company issued an additional 66,000 common shares for $5.75 each.Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. Record journal entries in the order presented in the problem.)Date>>>Account Titles and ExplanationDebitCredit

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Answered: On September 15, 2023, the Board of…

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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Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2019 to the stockholders of record on January 15, 2019. The market price of the company's stock is $10 per share on December 31, 2018. Prepare the journal entry.
Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.
On January 1, 2020, Triad Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 25,000 shares of common stock for $550,000. June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. Prepare journal entries to record the above transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Date Mar. 1 Debit Credit
The corporate charter of Alpaca Company authorized the issuance of 10 million, $1 par common shares. During 2024, its first year of operations, Alpaca had the following transactions: January 1 sold 8 million shares at $15 per share June 3 retired 2 million shares at $18 per share December 28 sold 2 million shares at $20 per share What amount should Alpaca report as additional paid-in capital—excess of par, in its December 31, 2024, balance sheet
Rawhides Corporation showed the following account balances on December 31, 2022 balance sheet: Common shares, unlimited authorized shares, 660,000 shares issued and outstanding $3,980,000 Retained earnings $2,130,000 Per their incorporation documents, they are authorized to issue 100,000, $5 preferred shares. During 2023, the following selected transactions occurred: March 1 May 1 June 1 July 1 July 31 November 1 November 20 December 31 Repurchased and retired 100,500 common shares at $7.20 per share; this is the first retirement recorded by Rawhides Declared 2:1 shares split to shareholders of record on May 12, distributable May 30 The board of directors issued 15,000 preferred shares for $27 per share The board declared total cash dividends of $82,000 to shareholders of record on July 22 payable on July 31 Paid the cash dividend Declared a 10% share dividend to shareholders of record on November 10, distributable November 20. The market prices of the shares on November 1, November 10…
The articles of incorporation for Peahen Corp. authorize the company to issue 100,000 $6 preferred shares and 500,000 common shares. During first year of operations, Peahen Corp. completed the following selected transactions: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the shareholders' equity section of the Peahen Corp. balance sheet at November 30, 2020. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Dec. 4, 2019: Issued 6,000 common shares to the consultants who formed the corporation, receiving cash of $180,000. Date Dec. Journal Entry Accounts Debit Credit
Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
SHOW THE JOURNAL ENTRY FOR EACH TRANSACTION!
Oikawa Corporation has 150,000 Ordinary Shares authorized. As of January 1, 2020, 100,000 shares were issued of which 5,000 shares were in the treasury. During 2020, transactions were as follows: May 1 – Reissued 1,000 Treasury shares Aug 1 – Issued 10,000 Ordinary shares Dec 15- A 2 for 1 share split took effect On December 31, 2020, how many shares were outstanding?
LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common stock. During the year, the company had the following transactions: January 5- Issued 400,000 common shares for cash, at $ 1.00 each. February 7- issued 250,000 common shares for cash, at $ 1.50 each. April 3- Reacquired 10,000 of its common shares, by paying $ 3,00 per shoare. June 17- Sold 5,000 of its treasury stock, at a price of $ 4,00 per share. September 20- Sold all the remaining treasury stock it has, at a price of $ 3.2 per share. October 30- Reacquired 20,000 of its common shares, at $ 2.5 per share. Question: What is the dollar balance in the Additional Paid in Capital from Treasury stock account, at year end? (Note: write your answer as a number only, vwith no $ signs or
Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >
Ashvin

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