AccountingWildhorse Co. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock,and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completedduring the first year.Jan.10Issued 78,000 shares of common stock for cash at $6 per share.Mar.1Issued 4,750 shares of preferred stock for cash at $105 per share.Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the landwas $87,000.Apr.1May1Issued 76,500 shares of common stock for cash at $4.25 per share.Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed inhelping the company organize.Aug.1Sept.1Issued 11,500 shares of common stock for cash at $5 per share.Nov.1Issued 1,500 shares of preferred stock for cash at $108 per share.(a)Your answer is partially correct.Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.)Preferred StockPaid-in Capital in Excess of Par-Preferred StockCommon StockPaid-in Capital in Excess of Stated Value-Common Stock>>>>>>

A common share is a share that is not a preference share. In other words, it is a share that does…

organized on. nuary 1,. and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Apr. 1 May 1 Issued 76,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $108 per share.

organized on. nuary 1,. and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Apr. 1 May 1 Issued 76,500 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $108 per share.

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, Marigold Corp. had 54,800 shares of no-par common stock issued and outstanding. The stock has a stated value of $4.per share. During the year, the following transactions occurred. Apr. 1 June 15 July 10 Dec. 1 (a) 15 Issued 8,200 additional shares of common stock for $11 per share. Declared a cash dividend of $1.40 per share to stockholders of record on June 30. Paid the $1.40 cash dividend. Issued 4,300 additional shares of common stock for $11 per share. Declareda cash dividend on outstanding shares of $1.50 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. 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) Titles and Explanation Date 10 Account Debit Credit
On January 1, Year 1, a company had the following transactions: - Issued 10,000 shares of $2.00 par common stock for $12.00 per share. - Issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. Purchased 1,000 shares of previously issued common stock for $15.00 per share. No other shares of stock were issued or outstanding. The company had the following dividend information available: Year 1- No dividend paid Year 2 Paid $2,000 total dividends Year 3- Paid $20,000 total dividends Year 4 paid $25,000 total dividends Fill in the correct values for each year. If your answer is zero, please enter "0". Year 1 Year 2 Common stock dividend Preferred stock dividend Dividends in arrears Year 3 §§ $ $ $ Year 4
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Kk.348. Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: Issued 5,300 shares of common stock for cash at $23 per share. Issued 1,300 shares of common stock for cash at $26 per share. Required: Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a
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Larkspur, Inc. began operations on April 1 by issuing 66.100 shares of $5 par value common stock for cash at $17 per share. On April 19, it issued 1.750 shares of common stock to attorneys in settlement of their bill of $28,200 for organization costs. In addition, Larkspur issued 1,500 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. 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) (To record issuance of common stock for attorney's fees)
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Orson Company reports the following transactions relating to its stock accounts in the current year.Mar. 2 Issued 10,000 shares of $1 par value common stock at $30 cash per share.Apr. 14 Issued 15,000 shares of $100 par value, 8% preferred stock at $250 cash per share.June 30 Purchased 3,000 shares of its own common stock at $22 cash per share.Sep. 25 Sold 1,500 shares of its treasury stock at $26 cash per share.Use the financial statement effects template to indicate the effects from each of these transactions