оттоnE11-2 Sagan Co. had these transactions during the current period.k andck.Issued 80,000 shares of $1 par value common stock for cash of $300,000.June 12July 11Issued 3,000 shares of $100 par value preferred stock for cash at $106 pershare.Nov. 28Purchased 2,000 shares of treasury stock for $9,000.Instructions eg-on lo ade 000,06 bel noogioPrepare the journal entries for the Sagan Co. transactions.F412 Denland Cornontion is authorized to issue both preferred and common stock. ThehornoJou

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: оттоn E11-2 Sagan Co. had these…

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

nit.0
On April 2 a corporation purchased for cash 6,000 shares of its own $12 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 Apr. 2 Treasury Stock Treasury Stock Cash Cash Question Content Area b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select -
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.
Please don't give image format
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.
W16-3 SB Company has outstanding 40,000 shares of P5 par common stock which had been issued at P30 per share. SB then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 500 of the treasury shares at $40 per share. 3. Resold 2,000 of the treasury shares at $49 per share. Instructions: Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below; assuming SB Company uses the cost method. |= Increase; D = Decrease; NE = No effect. Liabilities Stockholders' Paid-in Equity Number Assets Retained Net Capital Earning Income 1 2 3.
On January 1, Sheridan Enterprises had 96,000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 15 Issued 25,000 additional ordinary shares for €15 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2,700 additional ordinary shares for €20 per share. Declared a cash dividend on outstanding shares of €1.30 per share to shareholders 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
PROVIDE COMPUTATION
Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500 The common stock has a market price of $20 per share, and the preferred stock has a market price of S90 per share. Prepare the jourmal entry to record the issuance of the common stock S3 000 O Cash Common Stock $3.000 O Cash Common Stock O Cash Common Stock Additional Paid-n Capital C/S None of the above S6 000 $6 000 $5 400 $3.000 $2 400
Po.18.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS