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

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5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
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.
Please help me jn this sir accounting question
XYZ Company sold 500 shares of treasury stock (from (c)) at $45 per share. DATE Debit Credit X/X
These account balances at December 31 relate to Sportplace Inc.: Accounts Payable..... $ 51,400 Preferred Shares, $0.01, Accounts Receivable. Common Shares Bonds Payable... 81,150 860,000 shares issued 595,000 Retained Earnings 86,000 71,500 3,100 Notes Receivable 12,600 If the average issue price of Sportplace's outstanding common shares is $11.90, how many common shares are issued and outstanding? OA. 50,000 OB. 595,000 O c. 100,000 OD. Unknown Next
TB MC Qu. 10-134 (Algo) Clothing Emporium was organized on January... Basu Emporium was organized on January 1, 2024. The firm was authorized to issue 140,000 shares of $8 par value common stock. During 2024, Basu Emporium had the following transactions relating to stockholders' equity: 1. Issued 42,000 shares of common stock at $10 per share 2. Issued 28,000 shares of common stock at $11 per share 3. Reported a net income of $140,000 4. Paid dividends of $70,000 What is total paid-in capital at the end of 2024? Multiple Choice $728,000 $658,000 $798,000 $868,000
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
The shareholders' equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $5 cumulative preferred shares (18,000 issued) Common shares (460,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan Mar. 31 31 $1,440,000 4,600,000 1,600,000 $7,640,000 Reacquired 12.000 common shares for $11 per share. Issued 51,000 common shares for $12 per share. Reacquired 8,000 common shares for $11.50 per share. Issued 54,000 common shares in exchange for land. The land's fair value was $648,000. Profit for the year ended March 31, 2021, was $1,025,000.
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