PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.

PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.

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

25
7
Hh.150.
Problem 6-34 (Algo) (LO 6-6) Primus, Incorporated, owns all outstanding stock of Sonston, Incorporated. For the current year, Primus reports net income (exclusive of any investment income) of $680,000. Primus has 100,000 shares of common stock outstanding. Sonston reports net income of $280,000 for the period, with 40,000 shares of common stock outstanding. Sonston also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $9.00 per share. The value of this stock was $18 per share throughout the year. Primus owns 3,500 of these warrants. Required: What amount should Primus report for diluted earnings per share? Note: Round your intermediate percentage value to the nearest whole number and the final answer to 2 decimal places. Diluted earnings per share O A LL
Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. Questions: 1. What is the balance of the subscriptions receivable at the end of the year? 2. What is the total number of shares still subscribed? | 3. Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000. What is the total amount paid by the delinquent subscriber?
A-5
! Required information E11-2 (Algo) Computing Number of Shares LO11-1, 11-3 [The following information applies to the questions displayed below.] The charter of Vista West Corporation specifies that it is authorized to issue 209,000 shares of common stock. Since the company was incorporated, it has sold a total of 157,000 shares (at $16 per share) to the public. It has bought back a total of 11,000. The par value of the stock is $6. When the stock was bought back from the public, the market price was $23. E11-2 Part 1 Required: 1. Determine the authorized shares. Authorized shares
8
PLease answer only B3, B4, B5
10
Please explain how you get the answer.
Problem 6-34 (Algo) (LO 6-6) Primus, Incorporated, owns all outstanding stock of Sonston, Incorporated. For the current year, Primus reports net income (exclusive of any investment income) of $576,000. Primus has 100,000 shares of common stock outstanding. Sonston reports net income of $176,000 for the period, with 40,000 shares of common stock outstanding. Sonston also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $12.00 per share. The value of this stock was $24 per share throughout the year. Primus owns 3,000 of these warrants. Required: What amount should Primus report for diluted earnings per share? Note: Round your intermediate percentage value to the nearest whole number and the final answer to 2 decimal places. Diluted earnings per share