Current Attempt in ProgressOn January 1, Ivanhoe Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of$6 per share. During the year, the following occurred.Apr. 1 Issued 21,000 additional shares of common stock for $17 per share.June 15July 10Dec. 1(a)15Declared a cash dividend of $1 per share to stockholders of record on June 30.Paid the $1 cash dividend.Issued 2,500 additional shares of common stock for $18 per share.Declared a cash dividend on outstanding shares of $2.30 per share to stockholders 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 0 for the amounts.Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do notindent manually.)DateAccount Titles and ExplanationDebitCredit

Answer :Journal entries : Date Account title Debit Credit April 1 Cash (21,000*$17) $357,000…

Answered: per share. During the year, the…

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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Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00 per share. Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share. Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share. Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share. Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38. Prepare the journal entries to record each of the above transactions.
6. A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
The charter of Zion Associates provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 shares were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $80,000 b. $20,000 c. $90,000 d. $100,000 e. None of the above
Consider the following events: • 25,000 shares of preferred stock, cumulative, 5%, $40 par was issued for $60/share. • The annual cash dividend was declared and paid to the above preferred stock. • The company purchased 12,000 shares of common stock at $68 per share to be held as Treasury stock. • Interest of $32,000 was paid to bondholders. • Bonds Payable with a par value of $400,000 were retired at $432,000. Compute the net cash flow from financing activities (parentheses indicate an outflow).
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
Extracts from the statements of financial position of Nedburg are as follows. Statements of financial position as at 30 September: 20X2 20X1 $m $m Ordinary shares of $1 each 750 500 Share premium 350 100 On 1 October 20X1 a bonus issue of one new share for every 10 held was made, financed from the share premium account. This was followed by a further issue for cash. What amount will appear under 'cash flows from financing activities' in the statement of cash flows of Nedburg for the year ended 30 September 20X2 in respect of share issues?
OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3 par value common stock. During 20X5, OM had the following transactions relating to stockholders' equity: Issued 50,000 shares of common stock at $7 per share. Issued 30,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X5? Select one: a. $240,000 b. $160,000 c. $80,000 d. $-0- e. $590,000
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
How would I Debit and Credit each of these? Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. Journalize this transaction as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per…
Prepare the following journal entries issued 2,000 shares of common stock, $ 1 par value at an issue price of $ 12.00. The board of directors declared a $ .25 cents per share dividend on the 10,000 common shares outstanding.
32
Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?

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