Preferred stock: 10 percent, $14 par value, 40,000 shares authorizedCommon stock: $9 par value, 85,100 shares authorizedDuring the current year, the following transactions occurred in the order given:a. Sold 23,800 shares of common stock for $13 per share.b. Sold 7,300 shares of the preferred stock for $24 per share.c. Sold 1,800 shares of the preferred stock for $24 per share and 1,700 shares of common stock for $14 per share.Required:Provide the journal entries required to record each of the transactions in (a) through (c).Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet<12Issued 23,800 shares of common stock for $13 per share.TransactionNote: Enter debits before credits.a.3Record entryGeneral JournalClear entryDebitCreditView general journal< Prev5 of 8FmNext >

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Preferred stock: 10 percent, $14 par…

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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a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Descr D C b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Descr D C c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Descr D C d. 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 the common stock and the preferred stock entries separately. Descr D C e. Paid the cash dividends declared in (d). Descr D C f. Purchased 8,000 shares of treasury common stock at $33 per share. Descr D C g. Declared a $1.00 quarterly cash…
Sam Inc. issues 1,000 shares of $5 par value common stock when 500 shares of $30 par value preferred stock were converted. The preferred stock was originally issued at $50 per share. Record the conversion of the preferred stock
Baxter has stock outstanding as follows 18,000 shares of cumulative 2% preferred stock of $75 par, and 40,000 sharws of $10 par common. During its first four years of operations the following amounts were distributed as divideds: First year $22,500 Second year $28,800 Third year $40,100 Fourth year $77,000 Calculate the dividends per share on each class of stoco for each of the four years
Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $8,000,000 440,000 20,000,000 2,280,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $14, receiving cash. b. Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. e. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. g.…
A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations: 2 Issues 100,000 shares of common stock for $29 per share. January February 6 Issues 2,400 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $34 per share. December 15 Resells 5,500 shares of treasury stock at $39 per share. In its first year of operations, the company has net income of $154,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $2,160 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet (Stockholders' Equity Section) December 31, Year 1 Stockholders' equity: Total paid-in capital Total…
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.
Treasury Stock Coastal Corporation issued 25,000 shares of $9 par value common stock at $21 per share and 6,000 shares of $54 par value, eight percent preferred stock at $82 per share. Later, the company purchased 3,000 shares of its own common stock at $24 per share.a. Prepare the journal entries to record the share issuances and the purchase of the common shares.b. Assume that Coastal sold 2,000 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $19 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued common stock. Answer Answer Answer 8 Percent Preferred Stock Answer Answer Answer Answer Answer Issued preferred stock. Answer Answer Answer…
Recording Entries for Multiple Securities Issuance Gilmore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cash. The common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. Required a. Prepare the entry on April 10 for the issuance of common and preferred stock. b. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry on April 10 for the issuance of common and preferred stock. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date a. April 10 Cash Date b. April 10 Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock To record the issuance of stock. Cash Account Name Common…
Stock Investment Transactions On September 12, 3,300 shares of Aspen Company are acquired at a price of $65.00 per share plus a $165 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 1,320.00 shares of the Aspen Company stock were sold for $59 per share less a $66 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Oct. 15 Nov. 10
Subject: acounting
Share Issuances for CashHenlay, Inc., issued 10,000 shares of $40 par value preferred stock at $96 per share and 8,000 shares of no-par value common stock at $30 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances.b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $20 per share.c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $4 per share. General Journal Ref. Description Debit Credit a. Preferred stock Issued shares of preferred stock. Issued shares of no-par value common stock. b. Common stock Issued shares of no-par value common stock, stated value. c. Common stock Issued shares of common stock.
The stockholders’ equity of Cyclone Corporation at January 1 follows: 6 Percent preferred stock, $10 par value, 40,000 shares authorized; 25,000 shares issued and outstanding $250,000 Common stock, $1 par value, 300,000 shares authorized; 80,000 shares issued and outstanding 80,000 Paid-in capital in excess of par value—Common stock 560,000 Retained earnings 830,000 Total Stockholders’ Equity $1,720,000 The following transactions, among others, occurred during the year: June 18 Declared a 60 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. July 1 Issued the stock dividend declared on June 18. Dec. 20 Declared the annual cash dividend on the preferred stock and a cash dividend of $1.60 per share on the common stock, payable on January 20 to stockholders of record on December 28. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date…

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