Sheffield Company issues 3,700 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of$129,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the companyfor 4 years. The par value of the stock is $5. At December 31, 2026, the fair value of the stock is $131,000.(a)Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 2026. (List alldebit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)DateAccount Titles and ExplanationDebitCredit

Employee stock options are a type of employee benefit plan provided by the company for its employees…

Answered: Prepare the journal entries to record…

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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Splish Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 13,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 11,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 1,200 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 740 shares of treasury stock at $18 per share) Debit Credit 208,000 880,000 16,800 13,320 208,000 880,000 16,800 7,400 5,920 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (List all debit entries before…
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converted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media
On January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1
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On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share. Mar. (a) Journalize the treasury stock transactions. (List all debit entries before credit entries. 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
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On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.
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Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
View Policies Current Attempt in Progress Wildhorse Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2026. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2026. Under a new policy, if payment for 2027 season slips is made by December 31, 2026, a 4% discount is allowed. If payment for 2028 season slips is made by December 31, 2026, renters get a 23% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2025, all 300 slips for the 2026 season were rented at full price. On December 31, 2026, 207 slips were reserved and paid for the 2027 boating season, and 63 slips were reserved and paid for the 2028 boating season. (a) Prepare the appropriate journal entries for December 31, 2025, and December 31, 2026. (Credit account titles are automatically indented when…
Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3

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