nProblem 21-2 (ACP)the following issuance of equity shares:At the beginning of current year, Alegro Company reported200,000 shares at P20250,000 shares at P25shares wasa. The share has a P15 par value.b. The share is no par with stated value of P20.per share.at P20, and these shares were reissued at year-end at P25During the current year, the entity reacquired 50,000 sharesRequired:assuming:Prepare journal entries to record the foregoing transactions7454,000,0006,250,000

A journal entry is used to record a business transaction in the company's accounting records.…

Answered: Problem 21-2 (ACP) At the beginning of…

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

41 On January 1 of the current year, ABC Company had 240,000 issued ordinary shares and 220,000 of ordinary shares outstanding. The entity had the following transactions during the year: March 1 – issued 12,000 ordinary shares March 30 – Completed a 4-for-1 share split for the ordinary shares April 1 – re-issued 18,000 of the treasury shares October 1 – re-issued 6,000 of the treasury shares What is the weighted average ordinary shares in computing for EPS?
Please do not give image format
courses/_16956_1/cl/outline Final Project XYZ, Inc. had the following Stockholder's Equity Balances as of 1/1/21: Preferred Stock-500 shares @ $100 par value Common Stock-10,000 shares @ $10 par value Additional Paid-in Capital Retained Earnings During the year the following events occurred: 5000 share of common stock was issued on 3/1/21 at $12 per share. 1000 shares of its on stock was purchased on 6/1/21 at $15 per share Net Income for the year was $45,000 XYZ, Inc. declared a 2 for 1 stock split on 11/1/21 Dividends declared 12/15/21 at $1.50 per share to be paid 1/15/22 Calculate the following items as of 12/31/21 1. Total Contributed Capital 2. Retained Earnings Balance 3. Total stockholder's Equity $500,000 $100,000 $250,000 $700,000
entries: Begin operations on 1/1/2012 with issuance of 10000 shares each at $15 each
Please do not give image format
Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value, and 1 million preferred stock , OMR 50 par value. Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share 12 issued 40,000 common stock to attorneys in exchange for building. 13 sold 80,000 of its common stock and 4,000 preferred stock for a total of OMR 945,000
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.
Part A The equity section of Island Ltd as at July 1, 2020 is as follows: Share capital 2,000,000 ordinary shares, issued at $2 fully paid 6% 20,000 preference shares, issued at $3, fully paid General reserve Revaluation surplus Retained earnings $4,000,000 60,000 50,000 8,000 590,000 During the year ended June 30, 2021, the following transactions occurred: (1) On July 1, 2020, Island Ltd issued 2,000 ordinary shares at $2 each by private placement. All new shares are entitled to interim and final dividends. (ii) Declared $0.06 per share of interim dividend to all ordinary shareholders on December 1, 2020. (i) Payment of interim dividend to ordinary shareholders was made on February 28, 2021. (iv) Declared and paid a dividend to preference shareholders on March 31, 2021. (v) Declared final dividend of 2 cents per share to all ordinary shareholders on June 30, 2021. Required: Prepare journal entries for the above transactions. Show all workings and narrations.
Part B During 2023, the Nicklaus Corporation participated in three treasury shares transactions: On June 30, 2023, the corporation reacquires 200,000 shares for the treasury at a price of $12 a. per share. b. On July 3, 2023, 50,000 treasury shares are reissued at $15 per share. c. On September 30, 2023, 50,000 treasury shares are reissued at $10 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a statement of financial position prepared at September 30, 2023. (Assume that net profit for the second and third quarters combined was $3,000,000.)
Issuance of Ordinary Shares Problem #3 The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.
don't give answer in image format

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS