Quality Corporation reports the following information in its January 1, 2014, balance sheet:-- Stockholders' Equity --Common stock, $12 par value, 48,000 shares authorized, 29,500 outstandingShares issued and outstanding: $354,000Paid-in capital in excess of par value: 113,300Retained earnings: 77,400Total stockholders' equity: $544,700During 2014, Quality was affected by the following accounting events:1. Purchased 1,500 shares of treasury stock at $20 per share.2. Reissued 900 shares of treasury stock at $22 per share.3. Earned $70,900 of cash revenues.4. Paid $37,850 of cash operating expenses.Prepare stockholder's equity section of the year-end balance sheet.

Step 1: Definition of Stockholder's Equity:Stockholder's equity is the amount of capital given to by…

Answered: Quality Corporation reports 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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Please see the picture below for relevant problem information. -Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. -
At the end of the accounting year, December 31, 2007, Emme’s records reflected the following: (Compute for the total stockholders' equity)
The stockholders’ equity accounts of Pearl Company have the following balances on December 31, 2017. Common stock, $3 par, 1,000,000 shares issued and outstanding $3,000,000 Paid-in-capital in excess of par – common stock 4,600,000 Retained earnings 8,969,000 Shares of Pearl Company stock are currently selling on the Midwest Stock Exchange at $25.Prepare the appropriate journal entries for each of the following independent cases. (a) A stock dividend of 10% is declared and issued (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
On June 30, 2017, Martin Brothers, Inc. showed the following data on the equity section of their balance sheet: Stockholders' Equity Common Stock, $1 par; 197,000 shares authorized, 146,000 shares issued and outstanding $146,000 Paid-In Capital in Excess of Par—Common $271,000 Retained Earnings 941,000 Total Stockholder's Equity $1,358,000 On July 1, 2017, the company declared and distributed a 8% stock dividend. The market value of the stock at that time was $17 per share. Following this transaction, what is the balance of Paid-In Capital in Excess of Par—Common?
On January 1, 2014, Salalima Company had Common Stock of 800,000 authorizedshares with P20 par value. The Stockholders' Equity accounts on January 1, 2014 had the following balances:Common Stock - P2,000,000Additional Paid-in Capital - P600,000Retained Earnings - P1,200,000Transactions during the year and other information relating to shareholders' equityaccounts were:1. On January 5, Salalima issued at P54 per share, 100,000 preferred stock with P50 par value and 9% cumulative. Salalima had 400,000 authorized preferred shares.2. On February 1, Salalima reacquired 10,000 common shares at P32 per share.3. On April 30, Salalima sold 25,000 common stock at P34 per share.4. On June 18, Salalima declared a cash dividend of P2 per common stock, payableon July 12, to shareholders of record on July 1.5. On November 19, Salalima sold 5,000 shares of treasury for P42 per share.6. On December 15, Salalima declared declared a yearly cash dividend on preferred stock, payable on January 14, 2015 on…
At the end of the accounting year, December 31, 2007, Emme’s records reflected the following: (Compute for the total stockholders' equity) A. 120,000 B. 121,000 C. 125,000
Crane Corporation had the following shareholders' equity on December 31, 2022: Common shares, 1,000,000 shares authorized, issued and outstanding Contributed surplus (Common Shares) Retained earnings Total shareholders' equity The following transactions occurred, in the order given, during 2023: (a) (b) (c) (d) (e) (a) (b) No. Accounts Titles and Explanation (c) (d) Prepare the journal entries to record the above transactions for Crane Corporation for 2023. (Round average share price to 2 decimal places for your calculations, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (e) 1,000 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share.…
On January 1, 2022, Whispering Winds Corp. had the following stockholders' equity balances. Common Stock (583,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. During 2022, the following transactions and events occurred. 2. 3. 4. 5. $1,749,000 6. 477,000 174,900 577,000 Issued 58,300 shares of $3 par value common stock as a result of 10% stock dividend declared on December 15, 2021. Issued 30,500 shares of common stock for cash at $5 per share. Purchased 28,000 shares of common stock for the treasury at $6 per share. Declared and paid a cash dividend of $112,000. Sold 7,000 shares of treasury stock for cash at $6 per share. Earned net income of $342,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
The stockholders’ equity accounts of Pearl Company have the following balances on December 31, 2017. Common stock, $3 par, 1,000,000 shares issued and outstanding $3,000,000 Paid-in-capital in excess of par – common stock 5,800,000 Retained earnings 7,916,000 Shares of Pearl Company stock are currently selling on the Midwest Stock Exchange at $20.Prepare the appropriate journal entries for each of the following independent cases. A stock dividend of 10% is declared and issued.
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2015: Shareholders’ Equity ($ in millions) Common stock, 240 million shares at $1 par $ 240 Paid-in capital—excess of par 1,680 Paid-in capital—share repurchase 1 Retained earnings 1,100 Required: 1. During 2016, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2016, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2016, the corporation sold 2 million shares at $12 per share. c. On November 14, 2018, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2018, comparing the two approaches. Assume all net income earned in 2016–2018 was…

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