Question #4Arm and Hammer Construction Company, Inc. had these transactions during Junethrough December 2019.June 1st Issued 62,000 shares of $3 stated value common stock for cash at $8 pershare.July 1st Issued 3,000 shares of 4% $100 par value preferred stock for cash at $75per share.October 1st Purchased 2,000 shares of common stock previously issued on June 1stfor $10 per share.November 1st Declared a cash dividend of $2 per share on the preferred stock, and50 cents per share on the common stock. Hint: dividends cannot be declared orpaid on any shares of treasury stock held by the company.December 15th paid the preferred stock and common stock dividends declared onNovember 1st.RequiredPrepare journal entries for the above transactions.

Introduction: Common stock shows the share in the company's equity position that gives the right to…

Answered: Question #4 Arm and Hammer Construction…

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

Don't provide answers in image format
Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000
Comparative Earnings per Share Lucas Company reports net income of $2,460 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $17,400. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,000 shares outstanding at year-end. During 2021, Lucas earned net income of $28,800. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places.
j
solve please
Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common shares issued and outstanding throughout 2019 700,000 shares 6% nonconvertible cumulative preferred shares capital $450,000 Retained Earnings on January 1. 2019 $3,500,000 Basic EPS for 2019 $0.99 per share In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be: Select one: a. $673,000. b. $693,000. c. $4,220,000. d. $4,173,000. e. $4,166,000.
Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 15 Accounts and Explanation Debit Credit Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Java the entry paying the cash dividends on January 4, 2025. X
please answer question 2
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
I need solution please
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.

SEE MORE QUESTIONS

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