QUESTION 6 Skyhawk Corporation' charter authorized the following capital stock: Preferred stock: 8 percent, par $11, authorized 10,000 shares. Common stock: par $2.5, authorized 50,000 shares. Since inception, Skyhawk sold 8777 shares of the common stock at $5.5per share and 1275 shares of the preferred stock at $17. On the statement of stockholders' equity, Preferred Stock would be reported as $

QUESTION 6 Skyhawk Corporation' charter authorized the following capital stock: Preferred stock: 8 percent, par $11, authorized 10,000 shares. Common stock: par $2.5, authorized 50,000 shares. Since inception, Skyhawk sold 8777 shares of the common stock at $5.5per share and 1275 shares of the preferred stock at $17. On the statement of stockholders' equity, Preferred Stock would be reported as $

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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Subject: acounting
The stockholders’ equity of Fremantle Corporation at January 1 follows: 8 Percent preferred stock, $100 par value, 20,000 shares authorized; 4,000 shares issued and outstanding $400,000 Common stock, $1 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 40,000 Paid-in capital in excess of par value—Preferred stock 200,000 Paid-in capital in excess of par value—Common stock 800,000 Retained earnings 550,000 Total Stockholders’ Equity $1,990,000 The following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $0.50 per share. Mar. 31 Converted $80,000 face value of convertible bonds payable (the book value of the bonds was $83,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $45,000 in exchange for 300 shares of preferred stock. Sept. 1 Acquired…
Subject: acounting
The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $15 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 600,000 Paid-in capital in excess of par value-Preferred stock 24,000 Paid-in capital in excess of par value-Common stock 360,000 Retained earnings 325,000 Total Stockholders' Equity $1,809,000 The following transactions, among others, occurred during the year: Jan. 12 Announced a 3-for-1 common stock split, reducing the par value of the common stock to $5 per share. The authorization was increased to 300,000 shares. Mar. 31 Converted $42,000 face value of convertible bonds payable (the book value of the bonds was $46,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $60,000 in exchange for 600…
2. White Co. issues 100 shares of $4 par common stock and 250 shares of $100 par preferred stock for a lump sum of $45,000. Assume the fair value of common stock is $80 per share and the fair value of the preferred stock is not known What amount should be recorded to APIC- Preferred Stock in the journal entry that records this transaction? O Debit - $12,000 O Credit - $7,600 O Credit - $12,000 O Credit - $25,000 2 pts
The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $688,200 and a credit or credits to a.Paid-in Capital from Preferred Stock for $688,200. b.Preferred stock for $599,400 and Paid-in Capital in Excess of Par Value−Preferred Stock for $88,800. c.Preferred Stock for $688,200. d.Preferred Stock for $599,400 and Retained Earnings for $88,800.
If Alpha Company issued 1,000 shares of $10 par common stock and 1,000 shares of $100 par preferred stock for a lump sum of $120,000 when the market value of the common stock was $20 per share and the market value of the preferred stock was $101 per share, the entry to record the transaction would be A) Cash $120,.000 Preferred Stock $100,0000 Paid-in Capital in excess of par – Preferred 1,000 Common Stock 10,000 Paid-in Capital in excess of par – Common 9,000 B) Cash $120,.000 Preferred Stock…
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Required information The following information applies to the questions displayed below] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected net income of $200. INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity
Assume that on June 30, Sunland Corporation declares a 10% stock dividend on its 100000 common shares, to be distributed on August 5 to shareholders of record on July 20. Assume the fair value of its shares on June 30 is $13.64 per share and $16.00 on August 5. Which of the following is the correct entry to record the distribution of the stock dividend? Dividends Payable Common Shares Stock Dividends Distributable Common Shares Stock Dividends Distributable Stock Dividends Stock Dividends Distributable Cash 160000 136400 160000 136400 160000 136400 160000 136400
on january 1 , lime manufacturing corporation purchased 185000 shares of its own reviously issued $5 par common stock for $25 per share. On april 1, Lime Manufacturing sels 105000 of the treasury stock for $27 per share. On june 1, Lime Manufacturing sels 65000 of the treasury for $19 per share. Prepare journal entries for each date.
Question 1 The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 Feb. 10 per share. Instructions Journalize the transactions.