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- Year 2023 - Wyly Corp. experienced the following events related to its common stock and preferred stock during 2023. Jan 15, issued 100,000 more shares of its $2 Par Value common stock for $15 per share. On March 1, declared dividends of $450,000 on common stock payable on November 1, to stockholders of record as of July 1. On September 15, declared dividends on its $10 Par Value 4% preferred stock payable on November 1, to stockholders of record as of October 1. There are 250,000 preferred stock shares outstanding. Year 2024 - On January 3, 2024, Wyly repurchased, as treasury stock, 2,000 shares of common stock at $13 per share. One month later Wyly repurchased another 3,000 shares of common stock at $12.50 per share. To raise needed cash, Wyly re-sold 3,200 shares of the treasury stock at $14 per share on Oct 15, 2024. Wyly uses the FIFO method when re-selling treasury stock. Requirements: Record the 2023 common stock and preferred stock issues and dividends in the general…Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 100 shares of preferred stock and 2,600 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,600 additional shares of common stock for $14 per share. April 1 Issue 200 additional shares of preferred stock for $36 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and…The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
- On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on 95,000 shares of $1 par value common stock. The dividend will be paid to stockholders who own shares on Dec. 31, 2022. The dividend will be paid on Feb. 1, 2023. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2022 b. Dec. 31, 2022 c. Feb. 1, 2023Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2021, for $2,530,000. In December 2023, Pharoah declared its first dividend of $840,000. Prepare Pharoah’s journal entry to record the issuance of the preferred stock.Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,000,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $700,000. Court Casuals has the following transactions affecting stockholders' equity in 2021: May 18 Issues 25,000 additional shares of $1 par value common stock for $40 per share. May 31 Purchases 4,500 shares of treasury stock for $45 per share. July 1 Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 2,500 shares of treasury stock purchased on May 31 for $56 per share. Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2021, using the format provided. (Amounts to be deducted should be indicated…
- 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. XPrepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10Cole Company was formed on January 1, 2022, when 300,000 shares of $2 par value common stock were issued for $8 per share. Net income for 2022 was $150,000. Cash dividends of $0.25 per share were declared in December 2022 and paid in January 2023. The following occurred in 2023 :• April 1st, 10,000 treasury shares were purchased for $6 per share.• April 15th, 500 treasury shares were retired. • June 1st, 3,000 treasury shares were reissued for $7.50 per share .• November 1st, 4,000 treasury shares were reissued for $4 per share. • Net Income for 2023 was $200,000. • Cash dividends of $0.50 per share were declared in December 2023, payable in January 2024. Assuming Cole Company uses the cost method to account for treasury stock, prepare the stockholders’ equity section of the balance sheet at December 31, 2023. Also note how many shares of common stock were issued, outstanding, and treasury.
- Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value authorized. During 2021, Hideo had the following stock transactions: January 4 Issued 60,000 shares at $10 per share. March 8 Issued 20,000 shares at $11 per share. May 17 Purchased 7,500 shares at $12 per share. July 6 Issued 15,000 shares at $13 per share. August 27 Sold 5,000 treasury shares at $14 per share. If Hideo uses the cost method to record treasury stock transactions, the total amount of additional paid-in capital at December 31, 2021 is:Prepare the journal entry to record Jevonte Company’s issuance of 41,000 shares of its common stock assuming the shares have a: $3 par value and sell for $19 cash per share. $3 stated value and sell for $19 cash per shareI need help with preparring a journal entry using the following. Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. How do you calculate the Common Stock and "Paid-In" results?
