Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.) Required 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) Required 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.) Please avoid solution in image format thank you ces2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "MRequired" in the first account field.)View transaction list1 Record the issuance of 100,000 shares of common stockwith a $5 par value for a price of $50 per share.2 Record the purchase of 20,000 shares of previouslyissued common stock for a price of $45 per share.34Record the re-issuance of 7,500 shares of treasury stockpreviously purchased for a price of $45 per share andsold for $46 per share.Record the re-issuance of 7,500 shares of treasury stockpreviously purchased for $45 per share and sold for $44per share.Note :journal entry has been enteredRecord entryContributed Capital:TotalTotal Contributed CapitalClear entryGLOBAL MARINEBalance Sheet (Partial)At December 31Stockholders' Equity3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deductedminus sign.)Total Stockholders' EquityXr valueCreditView general journal Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 parvalue. During the first year, the company earned $350,000 of net income and declared no dividends; the followingselected transactions occurred in the order given:a. Issued 100,000 shares of the common stock at $50 cash per share.b. Reacquired 20,000 shares at $45 cash per share.c. Reissued 7,500 shares from treasury for $46 per share.d. Reissued 7,500 shares from treasury for $44 per share.PA11-1 (Algo) Part 1PPRequired:1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities andStockholders' Equity with a minus sign.)AssetsHLiabilities...Stockholders

Shareholders equity represents the amount invested by the owners or the shareholders of the company…

Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.) Required 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) Required 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.) Please avoid solution in image format thank you

Required: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Llabilities and Stockhoiders' Equity with a minus sign.) Required 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "n Required" in the first account field.) Required 3. Prepare the stockholders' equity section of the balance sheet at December 31 . (Amounts to be deducted minus sign.) Please avoid solution in image format thank you

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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Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 36,000 17,000 24,000 2,200 16,100 Print Salaries Payable Salaries Expense Cash Accounts Receivable Interest Payable Utilities Expense Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X
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Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger View…
Consider the following unadjusted account balances for the year ended December 31, 2022, as prepared by the bookkeeper of Something-Wrong Inc. The bookkeeper is new to the job and prepared the trial balance listing in alphabetical account name order (assume accounts have normal balances).Accounts payable ..................................................... $ 9,500Accounts receivable ................................................. 14,260Cash .......................................................................... 22,222Share capital (Common shares) ............................... 30,000Dividends.................................................................. 5,000Equipment................................................................ 12,000Prepaid insurance..................................................... 25,444Land.......................................................................... 20,000Notes payable (due next month) ............................. 25,300Retained…
Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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 0 for the amounts. Record entries in the order displayed in the problem statement.)
Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $28,000. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an income statement for the Year 2 accounting period. b-2. Prepare a statement of changes in equity for the Year 2 accounting period. b-3.…
Build a T-account for each part of the expanded accounting equation. (1) Drag the debit "DR" and credit "CR" labels to the appropriate sides of the T-account. (2) Drag the normal balance label to the correct side of the T- account. (3) Label which side of the t-account increases "+" and decreases "" that account. view drag.and drop keyboard instructions Debit Normal Credit Balance Land Common Stock Dividends Depreciation Expense- Equipmerit Unearnied Revenue Service Revenue
On December 31, 2023, Carla Vista Corporation, a public company, had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders' equity Common shares (unlimited number of shares authorized, 95,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $9: on December 30, $10, and on January 15, $9. July Dec. 15 Determined that profit before income tax for the year was $413,000. The company has a 30% income tax rate. 1 $1,145,000 560,000 $1,705,000 31
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b. Why is the statement of stockholders' equity prepared before the June 30, 20Y9, balance sheet? The statement of stockholders' equity is prepared before the June 30, 20Y9, balance sheet because as of June 30, 20Y9, are needed for the June 30, 20Y9, balance sheet.
The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the statement of stockholders’ equity columns. True False
true or false1.like the journal,the ledger provides each account name its running balance. 2.the general journal can only answer the details of a particular transaction while the ledger can answer the summary of transactions related to the given account. 3.a compounded journal entry means two or more single entries combined into one journal entry. 4.declarations of stock dividends or stock splits are recorded as single or compounded entries in the general journal. 5.adjusting entries are the reverse of all adjusting entries at the beginning of the period. 6.reversing entries are the reverse of all adjusting entries at the beginning of the period. 7.an investment of a noncash asset to the business shall be valued at historical cost. 8 .an asset is expensed if already used in business. 9.a liability can be paid with another form of liability 10.a debit note issued by the bank to the depositor is taken by the depositor in his book as a debit in cash. 11.a credit note issued by the…