Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1000000 shares of common stock. $5 pm value. During the first year, the company earned $500.000 of net income and declared no dividends the following selected transactions occurred in the order giver a issued 110,000 shares of the common stock at $65 cash per share b Reacquired 35.000 shares at $60 cash per share c. Reissued 15.000 shares from treasury for $61 per share d. Reissued 15,000 shares from treasury for $59 per share Required: 1. Indicate the account, amount, and direction of the effect on above transaction Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign) Cash Assets Liabilities Answer is not complete.

Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1000000 shares of common stock. $5 pm value. During the first year, the company earned $500.000 of net income and declared no dividends the following selected transactions occurred in the order giver a issued 110,000 shares of the common stock at $65 cash per share b Reacquired 35.000 shares at $60 cash per share c. Reissued 15.000 shares from treasury for $61 per share d. Reissued 15,000 shares from treasury for $59 per share Required: 1. Indicate the account, amount, and direction of the effect on above transaction Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign) Cash Assets Liabilities Answer is not complete.

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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Part A During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 103 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. January 9 Issued 30 million common shares for $14 per share. March 11 Issued 4,200 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at $14 per share. Part B A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A. Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date General Journal ($ in millions) Debit Credit September 1 Common stock 4 Retained earnings 72 Cash 76 December 1 Cash 40 Common stock 2 Gain on sale of previously issued shares 38 Required:…
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. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity
Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.
Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $410,000 of net income and declared no dividends, the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $56 cash per share. b. Reacquired 26,000 shares at $51 cash per share. c. Relssued 10,500 shares from treasury for $52 per share. d. Reissued 10,500 shares from treasury for $50 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share,
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On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 per share. On June 2, Marine sold the remaining shares at $28 per share. Required: Journalize the transactions of Februaryl4, March 5, and June 2.
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On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 per share on June 10. The remaining 3,000 shares were sold on November 10 for $24 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. Issued 38,000 shares at $11 share. 31 Jun. Issued 110,000 shares in exchange for land with a clearly 10 determined value of $810,000. Aug. Purchased 12,000 shares of treasury stock at $9 per share. 3 A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Jun. 10 Aug. 3 B. Calculate how many shares of stock are outstanding at August 3. shares
United Resources Company obtained a charter from the state in January of this year. The charter authorized 211,000 shares of common stock with a par value of $1. During the year, the company earned $477,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 98,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 29,000 shares of the previously issued shares for $21 per share and is holding them as treasury stock. c. Resold 4,000 shares of treasury stock for $24 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity
Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share. Later in the year, the company decides to purchase 100 shares at a cost of $28 per share. Determine the financial statement effects of the purchase of treasury stock. (Amounts to be deducted should be entered with minus sign.)
On April 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 2,000 shares were sold on November 10 for $23 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.