Required Information[The following information applies to the questions displayed below.]Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash:• 770,000 shares of no-par common stock were authorized: 140,000 shares were issued on January 1, 2019, at $18.00per share..240,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized; 74,000 shares were issued onJanuary 1, 2019, at $150 per share.• Net income for the years ended December 31, 2019 and 2020 was $1,420,000 and $2,470,000, respectively.• No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors ofHomestead declared dividends of $1,860,000. payable on February 12, 2021, to holders of record as of January 19,2021.Required:1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2019. Indicate the financial statementeffect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.)AssetsBalance SheetLiabilitiesAssetsBalance Sheet+Liabilities+Stockholders' Equity2. Use the horizontal model for the declaration of dividends on December 28, 2020. Indicate the financial statement effect. (Enterdecreases with a minus sign to Indicate a negative financial statement effect.)+Stockholders' Equity+Net Income→||=Net Income==Income StatementRevenues|-|Income StatementRevenuesExpensesExpenses Required Information[The following information applies to the questions displayed below.]Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash:.• 770,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2019, at $18.00per share..240,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized; 74,000 shares were issued onJanuary 1, 2019, at $150 per share.• Net income for the years ended December 31, 2019 and 2020 was $1,420,000 and $2,470,000, respectively.• No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors ofHomestead declared dividends of $1,860,000, payable on February 12, 2021, to holders of record as of January 19,2021.Prepare the journal entries to record each of the below transactions. (If no entry is required for a transaction/event, select "NoJournal entry required" In the first account fleld.)1. The issuance of common stock and preferred stock on January 1, 2019.2. The declaration of dividends on December 28, 2020.3. The payment of dividends on February 12, 2021.View transaction listJournal entry worksheet<12Record stock issuances.3Note: Enter debits before credits.DateJanuary 01, 2019Record entryGeneral JournalClear entryDebitCreditView general journal>

A journal entry is a form of accounting entry that is used to report a business transaction in a…

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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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Check my work ! Required information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets…
Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019,Tolkin had the following common stock transactions: Jan. 4 Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of paid-in capital? Select one: a. $3,120,000 b. $3,090,000 c. $2,660,000 d. $2,720,000 e. None of the above
At December 31, 2018, Western Corporation had 40,000 shares outstanding of $90 par value common stock. The shares were originally issued for $252 per share. On January 1, 2019, Pacific split its common stock 3 for 1 with a corresponding reduction in the stock's par value. After the split, the balance of the common stock paid-in-capital account is: 1. $18,000,000 2. $10,080,000 3. $10,800,000 4. $ 3,600,000
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'…
Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1, 2021: Preferred shares, 0.90, 300,000 issued and outstanding $6,000,000 Common shares, 400,000 issued and outstanding $4,400,000 For This Question Only, assume that the company declared/distributed a 5% stock dividend on January 2, 2021 when the market price of the common shares was $10.50 each, prior to this dividend. What entry, if any, should WTI make to record this transaction? Select one: a. No Journal Entry required for this transaction. Only a Proforma Entry should be made. b. DR Retained Earnings, $210,000; CR Common Shares, $210,000 c. DR Retained Earnings, $200,000; CR Common Shares, $200,000 d. DR Retained Earnings, $220,000; CR Common Shares, $220,000 e. DR Retained Earnings, $225,000; CR Common Stock Dividend Distributable, $225,000.
All of journal entry please
Marigold Corp. had 307000 shares of common stock issued and outstanding at December 31, 2020. During 2021, no additional common stock was issued. On January 1, 2021, Marigold issued 395000 shares of nonconvertible preferred stock. During 2021, Marigold declared and paid $174000 cash dividends on the common stock and $154000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2021, was $959000. What should be Marigold's 2021 earnings per common share, rounded to the nearest penny? $2.62 $3.12 $1.07 $2.06
Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
Alpesh
3. How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)? 4. How much is the TOTAL share premium?
answer must be correct or i will down vote
On January 1, 2020, Company D issued 6,000 shares of its $2 par Common Stock when the market price was $30 and issued 1,000 shares of its $25 par Preferred Stock when the market price was $62 per share. What amounts would be reported on the balance sheet for Preferred Stock and Paid-In Preferred Stock? the above information is all that was given on the assignment, no further information was given for the question

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