Required informationThe 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 firstyear, 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 accountsreflected net income of $200.INCENTIVE CORPORATIONBalance Sheet (Partial)At December 31Stockholders' EquityContributed Capital:Total Contributed CapitalTotal Stockholders' Equity

The first issue of common stock for 24 per share of 5400 shares has been analysed as underr:Total…

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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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The charter of a corporation provides for the issuance of 94,560 shares of common stock. Assume that 42,608 shares were originally issued and 3,393 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a.$42,608 b.$94,560 c.$3,393 d.$78,430
Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000
K Michael Corporation has the following information as of December 31 of the current year: Common Stock, $1 par value (authorized 16,261 shares) Treasury Stock (2,300 shares at cost) Common Stock Outstanding (2,600 shares) Based on the information above, how many shares of common stock are issued? A. 2,300 OB. 2,600 C. 4,900 D. 16,261 $15,000
Prepare the following journal entries issued 2,000 shares of common stock, $ 1 par value at an issue price of $ 12.00. The board of directors declared a $ .25 cents per share dividend on the 10,000 common shares outstanding.
Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
Calculating the Number of Shares Issued Chester Inc. issued shares of its $3.85 par value common stock for $16.50 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital-Common Stock account for $1,062,600. Required: How many shares were issued? shares
Flounder Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 46,500 shares for cash at $53 per share. July 1 Issued 69,000 shares for cash at $57 per share. look at pic and post to stockholders equity accounts using T-Accounts
The charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907
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Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value, and 1 million preferred stock , OMR 50 par value. Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share 12 issued 40,000 common stock to attorneys in exchange for building. 13 sold 80,000 of its common stock and 4,000 preferred stock for a total of OMR 945,000
Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: 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 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…
The following information pertains to Matthew Corporation. Prepare journal entries for the following dates: 1/1/22: the company issues 140,000 shares of common stock, $5 par, for $8 per share 2/1/22: the company issues 10,000 shares of common stock, $5 par value, for $9 per share 3/15/22: the company declares a $4 per share dividend, to stockholders of record on 4/15/22, payable on 5/10/22 4/15/22: date of record: 5/10/22: date of payment: 7/1/22: the board of directors declares a 15% stock dividend when the market value of the stock is $12 per share, to be distributed on 8/15/22. 8/15/22: the company distributes the stock dividend shares 10/31/22: the company declares a $5 per share cash dividend, to be paid on 11/30/22 11/30/22: the company pays the cash dividend

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