!No1Required information[The following information applies to the questions displayed below.]2. Record the transactions, assuming Clothing Frontiers has either $1 par value common stock or $1 stated value stock. (If noentry is required for a transaction/event, select "No journal entry required" in the first account field.)2Clothing Frontiers began operations on January 1 and engages in the following transactions during the yearrelated to stockholders' equity.January 1 Issues 600 shares of common stock for $46 per share.April 1 Issues 100 additional shares of common stock for $50 per share.DateJanuary 01April 01CashCommon stockCashCommon stockX Answer is not complete.General JournalDebit27,6005,000Credit27,6005,000 X

The journal entries are prepared to keep the record of day to day transactions of the business on…

Answered: Required information [The following…

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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Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin’s transactions related to its stockholders’ equity. See information below: Stockholders’ Equity On January 1 of the current year, Red Robin had 441,100 shares of $1 par value common stock issued (i.e., the shares had been issued prior to the current year). They have 1,245,000 shares authorized and 400,200 shares outstanding. Red Robin has had only one stock repurchase transaction in its history. On August 1 of the current year, Red Robin reissued 6,650 shares for$24 per share. On December 1 of the current year, Red Robin reissued 11,700 shares at $12 per share. Red Robin declared dividends of 18 cents per share on the last day of each calendar quarter and paid them on the 5th day of the 1st month of each calendar quarter. For the sake of simplicity, assume the date of record is also the last day of each calendar quarter. Red Robin did not declare any dividends in the prior year.
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
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
Required Information Williamson Corporation's Board authorized 81,000 shares of common stock with $3 par value. During the first year, Williamson: a. Sold 59,000 shares of common stock for cash at $44 per share. b. Repurchased 6,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Vww transaction lat Journal entry worksheet 2 Sold 59,000 shares of common stock for cash at $44 per share. Note: Enter debts before ads Transaction Macord entry General Journal Clear entry Debit Credit View general journal
Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 4, 200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3 4. Record payment of the cash Note: Enter debits before credits. Date General Journal Debit Credit October 31
Selected stock transactionsThe following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactionsaffecting the stockholders' equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash.b. Issued 5,000 shares of preferred 2% stock at $90.c. Purchased 150,000 shares of treasury common for $10 per share. d. Sold 80,000 shares of treasury common for $13 per share.e. Sold 20,000 shares of treasury common for $9 per share.f. Declared cash dividends of $1.50 per share on preferred stockand $0.06 per share on common stock.g. Paid the cash dividends. InstructionsJournalize the entries to record the transactions. Identify each entry byletter
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when 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.)
Black Spot Incorporated had the following balances at the beginning of September. Accounts Cash Accounts Receivable Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Totals BLACK SPOT INCORPORATED Trial Balance September 1 Requirement The following transactions occur in September. September 1 Provide services to customers for cash, $4,400. September 2 Purchase land with a long-term note for $6,100 from Crimson Company. September 4 Receive an invoice for $470 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $5,700. September 10 Purchase supplies on account for $1,100. September 13 Pay $3,700 to Crimson Company for a long-term note. September 18 Receive $4,700 from customers on account. September 20 Pay $870 for September's rent. September 30 Pay September's utility bill of $1,850. September 30 Pay employees $3,700 for salaries for the month of September. September 30 Pay a cash…
Prepare 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 F10
Bridgeport Corporation 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 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >
Use the following information for the Exercises 8-9 below. (Algo) [The following information applies to the questions displayed below.] On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 76,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Exercise 11-9 (Algo) Stock split LO P2 Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the split. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 <…

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