Required information[The following information applies to the questions displayed below.]Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The followingtransactions affect stockholders' equity during 2024, its first year of operations:January 2 Issue 100,000 shares of common stock for $55 per share.February 14 Issue 45,000 shares of preferred stock for $11 per share.May 8May 31Purchase 10,000 shares of its own common stock for $45 per share.Resell 5,000 shares of treasury stock for $50 per share.December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value)cash dividend on its preferred stock payable to all stockholders of record on December 15. Thedividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)December 30 Pay the cash dividends declared on December 1.2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000.(Amounts to be deducted should be indicated by a minus sign.)GOLF APPARELBalance Sheet(Stockholders' Equity Section)December 31, 2024Stockholders' Equity:Total Paid-in Capital0

Stockholders equity:Stockholders equity is the sum of paid up capital and retained earnings.…

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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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1. Springer Inc. began 2021 with 10,000 shares of common stock outstanding with a par value of $10 per share. Springer also had 4,000 shares of cumulative, convertible, 9.5%, $100 par preferred stock outstanding at the beginning of 2021. Each share of preferred stock is convertible into 2 shares of common stock. The following items occurred during the year: Isssued 5,000 shares of common stock Issued 10,000 shares of preferred stock Declared a 3-1 stock split on common stock Reacquired 15,000 shares of common stock 1-Mar 1-Apr 1-Jun 31-Aug 1-Dec Issed a 15% stock dividend on common stock Springer also has $100,000 of convertible bonds with a 7% interest rate. Each $1,000 bond is convertible into 13 shares of common stock. The bonds are outstanding for the entire year. Ignore income taxes for the purposes of this problem. Springer earned net income of $175,000 in 2021 Calculate basic earnings per share and diluted earnings per share for 2021.
Year 2023 - Wyly Corp. experienced the following events related to its common stock and preferred stock during 2023. Jan 15, issued 100,000 more shares of its $2 Par Value common stock for $15 per share. On March 1, declared dividends of $450,000 on common stock payable on November 1, to stockholders of record as of July 1. On September 15, declared dividends on its $10 Par Value 4% preferred stock payable on November 1, to stockholders of record as of October 1. There are 250,000 preferred stock shares outstanding. Year 2024 - On January 3, 2024, Wyly repurchased, as treasury stock, 2,000 shares of common stock at $13 per share. One month later Wyly repurchased another 3,000 shares of common stock at $12.50 per share. To raise needed cash, Wyly re-sold 3,200 shares of the treasury stock at $14 per share on Oct 15, 2024. Wyly uses the FIFO method when re-selling treasury stock. Requirements: Record the 2023 common stock and preferred stock issues and dividends in the general…
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12) ABSD INC.'s B.O.D's approved issuance of 5,000,000 share of $50 par value common stock. Currently 4,200,000 shares are outstanding. Current stock price is $60 A 4% stock dividend is declared on March 1, 2020 and paid two months later. Show journal entries required to record declaration and payment of distribution.
U the common shares is $165 each and market price of the preferred is $230 each. (Round to nearest dollar.) b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $170 per share. E14.6 (LO 1, 2) (Stock Issuances and Repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2025, Lindsey Hunter took part in the following selected transactions. a. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000. b. Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. c. Purchased 500 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2021 at $40 per share. d. Retired the treasury shares purchased in part (c). Instructions Prepare the journal entries to record these…
On January 1, 2013, Warhol Company issued 2 comma 000 shares of 10, $ 110 par value, cumulative preferred stock for $ 100 comma 000 On December 30, 2015, the Board declared dividends of $ 30 per share on the preferred stock What journal entry is necessary for the declaration of dividends
On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
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Record the journal entries for the 2 listed events below. 1. On June 13, 2022, Best Buy issued 20,000 shares of $5 par value preferred stock for cash at $30 per share. 2. On June 19, 2022, Best Buy declared a $0.95 per share cash dividend on 100,000 shares of $10 par value of preferred stock.
answer in text form please (without image), Note: .Every entry should have narration please

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