Riverbed Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock,and 475,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completedduring the first year.Jan. 10Mar. 1Apr.MayAug.1Issued 83,000 shares of common stock for cash at $5.25 per share.Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed inhelping the company organize.Sept. 1Issued 11,500 shares of common stock for cash at $5 per share.Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share.(a)1Issued 84,500 shares of common stock for cash at $4 per share.Issued 4,050 shares of preferred stock for cash at $110 per share.Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the landwas $83,500.1Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCredit

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Answered: Riverbed Corporation was organized on…

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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Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1. 109,000 shares of $10 par common stock. 2.6,500 shares of $80 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,500 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend
Faith Corporation was organized on January 2, 2018 and is authorized to issue 25,000 shares of 10% Preference Share Capital, P 50 par and 250,000 shares of Ordinary Share Capital, P 20 stated value. The following transactions took place during January: Jan 2 Issued to incorporators 62,500 ordinary shares at P 25 per share and 6,250 preference shares at par value. 6 Issued 1,250 shares to corporate promoters. The value of preference share capital on this date is P 70 per share. 10 Received subscriptions for 85,000 ordinary shares at P 30 per share with a down payment of 60% of the subscription price. 19 Issued 25,000 ordinary shares in exchange for the following: Fair value Merchandise Inventory P 10,000 Land 350,000 Building 200,000 Equipment 20,000 28 Received balance due on the Jan. 10 subscription and issued the…
Windsor Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2025, Windsor Corporation took part in the following selected transactions: 1. Issued 56,000 shares of stock at $84 per share, less costs related to the issuance of the stock totaling $27,000. Issued 12,000 shares of stock for land appraised at $1,074,000. The stock was actively traded on a national stock exchange at $86 per share on the date of issuance. 2. 3. (a) (b) (c) Purchased 5,900 shares of treasury stock at $82 per share. The treasury shares purchased were issued in 2014 at $46 per share. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
Pearl Holdings Inc. was incorporated on July 1, 2020 with authorized share capital of 1,000,000 common shares and 500,000 preferred shares, convertible to common shares at a rate of 10 common shares for each preferred share. The preferred shares have a $20 par/stated value. Pearl had the following transactions related to share capital during the next few years. Jul. 1 Issued 100,000 common shares for $4 each. Jul. 1 Issued 5,000 preferred shares for $35 each. Aug. 15 Issued 10,000 common shares for legal services received, valued at $25,000. Sept. 1 Issued 5,000 common shares at $2.25 each in exchange for equipment received. Nov. 15 Reacquired 15,000 common shares for $3 each. Dec. 18 Converted 2000 preferred shares to common shares Complete the journal entries for above dates.
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Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >
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Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 10,000 shares of preferred stock at $115 per share. Mar. 2 Issued 120,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 10,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 2 Apr. 10 Jun. 12 Aug. 5 Additional Paid-in Capital from Common Stock Additional Paid-in Capital from Preferred Stock Cash Common Stock Equipment III III III…
Inside Incorporated was issued a charter on January 15 authorizing the following capital stock: Common stock, $6 par, 100,000 shares, one vote per share. Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting. The following selected transactions were completed during the first year of operations in the order given: Issued 21,000 shares of the $6 par common stock at $19 cash per share. Issued 3,100 shares of preferred stock at $23 cash per share. At the end of the year, the accounts showed net income of $39,000. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.
CURCord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr May Aug. (a) (b) 1 (c) 1 Sept. 1 Nov. 1 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4,850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. Issued 76.500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41.500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 pershare. Issued 2.500 shares of preferred stock for cash at $112 pershare. Prepare the paid-in capital section of stockholders' equity…
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