Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 150,000 shares of $5 par value common stock.During 2021, Roberto had the following transactions relating to stockholders' equity.Issued 15,000 shares of common stock at $7 per share.Issued 30,000 shares of common stock at $8 per share.Reported a net income of $150,000.Paid dividends of $75,000.Purchased 2,500 shares of treasury stock at $10 (part of the 30,000 shares issued at $8).What is total stockholders' equity at the end of 2021?e to searchMultiple ChoiceO $890,000$425,000OHe< Prev30 of 40Next >252724

Stockholder Equity Statement-A financial report that is included in the financial statements that…

Answered: Roberto Designers 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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The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding. During the year, engaged in the following transactions related to its common stock: march 1 issued 50,000 shares of stock at $24 per share. June 1 issued a 10% stock dividend. July 1 issue 12,000 shares of stock at $29 per share. August 31 issued a two for one stock split on outstanding shares, reducing the par value to five dollars per share. October 31 required 100,000 shares is treasury stock at a cost of $32 per share. November 30 re-issued 42,000 in treasury shares at a price of $35 per share determine the weighted average number of shares outstanding for computing The current earnings per share. Shares? determine the number of common shares outstanding at December 31, 2019. Shares?
C Corp. was incorporated on 1st January,2018. It is authorised to issue 21,000 shares of 9% @ $35 par value preferred stock and 500,000 shares of Common stock with the stated value of $ 5 per share. The following stock transactions took place during the year:Jan 10 Issued 80,000 shares of common stock for cash @ $ 7 per share.Feb 15 Issued 5,000 shares to Attorney in lieu of legal expenses incurred for incorporation of the company.March 1 Issued 2,000 preferred stock for cash at $40 per share.May 1 Issued 150,000 shares of common stock for cash @ $9 per share.Sept 1 issued 5,000 shares of common stock for cash @ 10 per share.Prepare the Stockholders Equity Account for December,2018
Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
Swifty Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Swifty Corporation took part in the following selected transactions. 1. Issued 52,000 shares of stock at $73 per share, less costs related to the issuance of the stock totaling $28,600. Issued 12,000 shares of stock for land appraised at $942,000. The stock was actively traded on a national stock exchange at $75 per share on the date of issuance. 2. 3. Purchased 6,200 shares of treasury stock at $71 per share. The treasury shares purchased were issued in 2009 at $48 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)…
Whispering Winds Corporation was organized on January 1, 2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share.Mar.Apr..1May1Aug1Sept.1Issued 5,750 shares of preferred stock for cash at $110 per share.Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.Issued 81,500 shares of common stock for cash at $4.25 per share.Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.Issued 11,500 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.
The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock, During 2019, the company has the following stock transactions. Jan. 15 Issued 200,000 shares of stock at $6 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. Instructions Journalize the transactions for the Murphy Corporation on journal paper. OMIT explanations
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
Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $16,400. It issued 2,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 28,000 shares outstanding at year-end. During 2021, Lucas earned net income of $23,520. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report.
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000. Feb. 21 17,500 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $113,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively. Required:Prepare journal entries.
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?
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 100 shares of preferred stock and 2,600 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,600 additional shares of common stock for $14 per share. April 1 Issue 200 additional shares of preferred stock for $36 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and…
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800 shares of $15 par value common stock. During its first month of operation, the corporation issued 7,940 shares of stock at a price of $25 per share. The journal entry for this transaction would include a a.credit to Common Stock for $198,500 b.debit to Cash for $119,100 c.credit to Paid-In Capital in Excess of Par—Common Stock for $79,400 d.debit to Common Stock for $115,800

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