Rollers company is incorporated on January 1, 2018. Company is authorized to issue160,000 shares of $6 par value. Following transactions relatedShares issuedShares issuedNet incomeDividend paidTreasury stock purchased16,000 @$8 per share32,000 @ $9 per share$160,000$80,0003,500 shares @ $11 per shareThe balance of stockholder's equity at end of year 2018 is:$489,500$576,000$457.500$416,000Reset Answer

The stockholders' equity comprises the issued capital and retained earnings of the business. The…

Answered: Rollers company is incorporated 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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Accounting, Analysis, and Principles On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 55,000 shares issued and outstanding) $550,000 Paid-in Capital in Excess of Par—Common Stock 510,000 Retained Earnings 629,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 2,100 common shares at a market price of $15 per share. Nov. 15 Reissued 1,050 shares held in treasury at a price of $18 per share. Dec. 31 Determined that net income for the year was $370,000. (a1) Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the amount is…
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 254,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 12,000 shares outstanding Retained earnings Treasury stock, at cost, 5,400 shares During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess par. ) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash…
On December 31, 2020, Oriole, Inc. has 4100 shares of 4% $100 par value cumulative preferred stock and 59000 shares of $10 par value common stock outstanding. On December 31, 2020, the directors declare a $19200 cash dividend. The entry to record the declaration of the dividend would include: O a credit of $19200 to Cash Dividends. O a note in the financial statements that dividends of $2 per share are in arrears on preferred stock for 2020. O a credit of $19200 to Dividends Payable. O a debit of $19200 to Common Stock.
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par value, 100,000 shares authorized,45,000 shares issued and outstanding $ 1,125,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders' equity $ 1,585,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $19 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the…
Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton's common stock activities. 1. 1Number of common shares issued and outstanding at December 31, 2018 2,000,000 2. 1Shares issued as a result of a 10% stock dividend on September 30, 2019 200,000 3. 1Shares issued for cash on March 31, 2020 2,000,000 1Number of common shares issued and outstanding at December 31, 2020 4,200,000 4. 1A 2-for-1 stock split of Newton's common stock took place on March 31, 2021 Instructions a. Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. b. Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income…
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Raxx Ltd. began 2020 with the following balances in its shareholders' equity accounts: Common shares, unlimited shares authorized, 500,000 shares issued and outstanding.... $3,000,000 Retained earnings... 2,500,000 The following share-related transactions occurred during the year: Date Transaction Issued at $200 per share 100,000 $2.50 non-cumulative preferred shares with an unlimited number authorized. March 1 May Issued 50,000 common shares at $15 per share. Sept. 1 Repurchased and retired 150,000 common shares at $16 per share. Nov. 30 Declared and distributed a 3:1 share split on the common shares. Required a. Calculate the weighted-average number of shares outstanding using the information above b. Using the information provided, prepare an income statement for 2020 similar to Exhibit Cumulative effect of a change in depreciation method (net of $26,000 tax benefit). $ (136,500) Operating expenses (related to continuing operations). Gain on disposal of discontinued operations'…
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Subject: accounting
Little League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 May 31 Purchase 11,000 shares of its own common stock for $44 per share. Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on its common stock of $8.45 per share and a $26,480 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 38 Pay the cash dividends declared on December 1. Required: Determine the financial statement effects of each of these transactions 2024. Complete this question by entering your answers in the tabs below. January 02 February 14…
Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders. 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares issued?

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