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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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…
Alexander Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, common stock . 50,000 Retained earnings 340,000 Total stockholders’ equity . $1,140,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,500 of its treasury shares at $20 cash per share. Sep. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $52,000 credit balance…
Diane's Designs has two classes of stock authorized 8%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations January 11 Issue 200,000 shares of common stock for $17 per share. Issue 1,100 shares of preferred stock for $12 per share. February 6 October 10 Purchase 12,000 shares of its own common stock for $12 per share. November 12 Resell 6,000 shares of treasury stock at $21 per share. 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 2 < 3 Date 4 Record the issuance of 200,000 shares of common stock for $17 per share, General Journal Dett Ch
National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023
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The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
On January 1. 2021, Novak Corp. had 502,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 125,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 97.000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 62.000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding eTextbook and Media Assume that Novak Corp. earned net income of $3,550,000 during 2021. In addition, it had 102,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and paya preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, eg $2.55.) Earnings Per…
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Torres Company began business on June 30, 2018. At that time, it issued 17,500 shares of $40 par value, 8% cumulative preferred stock and 70,000 shares of $5 par value common stock. Through the end of 2020, there has been no change in the number of preferred and common shares outstanding.a. Assume the company declared and paid cash dividends of $72,100 in 2018, $0 in 2019, and $322,700 in 2020. Compute the total cash dividends and the dividends per share paid to each class of stock in 2018, 2019, and 2020. 2018 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer 2019 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer 2020 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer
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