SavedHelpSave & ExitRoberto Corporation was organized on January 1, 2024. The firm was authorized to issue 99,000 shares of $5 par common stock. During 2024, Robertothe following transactions relating to shareholders' equity:Issued 9,800 shares of common stock at $5.70 per share.Issued 20,000 shares of common stock at $9.20 per share.Reported a net income of $97,000.Paid dividends of $46,000.Purchased 4,000 shares of treasury stock at $11.20 (part of the 20,000 shares issued at $9.20).What is total shareholders' equity at the end of 2024?Multiple Choice$248,860$247,260О $292,060$246,060

Shareholder equity is the actual worth of a company to its owners after deducting all of its…

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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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Mai Corporation was organized on January 1, 2016, Duringits first year, the corporation issued 40,000 shares of $50 par value preferred stock and 300,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: December2016 $90,000 December2017 130,000 December2018 190,000 Required: 1. Show the allocation of dividends to each class of stock, assuming that the preferred stock is 8% and not cumulative. 2. Show the allocation of dividends to each class of stock, assuming that the preferred stock is 9% and cumulative
The Sirap Corp. issued 20000 shares of Common Stock $1 Par at $25 on 1/3/17. The following transactions occurred in 2018. Reacquired 2000 shares of Treasury Stock $40 per share. The Co, then sold 800 shares of the Treasury Stock at $50 per share. C) The Co. then sold 500 shares of the Treasury Stock at $36 per share. How do you Journalize the above 4 Transactions in good form?
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ANSWERED Sunday, May 29, 2022 BUSINESS ACCOUNTING Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions √x 8
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Cole Company was formed on January 1, 2022, when 300,000 shares of $2 par value common stock were issued for $8 per share. Net income for 2022 was $150,000. Cash dividends of $0.25 per share were declared in December 2022 and paid in January 2023. The following occurred in 2023 :• April 1st, 10,000 treasury shares were purchased for $6 per share.• April 15th, 500 treasury shares were retired. • June 1st, 3,000 treasury shares were reissued for $7.50 per share .• November 1st, 4,000 treasury shares were reissued for $4 per share. • Net Income for 2023 was $200,000. • Cash dividends of $0.50 per share were declared in December 2023, payable in January 2024. Assuming Cole Company uses the cost method to account for treasury stock, prepare the stockholders’ equity section of the balance sheet at December 31, 2023. Also note how many shares of common stock were issued, outstanding, and treasury.
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Subject - account Please help me. Thankyou.
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
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