Seaside Amusements Corporation had the following stockholders' equity on November 30:(Click the icon to view the stockholders' equity.)On December 30, Seaside purchased 100 shares of treasury stock at $14 per share.Read the requirements.Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationCreditDec. 30Requirements1. Journalize the purchase of the treasury stock.2. Prepare the stockholders' equity section of the balance sheet at December 31,2024. Assume the balance in retained earnings is unchanged from November30.Debit3. How many shares of common stock are outstanding after the purchase oftreasury stock?PrintDoneCData tableStockholders' EquityPaid-In Capital:Common Stock-$5 Par Value; 1,300 sharesauthorized, 120 shares issued and outstandingPaid-In Capital in Excess of Par-CommonTotal Paid-In CapitalRetained EarningsTotal Stockholders' EquityPrintDoneS6001,8002,40058,000$ 60,400

Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Answered: Seaside Amusements Corporation had the…

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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Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record the stock issuance. (Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 13
PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
The following details taken from the books of DiDi Sdn Bhd for the year ending 31 December 2020. DiDi Sdn Bhd Statement Profit or Loss for the year ending 31 December 2020 (extract) RM RM Gross profit 44,700 Add : Discount received 410 Profit on sale of van 620 1,030 45,730 Less: Expenses Motor expenses 1,940 Wages 17,200 General expenses 830 Bad debts 520 Increase in allowance for doubtful debts 200 Depreciation : van 1,800 22,490 23,240 Statement of Financial Position as at 31 December 2019 2020 RM RM RM RM Non-current Assets Vans at cost 15,400 8,200 less Depreciation (5,300) (3,100) 10,100 5,100 Current Assets Inventory 18,600 24,000 Trade accounts receivables less provision*…
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On January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1
On August 1, Pharoah Company buys 1,000 shares of BCN common stock for $32,000 cash. On December 1, the stock investments are sold for $33,900 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Hi, I need help assembling the following two journal entries. Thanks!
1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. View transaction list Journal entry worksheet A ... ... ....*...... 8:41 3/27/2 Insert Prt Sc F7 F8 F9 F10 F11 F12 Fn F3 F4 F5 F6 + Lock
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The charter for WPAC-TV, Inc. authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, WPAC - TV completed the following transactions: (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 6: Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750. Date Accounts and Explanation Debit Credit Sep. 6 Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of the WPAC - TV balance sheet at September 30, 2024, assuming WPAC-TV, Inc. had net income of $32,000 for the month. Print Done C X More info Issued 225 shares of common stock to the promoters who organized the corporation, receiving cash of $6,750.…

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