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Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share.. Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $8 per share.. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-in Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) 4 View transaction list

Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share.. Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $8 per share.. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-in Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) 4 View transaction list

FINANCIAL ACCOUNTING
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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1 Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: eBook March 1 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share. April 1 June 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 200 shares of common treasury stock for $8 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-In Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Mc Graw Hill Tyne here to a Required 1 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.) W Required 2 View transaction list Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date March 01, 2024 4 5 Record the issuance of 2,900 additional shares of common stock for $11 per share. 6 General Journal Debit Credit >
Transcribed Image Text:1 Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: eBook March 1 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share. April 1 June 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 200 shares of common treasury stock for $8 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-In Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Mc Graw Hill Tyne here to a Required 1 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.) W Required 2 View transaction list Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date March 01, 2024 4 5 Record the issuance of 2,900 additional shares of common stock for $11 per share. 6 General Journal Debit Credit >
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