InstructionsThe following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued)Paid-In Capital in Excess of Par-Preferred StockCommon Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued)Paid-In Capital in Excess of Par-Common StockRetained Earnings$8,000,000440,00020,000,0002,280,000115,400,000During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:a. Issued 220,000 shares of common stock at $14, receiving cash.b. Issued 12,000 shares of preferred 2% stock at $110.c. Purchased 160,000 shares of treasury common for $10 per share.d. Sold 105,000 shares of treasury common for $16 per share.e. Sold 40,000 shares of treasury common for $8 per share.f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock.g. Paid the cash dividends.Required:Journalize the entries to record the transactions. General JournalJournalize the entries to record the transactions on December 31.General Journal Instructions12345789DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDITASSE

Stockholders' equity includes common stock, preferred stock, retained earnings, and treasury stocks.…

Answered: The following selected accounts appear…

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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The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends.…
The stockholders' equity section of Ivanhoe Corporation at December 31 is as follows: Paid-in capital Preferred stock, cumulative, 17,500 shares authorized, 13,500 shares issued and outstanding Common stock, $3 par, 760,000 shares authorized, 515,000 shares issued Paid-in capital in excess of par - common Total paid-in capital Retained earnings IVANHOE CORPORATION Balance Sheet (partial) Total paid-in capital and retained earnings Less: Treasury stock (19,500 common shares) Total stockholders' equity (a) From a review of the stockholders' equity section, as chief accountant, answer the following questions. How many shares of common stock are outstanding? Common stock outstanding $1,350,000 1,545,000 206,000 3,101,000 1,873,000 4,974,000 107,250 $4,866,750 shares
The stockholders' equity section of the balance sheet for Mann Equipment Co. at December 31, Year 2, is as follows. Stockholders' Equity Paid-in capital Preferred stock, ? par value, 6% cumulative, 110,000 shares authorized, 41,000 shares issued and outstanding Common stock, $20 stated value, 160,000 shares authorized, 41,000 shares issued and ?? shares outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated value-Common Total paid-in capital Retained earnings Treasury stock, 3,000 shares Total stockholders' equity Note: The market value per share of the common stock is $42, and the market value per share of the preferred stock is $13. Required a. What is the par value per share of the preferred stock? b. What is the dividend per share on the preferred stock? c. What is the number of common stock shares outstanding? d. What was the average issue price per share (price for which the stock was issued) of the common stock? f. If Mann Equipment Company…
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) . . . . . . $ 8,000,000Paid-In Capital in Excess of Par—Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) . . . . . . . 20,000,000Paid-In Capital in Excess of Par—Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280,000Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,400,000During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:a. Issued 200,000 shares of common stock at $12, receiving cash.b. Issued 8,000 shares of preferred 2% stock at $115.c. Purchased…
The equity sections for Fairhaven Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$10 par value, 130,000 shares authorized, 58,010 shares issued, 5,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($110,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $1.20 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.20 per share cash dividend, payable on April 10. July 5 Declared a $1.20 per share cash dividend, payable on July 10. July 31 Declared…
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (70,000 shares authorized, 35,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 420,000 Common Stock, $20 par (800,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 21,242,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 80,000 shares of common stock at $26, receiving cash. Issued 18,000 shares of preferred 2% stock at $115. Purchased 48,000 shares of treasury common for $23 per share. Sold 24,000 shares of treasury common for $26 per share. Sold 16,000 shares of treasury common for $21 per share. Declared cash dividends of $2.00 per share on preferred stock and $0.04 per share on common stock.…
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) $8,000,000 Paid-In Capital in Excess of Par—Preferred Stock 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) 20,000,000 Paid-In Capital in Excess of Par—Common Stock 2,280,000 Retained Earnings 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $14, receiving cash. b. Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. e. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on…
The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Retained Earnings Treasury Stock (715 Shares at Cost) Total Stockholders' Equity $657,000 27,000 17,520 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 715 shares have been reacquired. ✓ 1,031,000 ✓ 13,585 Paid-In Capital: Common Stock, $45 Par (80,000 Shares Authorized, 14,600 Shares Issued) Excess Over Par Paid-in capital, common stock From Sale of Treasury Stock Total Paid-In Capital Goodale Properties Inc. Stockholders' Equity June 30 QOOQ
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tul Journalize the transactions and the closing entry for net income.…
Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 6.5% cumulative preferred stock, $100 par value; authorized, 18,000 shares; issued and outstanding, 9,000 shares Common stock, $4 par value; authorized, 340,000 shares; issued and outstanding, 204,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. The average issue price per share of Grant's preferred stock was: Multiple Choice O $52.50. $100.00. $105.00. $ 900,000 $ 816,000 $ 45,000 $ 1,500,000 $ 920,000
On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000. Prepare a stockholders’ equity…

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