Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following shareholders' equity accounts are reported by Pharoah Inc. on January 1 Common shares (unlimited authorized, 159,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,600 issued) Contributed surplus-reacquisition of common shares Retained earnings $2.544,000 420,000 31.200 1,266,000

The following shareholders' equity accounts are reported by Pharoah Inc. on January 1 Common shares (unlimited authorized, 159,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,600 issued) Contributed surplus-reacquisition of common shares Retained earnings $2.544,000 420,000 31.200 1,266,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help on red, that are consider incorrect entries.

Please dont give image based answer thanku
The following shareholders' equity accounts are reported by Pharoah Inc. on January 1 Common shares (unlimited authorized, 159,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,600 issued) Contributed surplus-reacquisition of common shares Retained earnings Date Mar. 2 Dec. Feb. 11 0 The following selected transactions occurred during the year: Feb. 11 Issued 53,000 common shares at $20 per share. Mar. 2 Reacquired 20,100 common shares at $22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. July 25 Reacquired 440 preferred shares at $70 per share. Sept. Reacquired 53,000 common shares for $17 per share. Oct. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share. ANTAN WITH pour annard : 16 June 14 27 13 Account Titles Cash Common Shares Common Shares Cash Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share.. No Entry $2,544,000 No Entry 420,000 Debit 31,200 1,266,000 tonn 1060000 442200 Credit ! 1060 442 .. 41
Transcribed Image Text:The following shareholders' equity accounts are reported by Pharoah Inc. on January 1 Common shares (unlimited authorized, 159,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,600 issued) Contributed surplus-reacquisition of common shares Retained earnings Date Mar. 2 Dec. Feb. 11 0 The following selected transactions occurred during the year: Feb. 11 Issued 53,000 common shares at $20 per share. Mar. 2 Reacquired 20,100 common shares at $22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. July 25 Reacquired 440 preferred shares at $70 per share. Sept. Reacquired 53,000 common shares for $17 per share. Oct. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share. ANTAN WITH pour annard : 16 June 14 27 13 Account Titles Cash Common Shares Common Shares Cash Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share.. No Entry $2,544,000 No Entry 420,000 Debit 31,200 1,266,000 tonn 1060000 442200 Credit ! 1060 442 .. 41
June 14 # July 25 Sept. 16 Oct.27 Sept. 16 Oct. 27 # Dec. 13 # No Entry No Entry Preferred Shares Cash Common Shares Cash Common Shares Cash Stock Dividends Distributable Common Shares 30800 901000 0000 901000 166695 100 30 9100 9100 1664
Transcribed Image Text:June 14 # July 25 Sept. 16 Oct.27 Sept. 16 Oct. 27 # Dec. 13 # No Entry No Entry Preferred Shares Cash Common Shares Cash Common Shares Cash Stock Dividends Distributable Common Shares 30800 901000 0000 901000 166695 100 30 9100 9100 1664
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS