The Horner Corporation has the following balance in their common shares account at January 1st 20x8: Common Shares, ? shares outstanding $14080832 The following is the journal entry recorded after reacquiring 21387 shares during the year for $336009 Common Shares $336009 Cash $336009 What was the number of common shares Horner Corporation has outstanding at January 1st 20x8? Select one: a. 14102219 b. 896246 c. 14080832 d. 658

The Horner Corporation has the following balance in their common shares account at January 1st 20x8: Common Shares, ? shares outstanding $14080832 The following is the journal entry recorded after reacquiring 21387 shares during the year for $336009 Common Shares $336009 Cash $336009 What was the number of common shares Horner Corporation has outstanding at January 1st 20x8? Select one: a. 14102219 b. 896246 c. 14080832 d. 658

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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Part A During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 103 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. January 9 Issued 30 million common shares for $14 per share. March 11 Issued 4,200 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at $14 per share. Part B A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A. Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date General Journal ($ in millions) Debit Credit September 1 Common stock 4 Retained earnings 72 Cash 76 December 1 Cash 40 Common stock 2 Gain on sale of previously issued shares 38 Required:…
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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
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