The Monty Corporation was incorporated on January 1, 2021, with the following authorized stocks: 20,000 shares of common stock no par value, stated value $40 per share. 8,000 shares of 5% cumulative preferred stock, par value $10 per share. During 2021, Monty issuéd 10,000 shares of common stock for a total of $600,000 and 4,000 shares of preferred stock at $24 per share. In addition, on December 20, 2021, 1.000 shares of preferred stock were issued at a purchase price of $30. What should Monty report as preferred stocks on its December 31, 2021, balance sheet? O $80,000. $130,000 O $126,000. $50,000.

The Monty Corporation was incorporated on January 1, 2021, with the following authorized stocks: 20,000 shares of common stock no par value, stated value $40 per share. 8,000 shares of 5% cumulative preferred stock, par value $10 per share. During 2021, Monty issuéd 10,000 shares of common stock for a total of $600,000 and 4,000 shares of preferred stock at $24 per share. In addition, on December 20, 2021, 1.000 shares of preferred stock were issued at a purchase price of $30. What should Monty report as preferred stocks on its December 31, 2021, balance sheet? O $80,000. $130,000 O $126,000. $50,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 138,000 shares of $7 par common stock. 2. 9,500 shares of $90 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend Required A Required B >
Accounting Grouper Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. During 2022, the following transactions occurred. Feb. Issued 1,900 shares of preferred stock for land having a fair value of $125,000. 1 Issued 1,000 shares of preferred stock for cash at $70 per share. Mar. 1 July Issued 17,000 shares of common stock for cash at $7 per share. 1 Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Sept. 1 Issued 8,250 shares of common stock for cash at $7.50 per share. Dec. 1 Net income for the year was $257,000. No dividends were declared. Dec. 31
On January 5, 2020, Bramble Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $50,600; a factory building with a fair value of $153,000; and land with an appraised value of $290,000. July 29 Purchased 2,000 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $162,500 net income. Record the journal entries for the transactions listed above. (Credit account…
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 100 shares of preferred stock and 2,600 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,600 additional shares of common stock for $14 per share. April 1 Issue 200 additional shares of preferred stock for $36 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and…
Eastport Inc. was organized on June 5, 2018. It was authorized to issue 470,000 shares of $8 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.: Issued 24,000 shares of common stock for $13 per share. Issued 11,000 shares of the class A preferred stock for $30 per share. Issued 45,000 shares of common stock for $16 per share. Required: Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized
The Monty Corporation was incorporated on January 1, 2021, with the following authorized stocks: 20,000 shares of common stock no par value, stated value $40 per share. 8,000 shares of 5% cumulative preferred stock, par value $10 per share. During 2021, Monty issued 10,000 shares of common stock for a total of $600,000 and 4,000 shares of preferred stock at $24 per share. In addition, on December 20, 2021, 1,000 shares of preferred stock were issued at a purchase price of $30. What should Monty report as preferred stocks on its December 31, 2021, balance sheet?
Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,290 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,190 shares of preferred stock for cash at $111 per share. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,64O; the fair value of the land was $80,290. Apr. 1 May Issued 80,290 shares of common stock for cash at $9 per share. 1 Aug. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the 1 company organize. Sept. Issued 9,700 shares of common stock for cash at $11 per share. 1 Nov. Issued 1,060 shares of preferred stock for cash at $107 per share. 1
Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value authorized. During 2021, Hideo had the following stock transactions: January 4 Issued 60,000 shares at $10 per share. March 8 Issued 20,000 shares at $11 per share. May 17 Purchased 7,500 shares at $12 per share. July 6 Issued 15,000 shares at $13 per share. August 27 Sold 5,000 treasury shares at $14 per share. If Hideo uses the cost method to record treasury stock transactions, the total amount of additional paid-in capital at December 31, 2021 is:
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
Kedzie Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $2 par value common stock. During 2019, Kedzie had the following common stock transactions: Jan. 4: Issued 300,000 shares of common stock @ $16 per share. Apr. 8: Issued 100,000 shares of common stock @ $12 per share. July 29: Purchased 20,000 shares of common stock for the Treasury at $10 / share Kedzie had no other transactions affecting common stock during the year. What will be the reported amount of Common Stock and APIC-CS, respectively, on the Company's December 31, 2019 Balance Sheet?