The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025.Common stock, $10 par, 292,000 shares issued and outstandingPaid-in capital in excess of par-common stockRetained earnings$2,920,0001,320,0005,080,000Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33.Prepare the appropriate journal entries for each of the following cases. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts)a.A stock dividend of 6% is (1) declared and (2) issued.b.A stock dividend of 100% is (1) declared and (2) issued.C.A 2-for-1 stock split is (1) declared and (2) issued.No.Account Titles and Explanationa. (1)a. (2)b. (1)b. (2)c. (1)c. (2)DebitCredit

The process of entering each individual financial transaction that a business makes into its journal…

Answered: The stockholders' equity accounts of…

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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Balthus Corp. reports the following components of stockholders’ equity at December 31, 2018. Common stock—$1 par value, 320,000 shares authorized, 200,000 shares issued and outstanding . . . . . . . . . . . . $ 200,000 Paid-in capital in excess of par value, common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,160,000 Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,760,000 It completed the following transactions related to stockholders’ equity during 2019. Jan. 10 Purchased 40,000 shares of its own stock at $12 cash per share. Mar. 2 Directors declared a $1.50 per share cash dividend payable on March 31 to the…
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par value, 100,000 shares authorized,45,000 shares issued and outstanding $ 1,125,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders' equity $ 1,585,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $19 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the…
Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 5e,eee shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 se, e00 348, 000 $1,140, 000 During 2019, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. 7 Directors declared a $1.5e per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July Aug. 27 Sold 1,500 of 1ts treasury shares at $20 cash per share. Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of 9 Sold 1,200 of its treasury shares at $30 cash per share. record. Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $52,00e credit balance…
1. Yellow Corporation had the following stockholders' equity accounts on December 31, 2020. Common Stock ($8 par value, 120,000 shares authorized, $ 320,000 40,000 shares issued and outstanding) Paid-in-Capital in Excess of Par - Common Stock $ 2,900,000 Retained Earnings $ 3,500,000 The following were transactions that occurred during 2021: 20-Feb Declared a $4 cash dividends per share on common stock 3-Mar Record date for cash dividends declared on 20 Feb 19-Mar Paid cash dividends 28-Apr Issued 15,000 shares of common stock for $16 per share 5-May Declared a $3 cash dividends per share on common stock 9-Jun Record date for cash dividends declared on 5 May 17-Jul Paid cash dividends 8-Aug Issued 23,500 shares of common stock for $20 per share 7-Sep Declared a $2 cash dividends per share on common stock 9-Oct Record date for cash dividends declared on 7 September 5-Nov Paid cash dividends 31-Dec Determined that net income for the year was $650,000 Instructions: 1. Journalize the…
The stockholders' equity section of Larkspur Inc. at the beginning of the current year appears below. Common stock, $10 par value, authorized 954,000 shares, 307,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings During the current year, the following transactions occurred. 1. 2. 3. 4. 5. 6. (a) $3,070,000 553,000 614,000 The company issued to the stockholders 92,000 rights. Ten rights are needed to buy one share of stock at $35. The rights were void after 30 days. The market price of the stock at this time was $37 per share. The company sold to the public a $194,000, 10% bond issue at 103. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $33 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $7. All but 4,600 of the rights issued in (1) were exercised in 30 days. At the end of the year, 80% of the…
The stockholders' equity section of Skysong Corporation appears below as of December 31, 2025. 8% cumulative preferred stock, $10 par value, authorized 100,000 shares, outstanding 90,000 shares Common stock, $0.20 par, authorized and issued 9,899,000 shares Additional paid-in capital Retained earnings Net income $900,000 1,979,800 4,090,000 $27,020,000 6,530,000 33,550,000 $40,519,800 Net income for 2025 reflects a total effective tax rate of 20%. Preferred stock dividends of $72,000 were declared and paid in 2025. Dividends of $1,000,000 were declared and paid to common stockholders in 2025. Compute earnings per share data as it should appear on the income statement of Skysong Corporation. (Round answer to 2 decimal places, e.g. 1.48.) Earnings per share $
Ayayai Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Purchased 5,500 shares at $9 per share. Sold 1,000 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $7 per share. Mar. 1 June 1 Ayayai Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. D (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit S
Subject: acounting
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 10,000 shares outstanding Retained earnings Treasury stock, at cost, 5,000 shares During 2021, Fascom Inc. had several transactions relating to common stock. $ 250,000 500,000 100,000 1,000,000 2,000,000 25,000 January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April July December 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per…
The stockholders' equity of Sheridan Company at July 31, 2026 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 160000 shares Paid-in capital in excess of par Retained earnings $3200000 O $1228800. O $1894400. O $960000. O $1740800. 170000 648000 $4018000 On August 1, 2026, the board of directors of Sheridan declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Sheridan's common stock was $68 on August 1, 2026, and $74 on September 15, 2026. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…

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The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000