This project assesses your knowledge of journalizing stock issuances, cash dividends, stock dividends,and preparing stockholders' equity section of the balance sheet. (Chapter 13)Canyon Canoe Company will be able to acquire cash as well as land adjacent to its current businesslocation. Before the following transactions, the balance in Common Stock on January 1, 2027, was$136,000 and included $136,000 shares of common stock issued and outstanding. (There was no Paid-InCapital in Excess of Par-Common.)Canyon Canoe Company had the following transactions in 2017:Jan. 1 Issued 50,000 shares of $1 par value common stock for a total of $200,000.10 Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a marketvalue of $70.000.Dec. 15 Declared total cash dividends of $15,000.20 Declared an 8% common stock dividend when the market value of the stock was $4.50 pershare.31 Paid the cash dividends.31 Distributed the stock dividend.Requirements:*Please create an excel sheet for each below requirement within one excel document. Label each sheetwith the requirement number from the project. See the instructor if you have any questions on how todo this.1. Journalize the transactions.blem

Stockholder's Equity is a financial statement that includes issuance of common stock and preferred…

Answered: This project assesses your knowledge 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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The stockholders’ equity accounts of Riverbed Company have the following balances on December 31, 2020. Common stock, $10 par, 281,000 shares issued and outstanding $2,810,000 Paid-in capital in excess of par—common stock 1,220,000 Retained earnings 5,600,000 Shares of Riverbed Company stock are currently selling on the Midwest Stock Exchange at $34.Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for 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 Explanation Debit Credit (a) (1) enter an account title for case A to record the declaration of stock dividends enter a…
On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
Shown as follows are the amounts from the stockholders' equity section of the balance sheets of Wasson Corporation for the years ended December 31, 2020 and 2021. Stockholders' equity: Capital Stock Retained Earnings Total stockholders' equity a. b. 2021 2020 $50,000 $30,000 200,000 180,000 $250,000 $210,000 Calculate the amount of additional investment that the stockholders made during 2021. Assuming that the corporation declared and paid $15,000 in dividends during 2021, calculate the amount of net income earned by the corporation during 2021. c. Explain the significance of the $200,000 balance of retained earnings at December 31, 2021.
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 105 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 105,000 624,000 840,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.60 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.9 million, but were purchased two years previously for $1.7 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2025, the…
The following data were reported in the shareholders' equity section of the Bubba Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2020 2019 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings $306 $300 174 150 314 300 During 2020, Bubba declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2020. What was Bubba's net income for 2020? $99 million O $24 million O $69 million $75 million
The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: 2024 2023 Contributed capital: Common shares, 51,000 shares authorized; 27,600 and 25,000 shares issued and outstanding, respectively.$837,200 $735,000 Retained earnings 591,000 554,300 The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,000 common shares were repurchased and retired at $29.40 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $35.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.80 per share cash dividend was declared, and the date of record was five days…
Java Company earned net income of $85,000 during the year ended December 31, 2024. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 15 Accounts and Explanation Debit Credit Requirements 1. Journalize for Java the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Java the entry paying the cash dividends on January 4, 2025. X
(b) Prepare the stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) Buffalo Company Balance Sheet (in millions of dollars) (Partial) Paid-in Capital: Paid-in Capital Common Stock- Additional Paid-in Capital subt Less Treasury Stock Total Stockholders' Equity eTextbook and Medial List of Accounts 1000000
Mustang Inc. completed the following stock-related transactions during 2022. Record the transactions in Mustang's general journal on the "Worksheet" tab. If no entry is required, please state "no entry" or "n/a". Jan. 25, 2022 Mustang declared a $130,000 cash dividend. The company currently has 4,500 shares of 3%, $250 par value cumulative preferred stock outstanding. The company did not pay any dividends in 2020 or 2021. The company also has 300,000 shares of $2 par value common stock outstanding. Use a separate account for the preferred dividends and the common dividends Feb. 15, 2022 Mustang paid the cash dividends. July 5, 2022 The common stock split 4:1. August 2, 2022 Declared and immediately distributed a 5% stock dividend on the common stock. The market value at the time of the stock dividend was $18 per share. Oct. 10, 2022 Purchased 15,000 shares of treasury stock for $22 a share. Oct. 31, 2022 Sold 2,000 shares of the…
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 Shares 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 are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for 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 Explanation a. (1) a. (2) b. (1) b. (2) c. (1) c. (2) Debit Credit
I need help with preparring a journal entry using the following. Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. How do you calculate the Common Stock and "Paid-In" results?
Torres Company began business on June 30, 2018. At that time, it issued 17,500 shares of $40 par value, 8% cumulative preferred stock and 70,000 shares of $5 par value common stock. Through the end of 2020, there has been no change in the number of preferred and common shares outstanding.a. Assume the company declared and paid cash dividends of $72,100 in 2018, $0 in 2019, and $322,700 in 2020. Compute the total cash dividends and the dividends per share paid to each class of stock in 2018, 2019, and 2020. 2018 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer 2019 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer 2020 Total Dividends Dividends per Share Preferred shareholders: Answer Answer Common shareholders: Answer Answer

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