Use the following to answer questions 23 - 26J.T Corporation was organized on January 3, 20XE. Thefirm was authorized to issue 100,000,000 shares of $1.00par common stock. During 20XE, the company had thefollowing transactions relating to shareholders' equity:Per share SharesTotalIssued common stock (January) $20.00 300,000Issued common stock (July)$22.00 200,000Outstanding sharesDividends declared|490,000$0.45Treasury stock$25.00Net income for the year$650,00023.$What is the additional paid-in capital at the end of 20XE?24. $What is total Paid-in capital atthe end of 20XE?25.2$What is total retainedearnings at the end of 20XE?26.$What is total stockholders'equity at the end of 20XE?

Retained earnings The concept of retained earnings in accounting is critical. The term refers to a…

Use the following to answer questions 23 - 26 I.T Corporation was organized on January 3, firm was authorized to issue 100,000,000 sha par common stock. During 20XE, the compa following transactions relating to shareholders' e Per share Shares Total Issued common stock (January) $20.00 300,000 Issued common stock (July) $22. 00 200 000

Use the following to answer questions 23 - 26 I.T Corporation was organized on January 3, firm was authorized to issue 100,000,000 sha par common stock. During 20XE, the compa following transactions relating to shareholders' e Per share Shares Total Issued common stock (January) $20.00 300,000 Issued common stock (July) $22. 00 200 000

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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41 On January 1 of the current year, ABC Company had 240,000 issued ordinary shares and 220,000 of ordinary shares outstanding. The entity had the following transactions during the year: March 1 – issued 12,000 ordinary shares March 30 – Completed a 4-for-1 share split for the ordinary shares April 1 – re-issued 18,000 of the treasury shares October 1 – re-issued 6,000 of the treasury shares What is the weighted average ordinary shares in computing for EPS?
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Scott Corporation at January 1 follow: Common stock, $5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value (common stock) 600,000 Retained earnings 346,000 During the year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $13 cash per share. 18 Purchased 4,000 shares of common stock as treasury stock at $15 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 per share. July 17 Sold 500 shares of the remaining treasury stock for $14 per share. Oct. 1 Issued 5,000 shares of eight percent, $25 par value preferred stock for $36 cash per share. These are the first preferred shares issued out of 50,000 authorized shares. Dec. 31 Closed the net income of $73,500 to the Retained Earnings account.…
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TB MC Qu. 10-134 (Algo) Clothing Emporium was organized on January... Basu Emporium was organized on January 1, 2024. The firm was authorized to issue 140,000 shares of $8 par value common stock. During 2024, Basu Emporium had the following transactions relating to stockholders' equity: 1. Issued 42,000 shares of common stock at $10 per share 2. Issued 28,000 shares of common stock at $11 per share 3. Reported a net income of $140,000 4. Paid dividends of $70,000 What is total paid-in capital at the end of 2024? Multiple Choice $728,000 $658,000 $798,000 $868,000
Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following: Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 Paid-in capital in excess of par value, common stock 216,000 Retained earnings 864,000 Total stockholders’ equity $ 1,800,000 Prepare the daily entries to record the following transactions: October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share. November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share. November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.
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