Use the following to answer questions 23-26The company was organized on January 3, 20XE. The firm was authorized to issue 1,000,000,000 shares of $1.00 parcommon stock. During 20XE, the company had the following transactions relating to shareholders' equity:Issued common stock (January)Issued common stock (July)Outstanding sharesDividends declared aTreasury stockNet income for the year.23. S24. S25. S26. $Per share$15.00$18.0050.50$17,00Shares500,000200,000685,000What is total Paid-in capital at the end of 20XE?What is the additional paid-in capital at the end of 20XE?What is total retained earnings at the end of 20XE?What is total stockholders equity at the end of 20XETotal$500,000

The retained earnings refer to the accumulated earnings of the company. It represent the earning…

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Stockholders’ Equity: Transactions and Balance Sheet Presentation Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $5 no-par value preferred stock ($5 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders’ equity occurred: July 1 Issued 31,000 shares of common stock at $21 cash per share. 12 Issued 3,500 shares of common stock in exchange for equipment with a fair market value of $71,000. 15 Issued 5,000 shares of preferred stock for cash at $40 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Debit Credit Jul.01 Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Jul.12 Common Stock Issued common stock for equipment. Jul.15…
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?
Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorised, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stoak at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July & Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Requirement October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income)…
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Topic: Stockholders’ Equity Section of the Balance Sheet The following summaries for 1Maryland Service, Inc., and 2Grapone, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies are independent. Maryland is authorized to issue 44,000 shares of $1 par common stock. All the stock was issued at $11 per share. The company incurred net losses of $47,000 in 2009 and $15,000 in 2010. It earned net income of $32,000 in 2011 and $178,000 in 2012. The company declared no dividends during the four-year period. 2. Grapone’s charter authorizes the issuance of 70,000 shares of 5%, $14 par preferred stock and 470,000 shares of no-par common stock. Grapone issued 1,400 shares of the preferred stock at $14 per share. It issued 130,000 shares of the common stock for $260,000. The company’s retained earnings balance at the beginning of 2012 was $60,000. Net income for 2012 was $98,000, and the company declared the specified…
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