Whispering Winds Corporation has been authorized to issue 20,000shares of $100 par value, 10%, PREFERRED STOCK AND 1,066,800SHARES OF NO-par common stock. The corporation assigned a $2.80stated value to the common stock. At December 31, 2022, theledger contained the following balances pertaining tostockholders' equity.Preferred Stock$125,000Paid-in Capital in Excess of Par-Preferred Stock19,000Common Stock1,066,800Paid-in Capital in Excess of Stated Value-Common Stock1,219,200Treasury Stock (1,120 common shares)14,560Paid-in Capital from Treasury Stock1,680Retained Earnings82,000Thepreferred stock was issued for land having a fair value of4144,000. All common stock issued was for cash. In november,1,680 shares of common stock were purchased for the treasury ata per share cost of $13. In December, 560 shares of treasurystock were sold for $16 per share. No dividends were declared in2022.d. Prepare the journal entrise for the:(1)Issuance of preferred stock for land.(2)Issuance of common stock for cash.(3)Purchase of common treasury stock for cash.(4)Sale of treasury stock for cash.e. Prepare the stockholders' equity section at December31, 2022.

The treasury stock are the own shares purchased by the company. These shares can be reissued or…

Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, PREFERRED STOCK AND 1,066,800 SHARES OF NO-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock 19,000 Common Stock 1,066,800 Paid-in Capital in Excess of Stated Value-Common Stock 1,219,200 Treasury Stock (1,120 common shares) 14,560 Paid-in Capital from Treasury Stock 1,680 Retained Earnings 82,000

Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, PREFERRED STOCK AND 1,066,800 SHARES OF NO-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $125,000 Paid-in Capital in Excess of Par-Preferred Stock 19,000 Common Stock 1,066,800 Paid-in Capital in Excess of Stated Value-Common Stock 1,219,200 Treasury Stock (1,120 common shares) 14,560 Paid-in Capital from Treasury Stock 1,680 Retained Earnings 82,000

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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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…
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
Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is as follows: Shareholders’ Equity Preferred stock, $100 par value; authorized, 300,000 shares; issued, 31,000 shares $3,100,000 Common stock, $5 par value; authorized, 2,000,000 shares; issued, 405,000 shares 2,025,000 Paid-in capital in excess of par—preferred 92,000 Paid-in capital in excess of par—common 864,000 Retained earnings 2,900,000 $8,981,000 The following events occurred during 2019: Jan. 5 10,000 shares of authorized and unissued common stock were sold for $9 per share. 16 11,500 shares of authorized and unissued preferred stock were sold for $105 per share. Apr. 1 79,000 shares of common stock were repurchased for the treasury at a price of $17 per share. Superior uses the cost method to account for treasury stock. Sept. 1 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of…
Penn Company was formed on July 1, 2018. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par value, cumulative and nonparticipating preferred stock. Penn Company has a July 1-June 30 fiscal year. The following information relates to the stockholders’ equity accounts of Penn Company. Common Stock Prior to the 2020–2021 fiscal year, Penn Company had 110,000 shares of outstanding common stock issued as follows. 1. 85,000 shares were issued for cash on July 1, 2018, at $31 per share. 2. On July 24, 2018, 5,000 shares were exchanged for a plot of land which cost the seller $70,000 in 2012 and had a fair value (based on recent land sales) of $220,000 on July 24, 2018. 3. 20,000 shares were issued on March 1, 2019, for $42 per share. During the 2020–2021 fiscal year, the following transactions regarding common stock took place. November 30, 2020 000 Penn purchased 2,000 shares of its own stock on the open market at $39 per share.…
Concord Corporation has 1,000,000 authorized shares of $25 par value common stock. As of June 30, 2020, there were 625,000 shares issued and outstanding. On June 30, 2020, the board of directors declared a $0.50 per share cash dividend to be paid on August 1, 2020. Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) (c) Debit Credit
The Stockholder's Equity accounts of a corporation on January 1, 2022, were as follows: Preferred Stock (5%, $10 par, cumulative, 5,000 shares authorized) Common Stock ($5 par, 500,000 shares authorized) Additional Paid in Capital - Preferred Additional Paid in Capital - Common Retained Earnings $28,000 600,000 164,640 1,776,000 685,600 During 2022, the corporation had the following transactions and events relating to its Stockholders Equity: Jan. 2 Purchased 2,000 shares of its own common stock to add to the Treasury at a cost of $43,000. Feb. 21 Issued 8,000 shares of common stock in exchange for a building. On the date of the exchange, the FMV of the building was $169,600 and the stock was trading at $20.25 per share. Mar. 21 Sold 800 shares of treasury stock - common for $24 per share. Nov. 14 Issued 400 shares of preferred stock for $28,800. Dec. 31 Determined that net income for the year was $180,800. Dividends were declared and paid during December. These dividends included a…
On January 1, 2020, the stockholders’ equity section of Culver Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,160,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. 1. Journalize the treasury stock transactions
Kathleen Battle Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 Issued 80,000 shares of common stock for cash at $5 per share. Mar. 01 Issued 5,000 shares of preferred stock for cash at $108 per share. Apr. 01 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair value of the land was $80,000. May 01 Issued 80,000 shares of common stock for cash at $7 per share. Aug. 01 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize. Sept. 01 Issued 10,000 shares of common stock for cash at $9 per share. Nov. 01 Issued 1,000 shares of preferred stock for cash at $112 per share. Instructions Prepare the journal entries…