Wildhorse Co. has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2020, there were 680,000 sharesissued 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 ofpayment. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automaticallyindented when the amount is entered. Do not indent manually.)No. Account Titles and Explanation(a)(b)(c)DebitCredit

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: Wildhorse Co. has 1,000,000 authorized…

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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Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is authorized to issue 150,000 shares of it's 6%, $40 par value preferred stock. The company is authorized to issue 650,000 shares of the common stock with a par value of $2 per share. On January 5, 2023, the company issued 225,000 shares of common stock for cash at $13 per share. What is the journal entry to record the issuance of the common stock shares?
SHOW THE JOURNAL ENTRY FOR EACH TRANSACTION!
On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on 95,000 shares of $1 par value common stock. The dividend will be paid to stockholders who own shares on Dec. 31, 2022. The dividend will be paid on Feb. 1, 2023. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2022 b. Dec. 31, 2022 c. Feb. 1, 2023
Oikawa Corporation has 150,000 Ordinary Shares authorized. As of January 1, 2020, 100,000 shares were issued of which 5,000 shares were in the treasury. During 2020, transactions were as follows: May 1 – Reissued 1,000 Treasury shares Aug 1 – Issued 10,000 Ordinary shares Dec 15- A 2 for 1 share split took effect On December 31, 2020, how many shares were outstanding?
LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common stock. During the year, the company had the following transactions: January 5- Issued 400,000 common shares for cash, at $ 1.00 each. February 7- issued 250,000 common shares for cash, at $ 1.50 each. April 3- Reacquired 10,000 of its common shares, by paying $ 3,00 per shoare. June 17- Sold 5,000 of its treasury stock, at a price of $ 4,00 per share. September 20- Sold all the remaining treasury stock it has, at a price of $ 3.2 per share. October 30- Reacquired 20,000 of its common shares, at $ 2.5 per share. Question: What is the dollar balance in the Additional Paid in Capital from Treasury stock account, at year end? (Note: write your answer as a number only, vwith no $ signs or
Smallville Company was organized on January 1, 2020. It is authorized to issue 102000 shares of $120 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-$58000, Merchandise Inventory- $75800, Prepaid Insurance-$4900, 10% Notes Payable-$25200, Equipment-$143000, Accumulated Depreciation: Equipment-$3700, Common Stock-$124000, Paid in capital in excess of par value: Common Stock-$24000, and Retained Earnings-$104800. The following transactions took place in Smallville Company during April of the current year (2020). April 1 - Issued $2500 new shares of common stock for $346000 April 3 - Purchased merchandise of $7500 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $300. April 4 - Sold merchandise for cash, $83600. The cost of the merchandise sold was $48000. April 5 - Purchased merchandise on account from Stafford Co., $23000,…
Ashvin
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
DOUBLE Company issued 1,000,000 shares of ordinary shares. Of these, 150,000 shares were held as treasury shares on December 31, 2020. During 2021, transactions involving DOUBLE ’ ordinary share were as follows: May 1 50,000 shares of treasury share were sold. Aug 1 500,000 shares of previously unissued shares were sold. Nov 1 A 5-for-1 share split took effect. As an auditor of the company, you were requested to present to the board the number of shares of DOUBLE’s ordinary shares that were is outstanding on December 31, 2021.
On January 1, 2021, a company had 125,000 issued shares and 25,000 treasury shares. During the year, 13,000 treasury shares were reissued. Right after the reissuance of the treasury shares, the company declared a 3-for-1 split. In December 2021, additional 5,000 shares were purchased and placed in treasury. Determine the number of shares issued.
Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.
LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common stock. During the year, the company had the following transactions: January 5- Issued 400,000 common shares for cash, at $ 1.00 each. February 7- issued 250,000 common shares for cash, at $ 1.50 each. April 3- Reacquired 10,000 of its common shares, by paying $ 3,00 per share. June 17- Sold 5,000 of its treasury stock, at a price of $ 4,00 per share. September 20- Sold all the remaining treasury stock it has, at a price of $ 3.2 per share. October 30- Reacquired 20,000 of its common shares, at $ 2.5 per share. Question: What is the dollar balance in the Additional Paid in Capital from Treasury stock account, at year end?

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