Wildhorse Corporation issued 106,000 shares of $20 par value, cumulative, 9% preferred stock on January 1, 2021, for $2,570,000. InDecember 2023, Wildhorse declared its first dividend of $780,000.(a)Prepare Wildhorse's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for theamounts.)Account Titles and ExplanationDebitCredit

A dividend is a distribution of profits by a company to its shareholders, usually in the form of…

Answered: Wildhorse Corporation issued 106,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In 2024, Western Transport Company entered into the treasury stock transactions described below. In 2022, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share. Required: Prepare the appropriate journal entry for each of the following transactions: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 1. On January 23, 2024, Western Transport reacquired 10 million shares at $20 per share. 2. On September 3, 2024, Western Transport sold 1 million treasury shares at $21 per share. 3. On November 4, 2024, Western Transport sold 1 million treasury shares at $18 per share. View transaction list Journal entry worksheet 1 2 3 Record the reacquisition of 10 million shares at $20 per share. Note: Enter debits before credits. Date January 23, 2024 General Journal Debit Credit く

AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 1,090,200 shares issued and outstanding Retained earnings $7,740,420 2,332,300 During 2020, the following selected transactions occurred: Feb.10 Repurchased and retired 170,900 common shares at $10.00 per share; this is the first retirement recorded by AIM. May 15 Declared a 2:1 share split to shareholders of record on June 1, distributable June 15. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $5.00 $7.40, and $6.40, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $960,986 in the Income Summary account. Required: a. Journalize the transactions above (assuming the retirements were the first ever recorded by AIM Inc.). The company does not use a share…
ni.3
ss
Best Discount Furniture, Inc. completed the following treasury stock transactions in 2024: 1 (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Best Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2024? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share. Date Dec. 1 Accounts Debit Credit
Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The stock had a par value of $5.25 per share and was issued for a total of $46,500. (b) The stock had a stated value of $5.25 per share and was issued for a total of $46,500. (c) The stock had no par or stated value and was issued for a total of $46,500. A (d) The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. (e) The stock had a par value of $5.25 per share and was issued for land worth $46.500.
On July 1, 2021, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $12 par preferred stock for a lump sum of $140,000. At this date Nall's common stock was selling for $18 per share and the preferred stock for $24 per share. A. Record the journal entry for this allocation and insurance using the proportional method. Record the journal entry for this allocation and issuance using the incremental method, assuming you do not have the market value for preferred stock.
On March 15, American eagle declares a quarterly cash dividend of $0.035 per-share payable on April 13 to all stockholders of record on March 30. Record American Eagle‘s declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field enter your answer in dollars not in millions)
Check my work ! Required information [The following information applies to the questions displayed below.] On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets…
Please help me
Doug Graves Cemetery had 69,000 shares of common stock issued and outstanding at January 1, 2021. During 2021, Graves took the following actions: June 1 Declared a 2-for-1 stock split, when the fair value of the stock was $44 per share. October 15 Declared a $0.50 per share cash dividend. In Graves's statement of shareholders' equity for 2021, what amount should Graves report as dividends?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS