Question 2:Yummy Corporation has the following stockholders' equity accounts on January 1, 2022:SCommon Stock, $10 par value1,500,000Paid in capital in excess of par200,000Retained earnings500,000Total stockholders' equity2,200,000During year ended 31 December 2022, the following treasury stock transactions occurred:April 1 Purchased 10,000 shares at $18 per share.August 1 Sold 4,000 shares at $20.50 per share.October 1 Sold 4.000 shares at $15 per share.Net income for year ended 31 December 2022 was $110.000.Instructions(a) Journalize the treasury stock transactions for year ended 31 December 2022.(b) Prepare the Stockholders' Equity section of the balance sheet for YummyCorporation at December 31, 2014.

Stockholder's equity: Stockholder's equity is the total amount that belongs to the owners of a…

Answered: Yummy Corporation has the following…

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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The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued $ 60,000 Common shares, 5,000 shares issued 30,000 Retained earnings 122,000 $212,000 During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares. March 10 Paid the cash dividend April 14 Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. REQUIRED: 1. Journalize Chen's transactions. Explanations are not required. 2. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
On January 1, 2020, the stockholders’ equity section of Skysong, Inc. shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 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.
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Required: $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on…
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Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000
DeZurik Corporation had the following stockholders’ equity section in its June 30, 2022, balance sheet (in thousands, except share and per share amounts): June 30 (in thousands)2022 Paid-in capital: $4.0 Preferred stock, $ ? par value, cumulative, 60,000 shares authorized, 21,000 shares issued and outstanding $ 1,490 Common stock, $6 par value, 4,000,000 shares authorized, 840,000 shares issued, 750,000 shares outstanding Additional paid-in capital on common stock 5,320 Retained earnings Less: Treasury common stock, at cost, ? shares Total stockholders' equity $ 15,410 Required: Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2022. What was the average issue price of common stock shown on the June 30, 2022, balance sheet? How many shares of treasury stock does DeZurik Corporation own at June 30, 2022?…
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On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of$5per share. During the year, the following occurred. Apr.1 issued 10,000 additional shares of common stock for$16per share. June 15 Declared a cash dividend of$1per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Purchased 1,800 additional shares of common stock for$15per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.30 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dividend dates (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter 0 for the amounts, List all debit entries before credit entries.
On January 1, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding

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