Zakaryan Corporation was organized on January 1, 2020. The corporation's governing documents authorized the issue of 100,000 shares of $1 par commonstock. During 2020, Zakaryan had the following transactions relating to stockholders' equity:Issued 10,000 shares of common stock at $14 per share.Issued 20,000 shares of common stock at $16 per share.Reported a net income of $200,000.Paid dividends of $100,000.Purchased 3,000 shares of treasury stock at $20 (part of the 20,000 shares issued at $16).What is total shareholders' equity at the end of 2020?O $600,000.O $540,000.O $500,000.O $400,000.4

To find the total shareholders' equity at the end of 2020, let's go through each transaction step by…

Answered: Zakaryan Corporation was organized on…

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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On January 1, 2024, Sandhill Ltd. had the following shareholders' equity accounts: Common shares (1,010,000 issued) Retained earnings The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 101,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 110,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. 31 Loss for the year was $99,000. Mar. June 30 Aug. 12 Sept. 30 Dec. 31 Dec. (a) $1,515,000 1,818,000 31 Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically…
Nash Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2020, Nash took part in the following selected transactions. 1. Issued 5,300 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $7,800. 2. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 500 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2016 at $40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when 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.)
During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2 Issued 65 million common shares for cash. 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. Mar. 31 Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $139 million.Required: Compute basic and diluted earnings per share for the year ended December 31, 2021
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Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $5,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share. Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share. Journalize the transactions for Prytania Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented…
Blue Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2025, Blue took part in the following selected transactions. a. Issued 4,600 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,600. b. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. c. Purchased 460 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2021 at $37 per share. d. Retired the treasury shares purchased in part (c). do full Journal Entries for part D which will contain 4 accounts
The following transactions relate to the shareholders' equity of Telecom Corporation for 2021, its initial year of operations and existence: 6. a. On January 7, the articles of incorporation were filed with the Securities and Exchange Commission (SEC). The SEC authorized the issuance of 10,000 shares of P50 par value preference share capital and 200,000 shares of P10 par ordinary share capital. On January 28, forty thousand ordinary shares were issued at P15 per share. On February 14, one hundred twenty thousand ordinary shares were issued in exchange for land and building that have an appraised value of P700,000 and P1,100,000, respectively. On this date, the shares trade at P15 per share on the over the counter market. On February 24, the company issued to the lawyers 2,000 ordinary shares for legal services in connection with the incorporation. The fair value of the shares on this date is P16. On September 12, the company received subscriptions for 10,000 preference shares at P53…
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,700. 5 15,000 shares were sold to various shareholders for $14.20 each. 15 The board of directors declared a cash dividend of $0.82 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $50,800. The shares were actively trading on this date at $12.20 per share. 31 Closed the Income Summary account, which showed a credit balance of $172,000. 31 Paid the dividends declared on January 15. Required:a. Journalize the above transactions. The Company does not use a Cash Dividends Account. b. Prepare the equity section of Westby’s balance sheet…

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