College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 20, Problem 4SEA
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Prepare general entries for each transaction.

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(Entries for Various Dilutive Securities) The stockholders’ equity section of Martino Inc. at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,000,000shares, 300,000 shares issued and outstanding $3,000,000 Paid-in capital in excess of par—common stock 600,000 Retained earnings 570,000 During the current year, the following transactions occurred.1. The company issued to the stockholders 100,000 rights. Ten rights are needed to buy one share of stock at $32. The rights were void after 30 days. The market price of the stock at this time was $34 per share.2. The company sold to the public a $200,000, 10% bond issue at 104. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $30 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8.3. All but 5,000 of the rights issued in (1) were exercised in 30 days. 4.…
Sheridan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 1,130 shares of BJ common stock (2% of outstanding shares) for $7,910. July 1 Received cash dividends of $2 per share on BJ common stock. Sept. 1 Dec. Sold 480 shares of BJ common stock for $5,550. 1 Received cash dividends of $1 per share on BJ common stock. (a) Journalize the transactions. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit
Selected transactions completed by Equinox Products Inc. during thefiscal year ended December 31, 20Y8, were as follows:a. Issued 15,000 shares of $20 par common stock at $30, receivingcash.b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.c. Issued $500,000 of 10-year, 5% bonds at 104, with interestpayable semiannually.d. Declared a quarterly dividend of $0.50 per share on commonstock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasuryshares were held, and 20,000 shares of preferred stock wereoutstanding.e. Paid the cash dividends declared in (d).f. Purchased 8,000 shares of treasury common stock at $33 per shareg. Declared a $1.00 quarterly cash dividend per share on preferredstock. On the date of record, 20,000 shares of preferred stock hadbeen issued.h. Paid the cash dividends to the preferred stockholders. i. Sold, at $38 per share, 2,600 shares of treasury common stockpurchased in…

Chapter 20 Solutions

College Accounting, Chapters 1-27

Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers ...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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