1. Issued 1,150 shares of $10 par common stock for $26 per share. 2. Repurchased 210 shares of its own common stock for $23 per share. 3. Resold 50 shares of treasury stock for $24 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Treasury shares are those shares which are repurchased or reacquired by the business from its own…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Journal entry is a process of recording and classifying business transactions initially into books…

Q: The net income of Foster Furniture, Inc., amounted to $1,920,000 for the current year. a. Compute…

A: Earnings per share: Earnings per share represent the amount of income earned per share of…

Q: Elroy Corporation repurchased 3,600 shares of its own stock for $30 per share. The stock has a par…

A: Total amount of Treasury stock purchased = No. of stock Purchased * Amount per stock = 3600*$30 =…

Q: Prepare the journal entries to record each of the above transactions. (If no entry is required for a…

A: Given: Amount of shares sold = $ 4,100 Par value = $ 50 Common stock shares = $ 5,600 Par value =  $…

Q: f a company issues 10,000 shares of $2 par value common stock at a market price of $30 per share,…

A: Common stock: Common stock represents the share ownership of the public limited company. Holders of…

Q: During its first year of operations, Cullumber Company had the following transactions pertaining to…

A: Total cash received on Jan. 10 = No. of shares issued x pr value per share = 65000 x $5 = $325,000

Q: Nikron Corporation issued 10,000 shares of $5 par value common stock during the year for $60 each.…

A: Total stockholders equity of the business means total amount attributable to the shareholders of the…

Q: A company with 88,000 authorized shares of $8 par common stock issued 30,000 shares at $12.…

A: Retained earnings are the earning which is not distributed among shareholders in the form of…

Q: At the beginning of the current year, Hardin Company had 20,000 shares of $10 par common stock…

A: Weighted average shares outstanding is a number of shares of the company after incorporating…

Q: On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. The…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Elroy Corporation repurchased 1,100 shares of its own stock for $55 per share. The stock has a par…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: A company began the current year with the following balances in its stockholders’ equity accounts.…

A: When dividend is issued to stockholders in form of additional stock instead of Cash, then such…

Q: Please help

A: a) Journal Entries:   Date  Account Journal Debit $ Credit $ Jan 10 Cash 104,000     Common…

Q: On March 1, the company issued 50,000 preferred shares with a 5% cumulative dividend for $10 per…

A: Preference shares are those who are given preference over the equity holders while at the payment of…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: Stockholders equity: When the common stock is issued, the shareholders become the company owners and…

Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…

A: Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the…

Q: On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18…

A: Issue of common stock more than par value: When a company issues common stock at a value more than…

Q: Sheffield Corp.'s balance sheet reported the following: Capital stock outstanding, 4,000 shares,…

A: Treasury stock is the amount or value of stock that is being reacquired or repurchased from the…

Q: On January 1, Sheffield Corp. had 56,600 shares of no-par common stock issued and outstanding. The…

A: Dividend is payable on No. of outstanding shares.

Q: On January 1, Larkspur, Inc. had 93,000 shares of no-par common stock issued and outstanding. The…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: A company began the current year with the following balances in its stockholders’ equity accounts…

A: Treasury Stock refers to the company’s own outstanding stock bought back from stockholders. These…

Q: Bramble Corp.'s balance sheet reported the following: Capital stock outstanding, 5,000 shares, par…

A: The treasury stock is the purchase of its own share by the company.

Q: Elroy Corporation repurchased 3,300 shares of its own stock for $55 per share. The stock has a par…

A: Solution Given Number of repurchased shares 3300 Repurchase price $55 Number of…

Q: Nylah Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares,…

A: Treasury stock: These are the own shares purchased by the issuing company from the open market.…

Q: Astro Corporation was started with the issue of 5.300 shares of $11 par stock for cash on January 1,…

A: Net income = Sales - expense           = 69,000 - 46,230           = 22,770   Retained earnings =…

Q: Denver Company had the following transactions affected Stockholders equity during the year :…

A: Preferred stock holder means those stock holder who will be getting dividend before the common…

Q: This company reported the following information on its recent balance sheet: Common stock, $10 par,…

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: 2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding.…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: A company has an authorized capital of 10,000 common shares of $10 par value and 7,500 common shares…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: Ivanhoe Company had these transactions during the current period. June 12   Issued 86,500 shares…

A: Par Value: Par value is a value of single share. This value is shown on the stock certificate at the…

Q: Elroy Corporation repurchased 2,500 shares of its own stock for $35 per share. The stock has a par…

A: Treasury shares are those shares which are being repurchased by the company from its own…

Q: The net income of Foster Furniture, Inc., amm=ounted to $1,920,000 for the current year. a) compute…

A: Earnings per share: Earnings per share represent the amount of income earned per share of…

Q: A year-end balance sheet includes the following information for Owners' Equity: Common stock…

A: Given that, common shares issued = 100000 shares Common stcok = $50000 Additional paid in capital =…

Q: On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Dividend can be defined as the profit distribution done by a corporation to its shareholders, who…

Q: Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par…

A: Solution a: Elroy Corporation - Journal Entries Event Particulars Debit  Credit 1 Treasury…

Q: Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00…

A: Prepare journal entries for the transactions as shown below:

Q: On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Assume that a company paid $6 per share to purchase 1,100 shares of its $3 par common stock as…

A: The correct answer is Option (c).

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: Journal Entries are recording of transactions in company's books of account. It is the act of making…

Q: A company has an authorized capital of 10,000 common shares of $10 par value and 7,500 common shares…

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…

Q: Please help

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: They are the first step to record the financial transactions in the books of accounts that has dual…

Q: During the year, 10 shares were reacquired at $11 per share. How much is the total stockholders'…

A: Treasury Stock - These Stocks are those which are repurchased by the company from the stockholders…

Q: Ivanhoe Company had these transactions during the current period. June 12   Issued 82,500 shares…

A: Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500   Paid in…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: Retained earnings = net income - dividend = 82000-31000 = $51,000

Q: On January 1, Year 1, a company had the following transactions: Issued 10,000 shares of $2 par…

A: Stock Dividends: It refers to the payment of dividends by a company to its existing shareholders, in…

Q: Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: How many shares of common stock were outstanding at the end of the period? How many shares of…

A: 1. When common stock is issued for cash, cash, and common stock increase. Cash XXXX…

Q: Orson Company reports the following transactions relating to its stock accounts in the current year.…

A: Orson Company have purchased and sold common stock , preferred stock, ,treasury stock and there is…

Corporate Ethics

Ethics refers to the moral values and principles that guide an individual. Corporate ethics refers to the moral behavior of a company and its employees while conducting business. Business ethics is another name for corporate ethics. Business ethics reflects the purpose of doing the business. Business ethics is the distinction between what is right and wrong in the workplace and the selection of the right set of actions. Every corporate entity follows business ethics to a large extent in order to survive and compete successfully in the market. Corporate entities that strictly adhere to business ethics gain the trust of their stakeholders and thus gain more customers. An organization follows compliance, i.e., following certain business policies, rules, procedures, and practices to deal with the problem arising from the business environment. Business ethics also ensures that they meet compliance requirements as it was connected with the activities of an organization.