Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. PrepareBilly Bob's journal entry to record the issuance of the preferred stock Title Debit Credit Cash 4950000 Common Stock Paid in Capital in Excess of Par-Common Stock
Q: On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000…
A: Cash dividend = Number of shares outstanding × Dividend per share = (106000-5000+10000) ×$1 = 111000…
Q: On December 31, 2020, Swifty, Inc. has 3700 shares of 5% $100 par value cumulative preferred stock…
A: Solution: To record accounting entry in relation with declaration of cash dividends, Cash dividends…
Q: Pharoah Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: On January 1, 2020, Ivanhoe Inc. had the following stockholders' equity balances. Common Stock…
A: The stockholders' equity statement is prepared by the company to calculate the amount of common…
Q: Clemson Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5…
A:
Q: On January 1, 2020, Ivanhoe Inc. had the following stockholders' equity balances. Common Stock…
A: Statement of Changes in Stockholder's equity provides the users of the statements with the…
Q: On June 30, 2019, when Elmer Inc. shares were selling for $ 65 each, the equity accounts had the…
A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…
Q: JST Machinery began business in 2020 by issuing 90,000 shares of $5 par common stock for $8 per…
A: Here in this question, we are required to calculate how much amount should be reported as common…
Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…
A: Total Share Authorized = 100,000 shares Total Shares Issued are 90,000 shares Total share…
Q: On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10…
A: SOLUTION A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…
Q: On December 31, 2020, Vitners Company had outstanding 400,000 shares of common stock. There were…
A: Introduction:- There were 400,000 shares of common stock and 40,000 shares of 8% cumulative…
Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…
A: Treasury stock=Acquisition-Sale=P 75,000-2,000×P35-500×P20=P 5,000
Q: Metlock Corporation issued 108,000 shares of $18 par value, cumulative, 9% preferred stock on…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: On January 1, 2021, Gibson Industries had outstanding 440,000 common stock shares ($1 par) that…
A: Numerator (Basic EPS): = Net income = $650,000 Preferred dividends = $50,000 [(10% x $100) x 5,000].…
Q: Skysong Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par…
A:
Q: Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:…
A: Stock represent the right of ownership of the shareholder to the organisation.
Q: On January 1, 2020, Dingler Corporation had the following stockholders' equity accounts. Common…
A: Retained Earnings is the accumulated amount of earnings that a business entity has after it has paid…
Q: oOn January 1, 2020, Kingbird Corporation had $2,020,000 of $10 par value common stock outstanding…
A: A log book is used to record a business transaction in an organization's accounting records. A…
Q: On January 1, 2020 ,Herron Corporation purchased 5,000 shares of treasury stock. Other information…
A: Return on Common Stockholders' Equity will be calculated using following Formulae : Return on Common…
Q: An analysis of stockholders' equity of Sheridan Company as of January 1, 2021, is as follows: Common…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On December 31, 2021, Cullumber Company had 1,290,000 shares of $6 par common stock issued and…
A: As on 31.12.2021 Common Stock 1290000 share of $6 per Share $ 77,40,000 1290000…
Q: At the beginning of 2019, Microbee Honey Corporation had 90,000 shares of $1.00 par value…
A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…
Q: The shareholders' equity of Core Technologies Company on June 30, 2020, included the following:…
A: For recording stock dividend market price on the date of declaration is considered. Stock dividend =…
Q: Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:…
A: Common stock: It is a kind of security that owns ownership of equity in a firm or company. Common…
Q: Blossom Corporation issued 110,000 shares of $20 par value, cumulative, 8% preferred stock on…
A: Definition: Preferred stock: Preferred stock is the cash raised by the company by issuing preferred…
Q: On January 1, 2020, Kingbird Corporation had $2,020,000 of $10 par value common stock outstanding…
A: A journal entry is a record of a firm's business activity that is retained in the company's…
Q: Flint Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Stockholders’ Equity: The amount of assets remaining in a business after all liabilities have been…
Q: On September 1, 2020, Valdez Company reacquired 30,000 shares of its $10 par value common stock for…
A: The question is related to repurchase of treasury stock under cost method. In the given question the…
Q: The stockholders' equity of Bonita Industries at July 31, 2021 is presented below: Common stock,…
A: Formula: Dividend per share = Current market price on August 01, 2021 x Stock dividend rate
Q: Holiday Corporation had the following stockholders' equity amounts on their balance sheet on…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: On September 1, 2020, Coronado Industrids reacquired 29200 shares of its $10 par value common stock…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on…
A: Lets understand the basics. When issue of preferred stock is made the journal entry is required to…
Q: On December 31, 2020, Merlin Company had outstanding 400,000 shares of common stock and 40,000…
A: Calculation of Net Income available to common shareholders: Net Income available = Total Net Income…
Q: Book Corporation previously issued Common Stock that is still outstanding AND decided to issue…
A: The issuance of preferred stock is similar to the issuance of common stock, the…
Q: On January 1, 2020, the stockholders’ equity section of Skysong, Inc. shows common stock ($6 par…
A: We know that treasury stock is the stock which is purchase by the company from open market, it also…
Q: On January 1, 2020, Concord Corporation purchased 1,100 shares of treasury stock. Other information…
A: Formula for Return on common stockholder's equity: Return on common stockholder's equity = (Net…
Q: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the…
A: A stock dividend is a dividend payment to shareholders that is made in shares rather than as cash.…
Q: On December 31,2020, the shareholders' equity section of DEF, Inc. was [Ordinary Share Capital, par…
A: The retained earnings of the business includes the net income or loss earned, dividend declared,…
Q: On January 1, 2020, Geffrey Corporation had the following stockholders’ equity accounts. Prepare…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Following is stockholder’s equity section:
Q: Sandhill Company reported the following amounts in the stockholders' equity section of its December…
A: The retained earnings are increased by the net income earned during the period and is decreased with…
Q: On January 1, 2020, FAANG Corp. had the following equity accounts. Share Capital-Ordinary ($5 par…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Pharoah corporation issued $117000 shares of $19 par value cumulative, 7% preferred stock on…
A: Date Account title Debit Credit Cash $ 2,530,000 Preferred stock $ 2,223,000…
Q: An analysis of stockholders' equity of Hang Corporation as of January 1, 2020, is as follows: Common…
A: Solution: Cost per treasury share acquired = P75,000 / 2500 = P30 per share Additional paid in…
Q: Coronado Company reported the following amounts in the stockholders’ equity section of its December…
A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…
Q: On December 31, 2020 and 2021, Jimenez Corporation had 100,000 shares consisting of 90,000 shares…
A:
Q: On January 1, 2020, Frontier Corporation had $1,000,000 of common stock outstanding that was issued…
A: Given information is: Outstanding common stock = $10,00,000 Retained Earnings = $750,000 Net income…
Q: Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Larkspur Company reported the following amounts in the stockholders' equity section of its December…
A: Declared Dividend on common stock = rate of dividend * number of outstanding common stock Declared…
I need help with preparring a
Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000.
How do you calculate the Common Stock and "Paid-In" results?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?
- Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.
- Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73