E11-1 During its first year of operations, Mona Corporation had these transactions per- common taining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for cash at $7 per share. Instructions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par value of $1 per share. with a stated
Q: On January 1,2022, the stockholders equity section of concord corporation shows common stock ($5…
A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…
Q: During its first year of operations, Larkspur, Inc. had the following transactions pertaining to its…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Northwest Clothing Supply has the following transactions during the year related to stockholders'…
A: Total dividend declared = (no. of Common stock + no. of preferred stock) x dividend per share =…
Q: Stock 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued)…
A: Journalize the entries to record the May transactions. Date Account Title and Explanation…
Q: Bramble Corp. is authorized to issue both preferred and common stock. The par value of the preferred…
A: A journal entry is prepared by the company to record the non-economic & economic transactions of…
Q: E11-3 During its first year of operations, Foyle Corporation had the following transactions…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…
A: Date Account Titles and Explanatiion Debit $ Credit $ Feb. 1 Cash (19500*57) 1111500…
Q: Please help
A: a) Journal Entries: Date Account Journal Debit $ Credit $ Jan 10 Cash 104,000 Common…
Q: The 2009 December 31, trial balance of Yamey Corporation had the following account: Common stock…
A: Stockholders' equity represents the equity capital of the company held by the shareholders of the…
Q: Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the…
A: Company can issue two types of stock in the business. One is common stock and other is Preference…
Q: E11-11 The stockholders’ equity section of Haley Corporation at December 31 is as follows. HALEY…
A: "Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the…
A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…
Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…
A: Preferred stock is a type of stock on which a fixed amount of dividend is paid. These stockholders…
Q: On January 1, 20X5, Solace Medical Corp. (SMC) has 85,000 common shares outstanding. The following…
A: Weighted average number of shares outstanding is calculated using the time factor and the number of…
Q: On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per…
A: Paid in capital in excess of stated value = (Par value per share - Stated value per share) x No. of…
Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…
A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…
Q: 11-04: Ivanhoe Company had these transactions during the current period. June 12 Issued 86,500…
A: given that, 1) issued 86500 shares and par value per share = $1 2) issued 3100 shares of $103 par…
Q: P11-1B Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares…
A: The company may issue its common stock and preferred stock at par value, low par or more than par…
Q: E11-6 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and…
A: Requirement a:
Q: E11-6. Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on…
A: a) Given 100,000 shares were issued for $2,300,000 Therefore value per share = 2,300,000/100,000 =…
Q: Derek Corporation was organized on January 1, 2009. During its first year, the corporation issued…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: E11-1 During its first year of operations, Mona Corporation had these transactions per- taining to…
A: a. Record journal entries assuming common stock has par value of $5 period share as shown below:
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…
A: a.
Q: On January 1, Concord Corporation had 172000 shares of $10 par value common stock outstanding. On…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: E11-6 Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% pre- ferred stock on…
A: Preference shareholders are those shareholders who have preference in payment of capital and…
Q: Indigo Corporation is authorized to issue both preferred and common stock. The par value of the…
A: Journal entries Date…
Q: At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding.…
A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…
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: оттоn E11-2 Sagan Co. had these transactions during the current period. k and ck. Issued 80,000…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: E15-2B (L01) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was…
A: Common Stock & Preferred Stock The term “stock” refers to equity or ownership in a company.…
Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…
A: Journal entry: This is the first step to record accounts. It is written in the same order in which…
Q: On December 10, 2010, Smitty Corporation reacquired2,000 shares of its own $5 par value common stock…
A: At the time of reacquisition of 2,000 shares of its own $5 par value common stock at a priceof $60…
Q: E11-4
A:
Q: E10-2A. Share Issuances for Cash Finlay, Inc., issued 8,000 shares of $50 par value preferred stock…
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share.…
A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…
Q: On January 1,2022, the stockholders equity section of concord corporation shows common stock ($5…
A: Sale value of treasury stock=Number of shares×Value per share=11,000×$11=$121,000
Q: P11-1B Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares…
A:
Q: P11-2B The stockholders’ equity accounts of Warden Corporation on January 1, 2014, were as follows.…
A: Answer a:
Q: On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Dryer Company had 300,000 shares of common stock issued and outstanding at December 31, 2010. During…
A: Earnings per share is the amount of earnings available per common Stockholder. Formula: Earnings…
Q: The following selected acCounts appear in the ledger of Kingfisher Environmental Corporation on…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Before Gordon Corporation engages in the following treasury stock transactions, its general ledger…
A: SOLUTION- TREASURY STOCK = THIS IS TYPE OF SHARE THAT IS REPURCHASED BY THE ISSUER AND IS MOSTLY…
Q: P13-1C Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares…
A: Journal entries refers to posting of the transactions into the books of the company, then it is…
Q: Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of $5 par common stock…
A: The financial transactions are recorded in the book initially in the journal form.
E11-1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- 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.Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 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 interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.During 2012, Ponce Towers issued 30,000 additional shares of common stock on June 1 and 24,000 on November 1. The company earned 602,000 from continuing operations and 28,000 from another segment of the business that was discontinued during the year. Use your completed worksheet to prepare a computation of earnings per share for 2012. Erase any data in the Data Section that are not required for 2012. Save the solution for 2012 as EPS3 and print the results.The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.