Hi, I need help making a journal entry. Sept. 1 ,2019: Joe issued himself 5,000 shares of Tucker Boats, Inc common stock (no par) at a price of $20 per share. Joe transferred $100,000 cash from his personal bank account and deposited it in a checking account in the name of Tucker Boars Inc. Sept. 28,2019: Joe and his wife, who are vice-president of Tucker Boats, constitute the board of directors. They met and declared a $.30 per share cash dividend, to be paid on March 15, 2014. Would there be a journal entry for Sept. 28, 2019? If so, what would it look like?
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Hi, I need help making a
Sept. 1 ,2019: Joe issued himself 5,000 shares of Tucker Boats, Inc common stock (no par) at a price of $20 per share. Joe transferred $100,000 cash from his personal bank account and deposited it in a checking account in the name of Tucker Boars Inc.
Sept. 28,2019: Joe and his wife, who are vice-president of Tucker Boats, constitute the board of directors. They met and declared a $.30 per share cash dividend, to be paid on March 15, 2014.
Would there be a journal entry for Sept. 28, 2019? If so, what would it look like?
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- . Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity. The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 400,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,480,000. ii) The company sold $110,000 shares of common stock with $1 par value. iii) Issued $24,000 shares of $14 par value preferred stock. Shares were issued at par. iv) Earned net income of $1,000,000 v) dividend declared and paid – $0.15 per share…On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2019 for their fair value of $28,000. How does Charity Z report these events on a statement of cash flows? Select one: a.As a $28,000 cash inflow from an investing activity. b.As a $28,000 cash inflow from an operating activity. c.As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity. d.As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity.In 2019 the company Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information: The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: Jewelers purchased a piece of land from the original owner. In payment for the land, Jewelers issues 410,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,560,000 2. The company sold 155,000 shares of common stock with $1 par value. 3. Issued 25,000 shares of $19 par value preferred stock. Shares were issued at par. 4. Earned net income of $ 880,000 5. Dividend declared and paid - $0.15 per share on common stock 6.…
- In 2019 the company Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information: The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: Jewelers purchased a piece of land from the original owner. In payment for the land, Jewelers issues 410,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,560,000 2. The company sold 155,000 shares of common stock with $1 par value. 3. Issued 25,000 shares of $19 par value preferred stock. Shares were issued at par. 4. Earned net income of $ 880,000 5. Dividend declared and paid - $0.15 per share…In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 190 million shares of its $1 par common stock at $36 per share. Required:Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 2, 2021, Borland reacquired 12 million shares at $34.50 per share. On March 3, 2021, Borland reacquired 12 million shares at $38 per share. On August 13, 2021, Borland sold 1 million shares at $44 per share. On December 15, 2021, Borland sold 2 million shares at $38 per share.February 20, 2021: Lee Remington purchased 100 shares of Oak Corp. stock for $40 a share. April 7, 2021: Lee sold 50 shares of Oak Corp. stock for $30 a share. April 24, 2021: Lee purchased 25 shares of Oak Corp. stock for $35 a share. What is the basis of the 25 shares purchased on April 24, 2021 * Explain in Full detail.
- In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 165 million shares of its $1 par common stock at $27 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January 2, 2021, Borland reacquired 12 million shares at $25.50 per share. 2. On March 3, 2021, Borland reacquired 12 million shares at $29 per share. 3. On August 13, 2021, Borland sold 1 million shares at $35 per share. 4. On December 15, 2021, Borland sold 2 million shares at $29 per share. View transaction list Journal entry worksheet 1 2 3 Record the reacquisition of 12 million shares at $25.50 per share.Your supervisor has asked you to research his client’s stock transaction to ensure it is treated correctly on their tax return. She has outlined two major issues she would like you to find answers for. Using the Internal Revenue Code and other valid sources, write a short memo to answer her questions. To: CPA Boss From: CPA Candidate Re: XYZ Stock Fiasco Date: April 10, 2022 Facts: Jack and Sally own 1,000 shares of XYZ stock. They originally purchased the stock on August 7, 2008, for $20/share. On March 12th they sold all 1,000 shares of XYZ for $10/share. On April 1, 2021, Jack heard that XYZ’s stock price was going to skyrocket and purchased 1,000 new shares of XYZ for $13/share. 1. Can the taxpayers claim a capital loss on the XYZ stock they sold? If so, how much may they deduct on their 2021 return? 2. What is their basis and holding period of the stock purchased?Dr. Smith started Biotech Inc. (BTE). on October 1, 2020. On October 1, 2020, BTE issued 100 common shares to Dr. Smith in exchange for $10,000 in cash. Also, the following events occurred in December 2020. a) On December 1, 2020, BTE borrowed $1,200,000, 5-year loan, bearing 7% interest. b) On December 10, 2020, BTE issued 1000 preferred Class A shares to investors for $600 each. The articles of incorporation (charter) disclosed that the Class A, non-cumulative preferred shares had a stated vahue of $ 250 per share. c) On December 28, 2020, BTE declared and paid a 5% stock dividend on the common shares. The market value of the common shares before the announcement of the stock dividend was $ 850 per share. d) On December 30, 2020, BTE paid a dividend to the common shareholders of record of $50 per share. Required: Please prepare the necessary joumal entries for the above transactions above as well as any adjusting entries required at the year-end date December 31, 2020. Narratives are…
- The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked you to prepare the company’s journal entries and statement of owner’s equity based on the following information. Issued 45,500 shares of common stock. Stock has par value of 0.30 per share and was issued at $30 per share. Issued 8, 000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $400,000.00 and a building with an appraised value of $650,000.00. Earned Net income $650,000.00. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare the…Ayayai Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Ayayai and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2021, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $34,970 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,970 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Ayayai’s cash flow problems are due primarily to the company’s desire to finance a $300,080 plant expansion over the next 2 fiscal years through internally generated funds.The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years. Ayayai CorporationBalance SheetMarch 31 Assets 2021 2020 Cash $18,120 $12,410…Mike, who is a person, who works as a car salesman is also trades in the stock market. In 2020, he had the following stock transactions: Asset Number Asset Date Bought and Price Date Sold and Price 1 50 Shares of IBM Stock 4/23/2014 for $5000 3/05/2018 for $7,000 2 20 Shares of Mitsui Bank 04/06/2018 for $9,000 07/06/2018 for $6,500 3 500 Newmont Mining 05/24/2016 for $7,500 07/09/2018 for $3,500 4 140 Shares of ExxonMobil 03/06/2018 for $7,000 09/20/2018 for $9,000 5 200 Shares of Scams R Us 03/16/2017 for $8,000 03/16/2018 for $1,000 Using the chart below complete the gains and losses and determine the overall gain and loss (10PTS) Asset Number Long Term or Short Term Total Gain/Loss Tax Rate (if Gain) 1 2 3 4 5…