If a corporation issues 6,000 shares of $5 par value common stock for 89,000 the journal entry would include a credit to -common stock for 59,000 -common stock for 89,000 -paid in capital in excess of Pat common for 89,000 -paid in capital in excess of Pat common for 59,000
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: A cash dividend is the distribution of funds or money to shareholders normally from the…
Q: The League Corporation is authorized to issue 100,000 shares of Ordinary Share Capital with a par…
A: Journal entries are the modern accounting method in which all business transaction recorded in a…
Q: The charter of a corporation provides for the issuance of 95,106 shares of common stock. Assume that…
A: The 3,554 shares reacquired are called treasury shares. Treasury shares are not entitled to…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: Given: Charter state issuance of common stock =100000Shares originnaly issued =40000Shares…
Q: A corporation is authorized to issue 15,000 ordinary shares with a par value of P 100 per share.…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: dividend is paid on shares which are outstanding that is shares issued minus shares reacquired on…
Q: When a company issues 36,000 shares of $4 par value common stock for $40 per share, the journal…
A: The journal entry of share issuance requires a debit to cash account and credit to share capital…
Q: The charter of a corporation provides for the issuance of 10,000 shares of common stock. Assume that…
A: Formula: Cash dividends = Number of outstanding shares x Dividend per share. Multiplying dividend…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: The dividend will not be paid for reacquired shares/treasury shares
Q: What is the effect on the corporation's revenue of the period? What is the effect on stockholders'…
A: Treasury Stock: Treasury stock refers to the stock that a company repurchases its own issued stock…
Q: Accounting Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It is…
A: Accordi9ng to the given question, we are required to compute the company's book value per common…
Q: A corporation has 65,539 shares of $18 par value stock outstanding that has a current market value…
A: Formulas: Out standing share = Number of shares * Split ratio
Q: The League Corporation is authorized to issue 100,000 shares of Ordinary Share Capital with a par…
A: Journal Entry :- The purpose of preparing the journal entry to segregate the transaction which are…
Q: The Corporation shareholders’ equity section of the Statement of Financial Position includes the…
A:
Q: The charter of a corporation provides for the issuance of 113,026 shares of common stock. Assume…
A: Dividends are paid on the Shares outstanding, not on shares issued. Shares outstanding = 37,231 -…
Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Common Stock will be…
A: Formula: PAR value of common stock = PAR value x Shares issued
Q: A Corporation has 6,000 shares of P100 par value Ordinary Share Capital and reacquires 1,000 shares…
A: Treasury stock: Shares which are bought back by the company from the open…
Q: The charter of a corporation provides for the issuance of 104,571 shares of common stock. Assume…
A: Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its…
Q: The charter of a corporation provides for the issuance of 95,000 shares of common stock. Assume that…
A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…
Q: What is the number of shares outstanding?
A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…
Q: The charter of a corporation provides for the issuance of 104,020 shares of common stock. Assume…
A: The charter of a corporation provides maximum numbers of shares that can be issued by the…
Q: Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $5 par…
A: According to the given question, we are required to prepare the statement of accounting equation…
Q: If Common Stock is $10 par value , 140,000 shares are authorized, and 60,000 shares , if the…
A: Cash dividend payable = $2 x 60,000 = $120,000
Q: A corporation has 4,000 shares of 10% noncumulative non participating preference shares outstanding,…
A: The total dividends would be first apportioned to preference shareholders and any remaining amount…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: Calculate the outstanding shares as follows: Outstanding shares = Total shares - reacquired shares…
Q: The charter of a corporation provides for the issuance of 105,000 shares of common stock. Assume…
A: Given that, number of shares originally issued = 63000 shares number of shares reacquired = 12600
Q: A corporation has 45,000 shares of $23 par value stock outstanding. If the corporation issues a…
A: Stock split means when one share of the company will split or break into more number of shares. 3…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: Formula: Shares outstanding = Shares issued - shares reacquired. Shares reacquired gets deducted…
Q: The Corporation shareholders' equity section of the Statement of Financial Position includes the…
A: Lets understand the basics. When any person is donated shares then it needs to treat as treasury…
Q: A corporation has 20,000 ordinary shares issued, par value P30, and reacquires 4,000 shares at P40…
A: Issue of common stock is considered as the method of raising finance and reacquisition of the stock…
Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…
A: Journal entry: A journal entry is one of the financial statements which is used to record…
Q: What is the number of shares outstanding?
A: Share Outstanding: = Issued shares- reacquired shares. Even if charter provides for 136,000 shares…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: Number of shares outstanding are computed by deducting the number of shares reacquired from total…
Q: A corporation issues 6,000 shares of $5 par value commonstock for $8 cash per share. The entry to…
A: Cash received = 6,000 shares x $8 per share = $48,000.
Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares…
A:
Q: Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $30 par…
A: A Journal entry is used to record a business transaction in the accounting records of a business. In…
Q: on may 15, the simple corporation issued 6,000 common shares of $8 par value stock for land valued…
A: Hi student Since no requirement is mentioned, it is assumed that it is to be identified that whether…
Q: The charter of a corporation provides for the issuance of 118,000 shares of common stock. Assume…
A: Formula: Amount of cash dividends to be paid = No. of shares issued and outstanding x Dividend per…
Q: Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a stated value of $10…
A: When shares has no face value but are having a stated value then common stock account should be…
Q: A corporation issues common stock with a $5 stated value. Its Common Stock account has a balance of…
A: Here stated value is the Nominal value or par value at which shares are issued. Number of shares…
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume…
A: Dividend is the amount of return paid to shareholders of a company.
Q: A corporation issues 4,500 shares of common stock for $144,000. The stock has a stated value of $19…
A: Definition:
Q: A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share.…
A: When shares are sold by a corporation in excess of par, cash is received and an increase in cash is…
Q: The charter of a corporation provides for the issuance of 111,000 shares of common stock. Assume…
A: Stock: A kind of investment that are made by the investors, in order to get more returns is…
Q: A corporation has issued 50,000 shares of $100 par common stock and holds 6,000 of these shares as…
A: Dividend - Dividend is the sum of the amount of profit distributed by the company to its common…
Q: A corporation has 50,000 shares of $25 par stock outstanding. If the corporation issues a 3-for-1…
A: Number of shares outstanding after the split = No. of shares outstanding x split ratio
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cashMacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- A corporation issues 5,000 shares of $1 par value stock for some equipment with a clearly determined value of $10,000. Prepare the journal entry to reflect this transaction.A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stockOutstanding 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.
- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.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.Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.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.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.