On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for land worth $22,100. Prepare the February 1, 2020, journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Account Titles and Explanation Debit Credit Choose a transaction date…
A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms.…
Q: Whispering Winds Corporation purchased 3,800 shares of its $ 10 par value common stock for $250,800…
A: Cash paid on purchase = $250, 800
Q: On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22…
A: Accounting equation is based on the concept of double entry system where it assumes that each…
Q: a) Journalize the transactions for the month of April. (Assume that the company follows perpetual…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The following information is available for Stellar Company at December 31, 2020, regarding its…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On July 1, Raney Corporation purchases 500 shares of its $5 par value common stock for the treasury…
A: When treasury stock are purchased, the treasury stock is debited at the purchase price and cash…
Q: On November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020,…
A: Treasury shares means the share which has been buy back by the company . It will be shown as…
Q: On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a…
A: Treasury stock: Treasury stock is the shares that are bought back by the company itself. A company…
Q: Rip-Off Fuels Inc. is an operator of gas stations. On March 1, 2022, they issued subscriptions for…
A: The circumstance in which the allotted shares are canceled by the issuing firm due to non-payment of…
Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…
A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800
Q: The stockholders' equity accounts of Pina Company have the following balances on December 31, 2020.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred…
A: Stockholders equity section represents all the remaining value of assets after settling all the…
Q: In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had…
A: Debit all comes in and Credit all goes out Debit the receiver and Credit the giver Debit all…
Q: Concord Corporation issued 113,000 shares of $19 par value, cumulative, 7% preferred stock on…
A: Out of the profit earned by the business organizations, some of the profit is distributed to the…
Q: On May 10, Martinez Corp. issues 1,800 shares of $4 par value common stock for cash at $15 per…
A: The details regarding transaction is given. Required Journal Entry.
Q: The stockholders’ equity accounts of Sheridan Company have the following balances on December 31,…
A: The stock dividend is a method of capitalizing the retained earning.on the other hand a stock split…
Q: On January 1, 2020, Ivanhoe Corporation had $1,470,000 of common stock outstanding that was issued…
A: On January 1,2020 Ivanhoe corporation had 1470000 of common stock Calculating with option A) Par…
Q: Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock…
A: Treasury stock is those shares which are repurchased by the company from the open market.
Q: The following transactions were taken from the records of Marimar Company for you to prepare a…
A: Statement of equity shows the position of the funds which represents the balance of the shareholders…
Q: Can you help me to record journal entries for both of these events? On July 6, Nikosha's…
A: The answer is as fallows
Q: In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had…
A: Treasury stocks are repurchased shares of the company. The firm has the power to retire these shares…
Q: On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Barbie Corporation was formed on April 1, 2020. The general ledger accounts for the Barbie…
A: Share capital is the owner's contribution to the company for financing the assets. Share capital can…
Q: Q. question 2
A: Issued stock:Issued stock is the shares of a company that has been distributed to investors. These…
Q: the dusty corporation began business on January 1, 2020. the corporate charter authorizes issuance…
A: Journal entries are the entries to be recorded in the accounting of the business for all the…
Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Waterway Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock…
A: Amount paid on repurchase of treasury stock = 260 shares × $97 = $25220 Number of shares…
Q: In 2021, Poe's Products completed the treasury stock transactions described below. January February…
A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…
Q: Bonita Inc. has outstanding 10,400 shares of $10 par value common stock. On July 1, 2020,…
A: The Numerical has covered the concept of Treasury Stock. When a company purchased their own shares…
Q: 1. Homework Chapter 10
A: Dividends:This is the amount of cash distributed to stockholders by a company out its earnings,…
Q: On March 15, American eagle declares a quarterly cash dividend of $0.035 per-share payable on April…
A: >Dividends are the payment made to the stockholders (common stockholders and preferred stock…
Q: Maria Company originally issued 37,500 shares of $5 par common stock for $294,000 on January 3,…
A: Stock issued in excess of par value is recorded separately as "paid in capital in excess of par…
Q: Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for…
A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…
Q: On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per…
A: Given: No. of shares issued = 4000 Stated value per share = $1 Issue price per share $6 Amount of…
Q: The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31,…
A: Company means a form of business where the share holder invest money in business in form of shares…
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par…
A:
Q: Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During…
A: Treasury stock: When a company repurchases its common stock issued earlier from the stock holders,…
Q: Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe…
A: Cost Method of Treasury Stock - Under Cost method of recording treasury stock, shares purchased by…
Q: On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62…
A: Dividend: dividend alludes to an award, cash, or something else, that an organization provides for…
Q: On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for…
A: Purchase of shares for trading purposes is to be accounted as per Fair value through Profit or loss…
Q: Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for…
A: Total amount received from issue of common stock = No. of common shares issued x Issue price per…
Q: On January 1, 2020, Waterway Corporation purchased 40% of the common shares of Wildhorse Company for…
A: Solution: Journal Entries S. no. Account title and explanation Debit Credit 1) Investment…
Q: Oriole Corporation is authorized to issue 1.000,000 shares of $1 par value common stock. During…
A: Paid in capital in excess of par value = Cash received - Total par value of shares issued Cash…
Q: Midwest Bank invests in equity securities. At the beginning of December 2019, the bank held no…
A: The following are journal entries to record the purchase of equity securities in cash: Investment in…
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 240,000 shares of no-par…
A: Cash received on issue of Common stock = 240,000*$12 per share = $2,880,000 Cash received on issue…
Q: On June 30, the board of directors of Sandals, Inc., declares and pays a 100% stock dividend on its…
A: Large stock dividend: A stock dividend is considered to be large if new shares issued as stock…
On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for land worth $22,100.
Prepare the February 1, 2020,
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.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?The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
- 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?Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.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.Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?
- 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.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.Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.