On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1   Issued 25,000 additional shares of common stock for $17 per share. June 15   Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10   Paid the $1 cash dividend. Dec. 1   Issued 2,000 additional shares of common stock for $19 per share.   15   Declared a cash dividend on outstanding shares of $1.2 per share to stockholders of record on December 31. (a) Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually

Q: Ahnberg corporation had 760,000 shares of common stock and issued and outstanding at january 1. no…

A: Earnings per share (EPS):   The amount of net income available to each shareholder per common share…

Q: In Draco Corporation’s first year of business, the following transactions affected its equity…

A: Given information is: ∙ Issued 4,000 shares of $2 par value common stock for $18. It authorized…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: Given, 1,000,000 common shares (stated value of $0.25) issued at $1.20 10,000 preferred shares (par…

Q: Grouper Corporation began operations on April 1 by issuing 54,000 shares of $5 par value common…

A: Common stock alludes to stock in a corporation held by people having the right to participate in the…

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 84,000…

A: Prepare the journal entry to record the issuance of stock during the year: Accounts title and…

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: Please help

A: a) Journal Entries:   Date  Account Journal Debit $ Credit $ Jan 10 Cash 104,000     Common…

Q: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

A: A treasury stock means a reacquired stock which is repurchased by the organization or company,…

Q: Axle Corporation had 800,000 shares of common stock issued and outstanding at January 1. No commons…

A: Diluted Earning Per Share: The diluted earnings per share (diluted EPS) of a corporation is…

Q: On June 1, a board of directors declared a $3 per share cash dividend, payable on June 30 to all…

A: Total amount of dividend = No. of shares issued and outstanding x dividend per sahre = (1000 shares…

Q: Read & Learn Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: Number of Preferred Stock outstanding on 15th December = 1,000,000 shares Therefore, Number of…

Q: On January 1, Oriole Corporation had 83000 shares of $10 par value common stock outstanding. On June…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

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: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Answer 1) Account Titles and Explanation  Debit  Credit Dividends  $      1,20,000…

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000…

A: The company issues preferred and common securities to raise capital. A fixed dividend is paid on…

Q: On January 1, Sheffield Corp. had 56,600 shares of no-par common stock issued and outstanding. The…

A: Dividend is payable on No. of outstanding shares.

Q: Italian Stallion has the following transactions during the year related to stockholders' equity. 1…

A: Total dividend declared = Dividend per share x (No. of common stock + No. of preferred stock) =…

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: The journal entry to record the purchase of the treasury shares on February 1 would include a

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding.…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: On January 1, Pharoah Company had 64,500 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: At the beginning of the year, a company has issued a total of 500,000 shares of common stock,…

A: Introduction: Retained earnings: Retained earnings refer to the income residing in the business…

Q: Green Thumb, Inc. had 18,000 shares of common stock outstanding on January 1. An additional 6,000…

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Dividend: It is the distribution of profit earned by a company its common stock shareholders. In…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Dividend declared would be paid on no. of outstanding shares only.

Q: On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at…

A: Common stock and preference stock are two types of stock issued by a company. When company receives…

Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…

A: The question asks for accounting for stockholders' equity in the company's books.  The journal…

Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par…

A: Solution: stockholders’ equity section of incentive corporation is as under:

Q: On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and…

A: On february 1,vermont purchased treasury stock for $ 24 and on march 1 it sold treasury stock for…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: 1) Date Account Journal  Debit $ Credit $ 1 Dividend - Preferred stock 280,000     Dividends…

Q: Please help

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and…

A: A journal entry is used to record a business arrangement in a company's accounting records. A…

Q: On January 1, the company had 150,000 common shares outstanding. During the year, the following…

A: On January 1, the company had 150,000 common shares outstanding. During the year, the following…

Q: On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…

Q: Required:   Prepare journal entries to record the preceding treasury stock transactions for West…

A: Under the cost method, the treasury stock is recorded at the repurchased cost. When treasury stock…

Q: Bramble Corporation is authorized to issue both preferred and common stock. The par value of the…

A: Solution: Preferred stock Date Explanation Ref. Debit Credit Balance 1-Feb     $1,050,000.00…

Q: Milo Co. had 795,000 shares of common stock outstanding as of January 1. On May 1, they issued…

A: Firstly, we shall calculate the Shares that were outstanding during the year and the Months for…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: Retained earnings = net income - dividend = 82000-31000 = $51,000

Q: On January 1, Year 1, a company had the following transactions: Issued 10,000 shares of $2 par…

A: Stock Dividends: It refers to the payment of dividends by a company to its existing shareholders, in…

Q: Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued…

A: Formulas: Weighted average number of shares = Actual shares out standing * Fraction of year…

Q: PickApart Arts, Inc., had earnings of $398,000 for the year. The company had 44,000 shares of common…

A: It is the income which is available to the common shareholders per share after giving preferred…

Q: Junkyard Arts, Inc., had earnings of $446,400 for the year. The company had 54,000 shares of common…

A: Junkyard earnings = $ 446400 Common stock outstanding = 54000 shares Number of preferred stock =…

Q: Orson Company reports the following transactions relating to its stock accounts in the current year.…

A: Orson Company have purchased and sold common stock , preferred stock, ,treasury stock and there is…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.