On June 1 a new company issued 100,000 shares of $1 par value common stock for cash at $5 per share.   On June 10 the same new company issued 50,000 shares of $1 par value common stock for cash at $7 per share.   On July 3 this company repurchased 20,000 shares of its $1 par value common stock with cash at $10 per share.   On September 1 this company announced cash dividends of 20¢ per share to all common stock outstanding, payable on September 30.  The ex-dividend date is September 13 and the record date is September 17.   What is the amount of dividends paid on Sept. 17?

Q: Instructions: prepare the journal entries on above transactions.

A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…

Q: Elroy Corporation repurchased 3,600 shares of its own stock for $30 per share. The stock has a par…

A: Total amount of Treasury stock purchased = No. of stock Purchased * Amount per stock = 3600*$30 =…

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

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

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

Q: Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common…

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

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

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

A: 1. Stock Dividend: In this Dividend company issue additional shares to the existing shareholders…

Q: (A) BBS corporation had the following transactions during the current period. March 2 - Issued 5,000…

A: Solutions: Transaction General Journal Debit Credit 02-Mar Organization expense 53000…

Q: Elroy Corporation repurchased 1,100 shares of its own stock for $55 per share. The stock has a par…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On January 1, 2010, the stockholders’ equity section of Nunez Corporation shows: Common stock ($5…

A: Journal: Recording of a business transactions in a chronological order.

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: Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6…

A: Increase in assets should be debited. Increase in expense should be debited. Increase in equity…

Q: On January 1, Riverbed Corp had 62,300 shares of no-par common stock issued and outstanding. The…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Bernard Corporation has the following shares outstanding: 8,000 shares of $50 par value, six percent…

A: Dividend on common stock = no. of shares x Dividend per share = 50,000 shares x $2.20 per share =…

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: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,800…

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

Q: 20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On…

A: Treasury stocks are issued when a company repurchases /buyback it's own shares.  When a company…

Q: Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000…

A: Retained earnings = Net Income - Dividend paid = $60,000 - $30,000 = $30,000

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A: Paid-in capital is the amount which was received from the general shareholders in exchange of the…

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

A:

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: On September 10th, Grape Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…

A: When the shares are issued at a higher price than the face value, Are Issued at Premium.

Q: Elroy Corporation repurchased 3,300 shares of its own stock for $55 per share. The stock has a par…

A: Solution Given Number of repurchased shares 3300 Repurchase price $55 Number of…

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: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Preparing journal entries for treasury stock:

Q: On July 1, Blue Spruce Corp. purchases 550 shares of its $5 par value common stock for the treasury…

A: Cost of treasury stock = 550 shares*$9 Cost of treasury stock = $4,950   Cash received on sale of…

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: Elroy Corporation repurchased 4,000 shares of its own stock for $50 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

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

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A: >Stock can be issued at any price over its par value to the prospective stockholders.>If…

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A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

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A: Common Shares issued and outstanding at the time declaring Dividend on April 1   94000 shares +…

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A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…

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A: Treasury shares are those shares which are being reacquired or repurchased by business from its…

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

A: Whenever business issues common stock, then par value of the stock is credited to capital account…

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: Simon Corporation is authorized to issue 4,000,000 shares of P4 par value ordinary shares. The…

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A: Journal entry is defined as the book of accounts which records or maintain the transactions of the…

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

A: Journal entries are used to record the transactions of business in a chronological order.

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

Q: Concord Co. had the following transactions during the current period. Issued 4,200 shares of $5 par…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

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: On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as…

A: Working notes:

Q: Please show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: Kingbird, Inc. had the following transactions during the current period. Mar. 2   Issued 4,400…

A: Journal entries means an entry that are recorded in journal of the company for business…

Q: Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

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