prepare journal
Q: On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3,…
A: Gain or loss on sale of Treasury stock is adjusted to Paid-in Capital from sale of Treasury stock
Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…
A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…
Q: Assume that Bennington Corporation has 2,000,000 shares of $1 par value common stock issued and…
A: No journal entry is made for stock split.
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: Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2,…
A: Required journal entry:
Q: Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was…
A: A stock split is a decision by a company's board of directors to increase the number of shares that…
Q: Journalize the following selected transactions completed during the current fiscal year: Mar. 24 The…
A: No. of shares issued under stock dividend = Number of outstanding shares x 5% = 500,000 shares x 5%…
Q: On October 31, the stockholders' equity section of Sheridan Company consists of common stock…
A: No. of shares issued under stock dividend = No. of shares outstanding x stock dividend rate = 33500…
Q: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its…
A: When common stock is issued at price higher the par value , then we need to debit cash as cash is…
Q: Bogscraft Company has outstanding 60,000 shares of $10 par value common stock and 25,000shares of…
A: The dividend must be declared before it gets paid. The board of directors must pass motion for…
Q: On October 31, the stockholders' equity section of Sheridan Company consists of common stock…
A: Stockholder's equity: It is also known as the balance of assets available to shareholders after…
Q: Prepare entries to record the following selected transactions completed during the current fiscal…
A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…
Q: A corporation had 400,000 shares of common stock outstanding before a stock split occurred, and…
A: Stock- split is a decision taken by firm to increase the number of shares for the outstanding shares…
Q: Journalize the transactions of May 27, August 3, and November 14.
A: Here are the journal entries in the books of Buzz Off Inc
Q: The following note related to stockholders’ equity was reported in Wiebold, Inc.'s annual report.…
A: a.
Q: On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a…
A: Journal entries should not be used to record routine transactions such as customer billings and…
Q: On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3,…
A: Treasury stock: A treasury stock means stock which is bought back by the issuing company from the…
Q: Earnestine, Kepplinger & Co. began a new public corporation. The corporation’s common shares have no…
A: Issuance of shares: When the company needs capital, it issues shares. Generally, this issuance would…
Q: On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…
A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000
Q: Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique…
A: Given: Outs standing share = 820,000 Stock dividend = 5% Market price on June 8 = $63
Q: On December 31, 20x2, Preacher, Inc. had 500,000 ordinary shares outstanding. The following…
A: For computing the basis EPS we have to determine the number of ordinary shares outstanding at…
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Board of Directors of Reeves Corporation, a caterpillar dealership, based in Lynn, declared a…
A: Solution a: The number of shares outstanding after the split = Shares before split * 4 = 100000 * 4…
Q: Hanmi Financial Corporation is the parent company of Hanmi Bank. The company’s stock split was…
A: Stock Splits: It is a method of increasing the total number of outstanding shares thereby, reducing…
Q: Journalize the following selected transactions completed during the current fiscal year: Jan. 3…
A: Share split means when one share of the company is split into some number of shares, then it will…
Q: prepare entries to record the following selected transactions completed during the current fiscal…
A: Stock split is the reduction in the par value of the stock which results in increase in the number…
Q: Journalize the following selected transactions completed during the current fiscal year: Mar. 24…
A: No. of shares issued under stock dividend = Number of outstanding shares x 5% = 500,000 shares x 5%…
Q: Gang company issued 1,000,000 shares of common stock. Of these 150,000 shares were held as treasury…
A: No. of shares issued means shares issued by the company including the shares purchased by the…
Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…
A: Financial statements are the recording of business transactions in the various statements which are…
Q: Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro-…
A: Definition: Stock dividends: Stock dividends are the number of shares issued by a company to the…
Q: On October 31, the stockholders' equity section of Crane Company's balance sheet consists of common…
A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…
Q: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large…
A: Small stock dividend A small stock dividend is distribution of 25 percent or less outstanding…
Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…
A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…
Q: Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna…
A: Stock Dividend: 'Stock dividend' is a dividend paid in the form of stocks. The stock dividend does…
Q: Bogscraft Company has outstanding 65,500 shares of $10 par value common stock and 26,100 shares of…
A: Journal entries are defined as reporting of transaction into the books of accounts and it is…
Q: On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On…
A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…
Q: On September 1, Ziegler Corporation had 56,000 shares of $5 par value common stock, and $168,000 of…
A: The facts mentioned in the question are as follows: Ziegler Corp has 56,000 shares at $5 par value…
Q: On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On…
A: The question s based on the concept of Financial Accounting.
Q: On June 5, Belen Corporation reacquired 3,300 shares of its own common stock at $45 per share. On…
A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…
Q: During May, Deckers Outdoor Corporation announced a 3-for-1 stock split. This brought the number of…
A: When a firm divides the old shares of its stock into multiples to increase the liquidity of stock…
Q: Journalize the transactions of February14, March 5, and June 2.
A:
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: The question is based on the concept of Financial Accounting.
Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…
A: . Treasury stock implies the stock previously issued which is repurchased by a company. Treasury…
Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…
A: The treasury stock includes the own shares of the company that are repurchased from the…
The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
prepare journal
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Nutritious Pet Food Companys board of directors declares a 2-for-1 stock split on June 30 when the stocks market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). What is the new par value of the shares and how many shares are outstanding after the split?Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
- EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.
- Aggregate Mining Corporation was incorporated five years ago. 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. It has issued only 50,000 of the common shares and none of the preferred shares. In its seventh year, the corporation has the following transactions: Journalize these transactions.Aggregate Mining Corporation was incorporated five years ago. 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. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Journalize these transactions.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.
- Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.Assume that Lily Corporation has outstanding 1,500 shares of 150 par callable preferred stock that were issued at 175 per share, and that no dividends are in arrears. If the call price is 185 per share, what journal entry will Lily make to record the recall of these shares?Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?
