Required information [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $480,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $63 cash per share. Reacquired 33,000 shares at $58 cash per share. Reissued 14,000 shares from treasury for $59 per share. Reissued 14,000 shares from treasury for $57 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal En Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $63 per share.. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal

Required information [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $480,000 of net income and declared no dividends; the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $63 cash per share. Reacquired 33,000 shares at $58 cash per share. Reissued 14,000 shares from treasury for $59 per share. Reissued 14,000 shares from treasury for $57 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal En Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $63 per share.. Note: Enter debits before credits Transaction Record entry General Journal Clear entry Debit Credit View general journal

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: Total Contributed Capital Total GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Stockholders' Equity
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a.