Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: March 1: Issued 400,000 shares of stock at $9.75 per share June 15:  Purchased 10,000 shares of treasury stock for $9 per share Sept 1: Declared a cash dividend of 10-cents per share on common stock Sept. 15:  Record date for cash dividend Oct, 1:  Paid cash dividend Journalize the transactions

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

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

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: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

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: Carl Corporation has the following beginning balances in its stockholders' equity accounts on…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its fırst…

A: Journal Entries Date Particulars LF Debit ($) Credit ($) March 1 Cash / Bank (40,000 x 9.75)…

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

A: Working notes:  Jan 10 = 80,800 shares * $6 per share. = $484800  Jan 10 = 80,800 shares * $4 per…

Q: At the beginning of the current year, Relay Company was organized and authorized to issue 100,000…

A: Shareholders equity is the amount that the owner has invested in the business including retained…

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: Sweet Company’s outstanding stock consists of 2,000 shares of cumulative 4% preferred stock with a…

A: Dividend is the return on the investment which a shareholder expects. Dividend on preferred…

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

Q: Leone Co. had the following transactions during the current period. – Mar. 2 Issued 5,000 shares of…

A:

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: OSE Corporation's articles of incorporation provides for the issuance of 100,000 ordinary shares.…

A: The dividend is the distribution of the portion of profit earned by the company. The dividend is…

Q: ingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value…

A: journal entries: Date            particulars Debit Credit Mar 1 Cash [10,000 x $115] $1,150,000…

Q: Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…

A: Issue of shares is one of the important source of capital and finance being used by the business.…

Q: The entry to record the above transaction would include a a. debit to Cash for $85,000 b. credit to…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: On January 1, Larkspur, Inc. had 93,000 shares of no-par common stock issued and outstanding. The…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: Spring Company is authorized to issue 500,000 shares of $1 par value common stock. In its first…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…

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: CFAS Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: share premium account is created when there is the difference in the par value or face value of the…

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: Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par…

A: Journal Entries: Journal entries are the building blocks of accounting, which is the act of…

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: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: Green Planet Corp. has (a) 5,000 shares of cumulative 10% preferred stock with a $2 par value and…

A: Here green plant corp has paid cash dividend of $800 for year 1 and $1700 for year 2 But proper…

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

A: Dividend can be defined as the profit distribution done by a corporation to its shareholders, who…

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

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

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

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: At the beginning of the current year, BFAR Corp. was authorized to issue 100,000 shares with P50 par…

A: The retained earnings increases with revenue and decreases with losses during the period. The…

Q: Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000…

A: Stockholder's Equity - Stockholder's Equity is the section of the balance sheet that includes common…

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: OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3…

A: Total no. of common stock issued = 50,000 shares + 30,000 shares…

Q: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first…

A: Journal entry is the primary step to record transactions in the books of accounts. The total of…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…

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

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: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: Share premium is the amount received on issue of shares above par value.

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

A: Stockholders' equity= Equity share capital + retained earnings - treasury shares  Or  All assets -…

Q: At the beginning of the current year, Bella Company was organized and authorized to issue 100,000…

A: The shareholders' equity section displays all the capital, income or losses that belongs to…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Shares can be referred to as the small denominations of the share capital of a company. The shares…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

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

A: Common stock and Preferred stock are two type of shares issued by the companny. Any amount received…

Q: Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of…

A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…

Q: Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par…

A: When shares are issued , amount received in excess of par value will be credited to Paid in Capital…