1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016,...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016, at $30 per
share.
426,000 shares of $90 par value, 10.00% cumulative, preferred
stock were authorized, and 130,000 shares were issued on January 1,
2016, at $133 per share.
Net income for the years ended December 31, 2016, 2017, and
2018, was $4,680,000, $7,040,000, and $9,160,000,
respectively.
No dividends were declared or paid during 2016 or 2017.
However, on December 17, 2018, the board...
Concord Corporation is authorized to issue both preferred and
common stock. The par value of the...
Concord Corporation is authorized to issue both preferred and
common stock. The par value of the preferred is $50. During the
first year of operations, the company had the following events and
transactions pertaining to its preferred stock. Feb. 1 Issued
52,500 shares for cash at $53 per share. July 1 Issued 70,000
shares for cash at $59 per share.
Journalize the transactions.
Post to the stockholders’ equity accounts. (Use T-accounts.)
Newly formed S&J Iron Corporation has 83,000 shares of $5
par common stock authorized. On March...
Newly formed S&J Iron Corporation has 83,000 shares of $5
par common stock authorized. On March 1, 2016, S&J Iron issued
10,000 shares of the stock for $10 per share. On May 2 the company
issued an additional 21,500 shares for $21 per share. S&J Iron
was not affected by other events during 2016.
Required
a.
Record the transactions in a horizontal statements model. In the
Cash Flow column, indicate whether the item is an operating
activity (OA), investing activity...
1. The company is authorized to issue 7,920,000 shares of $10
par value common stock. As...
1. The company is authorized to issue 7,920,000 shares of $10
par value common stock. As of December 31, 2017, 1,980,000 shares
had been issued and were outstanding. 2. The per share market
prices of the common stock on selected dates were as follows. Price
per Share July 1, 2017 $20.00 January 1, 2018 21.00 April 1, 2018
25.00 July 1, 2018 11.00 August 1, 2018 10.50 November 1, 2018 9.00
December 31, 2018 10.00 3. A total of 720,000...
In January 2018, Gardner Corporation was authorized to issue
100,000 shares of $10 par value common...
In January 2018, Gardner Corporation was authorized to issue
100,000 shares of $10 par value common stock and $50,000 shares of
$80 par, 4 percent, preferred the journal entries for the following
transactions:
a) March Issued 25,000 shares of common stock for $21 per share
for cash.
date
Description
Debitt
Credit
b) March 1 Issued 5,000 shares of preferred stock for $90 per
share for cash.
Date
Description
Debit
Credit
c) June 1 Purchased 400 shares of common stock as...
Sheffield Corporation is authorized to issue 23,000 shares of
$50 par value, 10% preferred stock and...
Sheffield Corporation is authorized to issue 23,000 shares of
$50 par value, 10% preferred stock and 125,000 shares of $5 par
value common stock. On January 1, 2020, the ledger contained the
following stockholders’ equity balances.
Preferred Stock (11,500 shares)
$575,000
Paid-in Capital in Excess of Par—Preferred Stock
67,000
Common Stock (62,000 shares)
310,000
Paid-in Capital in Excess of Par—Common Stock
650,000
Retained Earnings
280,000
During 2020, the following transactions occurred.
Feb.
1
Issued 2,000 shares of preferred stock for...
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common. As of the beginning of 2018,
200 shares of preferred stock and 2,800 shares of common stock have
been issued. The following transactions affect stockholders’ equity
during 2018: March 1 Issue 1,000 shares of common stock for $30 per
share. May 15 Purchase 600 shares of treasury stock for $23 per
share. July 10 Reissue 100 shares of treasury stock purchased on
May 15...
Carp Corporation is authorized to issue 2,000,000 shares of $1
par value common stock. During 2018,...
Carp Corporation is authorized to issue 2,000,000 shares of $1
par value common stock. During 2018, the company has the stock
transactions listed below. Journalize the transactions for Carp
Corporation in spaces provided below.
Jan. 15 Issued 700,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the
treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to the remaining
stockholders of record on December 20, payable January 3,...
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common. As of the beginning of 2021,
390 shares of preferred stock and 4,900 shares of common stock have
been issued. The following transactions affect stockholders’ equity
during 2021:
March
1
Issue 2,000 shares of common stock for $51 per share.
May
15
Purchase 490 shares of treasury stock for $44 per share.
July
10
Resell 290 shares of treasury stock purchased on May 15...
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par
preferred and $0.01 par value common. As of the beginning of 2018,
330 shares of preferred stock and 4,300 shares of common stock have
been issued. The following transactions affect stockholders’ equity
during 2018:
1. Record each of these transactions.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
March 1 Issues 1,400 shares of common stock for $45 per
share....