Hart Corporation purchased 350,000 shares of the outstanding
common voting stock of Gotti Corporation on January...
Hart Corporation purchased 350,000 shares of the outstanding
common voting stock of Gotti Corporation on January 2, 2021, at a
cash cost of $8.00 per share as a short-term investment. At the
date of purchase Gotti Corporation had outstanding 1,000,000 shares
of common stock (par $1). At year end, December 31, 2021, Gotti
reported net income of $200,000 and declared and paid a $50,000
cash dividend. The December 31, 2021, the market value of Gotti's
stock was $7.50. Give the...
Hart Corporation purchased 350,000 shares of the outstanding
common voting stock of Gotti Corporation on January...
Hart Corporation purchased 350,000 shares of the outstanding
common voting stock of Gotti Corporation on January 2, 2021, at a
cash cost of $8.00 per share as a short-term investment. At the
date of purchase Gotti Corporation had outstanding 1,000,000 shares
of common stock (par $1). At year end, December 31, 2021, Gotti
reported net income of $200,000 and declared and paid a $50,000
cash dividend. The December 31, 2021, the market value of Gotti's
stock was $7.50. Give the...
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding....
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding. On the same date the
corporation’s board of directors declares a 12% stock dividend to
be issue on March 2, 2020. On the declaration date, the
corporation’s common stock fair market value is $4. On declaration
date, the corporation will record: *
Debit Stock Dividend $144,000
Debit Stock Dividend $192,000
Credit Stock Dividend $144,000
Credit Stock Dividend $192,000
A Company has 30,000 shares of...
Blossom Corporation had 120,000 common shares outstanding on
December 31, 2016. During 2017, the company issued...
Blossom Corporation had 120,000 common shares outstanding on
December 31, 2016. During 2017, the company issued 14,500 shares on
March 1, retired 4,100 shares on July 1, issued a 20% stock
dividend on October 1, and issued 21,600 shares on December 1. For
2017, the company reported net income of $480,000 after a loss from
discontinued operations of $68,800 (net of tax). The company issued
a 2-for-1 stock split on February 1, 2018, and the company’s
financial statements for the...
On December 31, 2017, Dow Steel Corporation had 720,000 shares
of common stock and 42,000 shares...
On December 31, 2017, Dow Steel Corporation had 720,000 shares
of common stock and 42,000 shares of 8%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
4% common stock dividend on May 15 and paid cash dividends of
$520,000 and $81,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 66,000 common shares. In keeping
with its long-term share repurchase plan, 8,000 shares were retired
on July 1. Dow's net income...
On December 31, 2017, Dow Steel Corporation had 680,000 shares
of common stock and 38,000 shares...
On December 31, 2017, Dow Steel Corporation had 680,000 shares
of common stock and 38,000 shares of 8%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
4% common stock dividend on May 15 and paid cash dividends of
$480,000 and $77,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 54,000 common shares. Also, as a
part of a 2017 agreement for the acquisition of Merrill Cable
Company, another 20,000 shares...
On December 31, 2017, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares...
On December 31, 2017, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares of 9%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
5% common stock dividend on May 15 and paid cash dividends of
$450,000 and $74,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 64,000 common shares. In keeping
with its long-term share repurchase plan, 7,000 shares were retired
on July 1. Dow's net income...
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000...
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000 shares issues 250,000
Paid-in-capital - excess of par, common 500,000
Preferred stock, $100 par, 10,000 shares outstanding
1,000,000
Paid-in-capital - excess of par, preferred 100,000
Retained Earnings 2,000,000
Treasury stock, at cost, 5,000 shares 25,000
During 2018, the following transactions occurred relating to
common stock:
1/15/18 - Declared a property dividend of 100,000 shares of
Wagner Company (book value $10 per share; fair value...
On March 16, 2017, Kormen Company purchased 20,000 shares of
stock of Zentry Company for $14...
On March 16, 2017, Kormen Company purchased 20,000 shares of
stock of Zentry Company for $14 per share. On November 11, 2017,
Zentry paid a dividend of $1.50 per share. On December 31, 2017,
the market price of the stock had increased to $17.50 per share. On
February 16, 2018, Kormen sold all of the shares for $16.60 per
share.
Required: Record these three transaction on a
financial statement effects template.
On December 31, 2017, Dow Steel Corporation had 720,000 shares
of common stock and 42,000 shares...
On December 31, 2017, Dow Steel Corporation had 720,000 shares
of common stock and 42,000 shares of 8%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
4% common stock dividend on May 15 and paid cash dividends of
$520,000 and $81,000 to common and preferred shareholders,
respectively, on December 15, 2018.
On February 28, 2018, Dow sold 66,000 common shares. Also, as a
part of a 2017 agreement for the acquisition of Merrill Cable
Company, another 19,000 shares...