Question

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $150 par (50,000 shares authorized, 25,000 shares issued) $3,750,000
Paid-In Capital in Excess of Par—Preferred Stock 750,000
Common Stock, $15 par (700,000 shares authorized, 170,000 shares issued) 2,550,000
Paid-In Capital in Excess of Par—Common Stock 330,000
Retained Earnings 15,646,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

a. Issued 70,000 shares of common stock at $19, receiving cash.

b. Issued 13,000 shares of preferred 2% stock at $169.

c. Purchased 42,000 shares of treasury common for $17 per share.

d. Sold 21,000 shares of treasury common for $20 per share.

e. Sold 14,000 shares of treasury common for $15 per share.

f. Declared cash dividends of $3.00 per share on preferred stock and $0.10 per share on common stock.

g. Paid the cash dividends.

d. Sold 21,000 shares of treasury common for $20 per share.

Cash
Treasury Stock
Paid-In Capital from Sale of Treasury Stock

e. Sold 14,000 shares of treasury common for $15 per share.

Cash
Paid-In Capital from Sale of Treasury Stock

Treasury Stock

f. Declared cash dividends of $3 per share on preferred stock and $0.1 per share on common stock.

Cash Dividends

Cash Dividends Payable

g. Paid the cash dividends.

Cash Dividends Payable
Cash
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entry :

No account and explanation debit credit
d Cash (21000*20)   420000
Treasury Stock (21000*17) 357000
  
Paid-In Capital from Sale of Treasury Stock
63000
(To record sale of treasury Stock)
e Cash (14000*15) 210000
Paid-In Capital from Sale of Treasury Stock
28000
Treasury Stock (14000*17) 238000
(To record sale of treasury Stock)
F Cash dividend (38000*3+233000*.10) 137300
Cash dividend payable 137300
(TO record dividend declared)
g Cash dividend payable 137300
Cash 137300
(TO record dividend paid)
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of...
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (90,000 shares authorized, 45,000 shares issued) $7,875,000 Paid-In Capital in Excess of Par—Preferred Stock 1,575,000 Common Stock, $20 par (600,000 shares authorized, 270,000 shares issued) 5,400,000 Paid-In Capital in Excess of Par—Common Stock 700,000 Retained Earnings 32,966,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:...
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois....
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $200 par (60,000 shares authorized, 30,000 shares issued) $6,000,000 Paid-In Capital in Excess of Par—Preferred Stock 720,000 Common Stock, $20 par (500,000 shares authorized, 210,000 shares issued) 4,200,000 Paid-In Capital in Excess of Par—Common Stock 550,000 Retained Earnings 24,316,000 During the...
On December 1 of the current year, the following accounts and their balances appear in the...
On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (250,000 shares authorized, 82,000 shares issued) $4,100,000 Paid-In Capital in Excess of Par—Preferred Stock 656,000 Common Stock, $30 par (1,000,000 shares authorized, 402,000 shares issued) 12,060,000 Paid-In Capital in Excess of Par—Common Stock 1,206,000 Retained Earnings 193,830,000 At the annual stockholders’ meeting on March 31, the board of directors presented a plan...
Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger...
Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $796,500 Paid-In Capital from Sale of Treasury Stock 32,700 Paid-In Capital in Excess of Par—Common Stock 21,240 Retained Earnings 1,250,000 Treasury Stock 16,435 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are...
The following accounts appear in the ledger of Marin Inc. after the books are closed at...
The following accounts appear in the ledger of Marin Inc. after the books are closed at December 31, 2022. Common Stock (no-par, $1 stated value, 420,500 shares authorized, 349,500 shares issued) $349,500 Paid-in Capital in Excess of Stated Value—Common Stock 1,134,500 Preferred Stock ($50 par value, 8%, 41,600 shares authorized, 13,400 shares issued) 670,000 Retained Earnings 939,000 Treasury Stock (7,700 common shares) 63,900 Paid-in Capital in Excess of Par Value—Preferred Stock 30,000 Accumulated Other Comprehensive Loss 32,700 Prepare the stockholders’...
Partial Balance Sheet: The following are selected accounts for the Alpha Dog Company after all Fiscal...
Partial Balance Sheet: The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal. Account Amount Common Stock, $5 par 145,000 Treasury Stock, at cost $10 per share 20,000 Dividends Payable 7,000 Paid in Capital in excess of par, Common Stock 30,000 Paid in Capital in excess of par, Preferred Stock 5,000 Retained Earnings 156,000 Bonds Payable 85,000 Preferred Stock, $100 par,...
The following accounts and their balances were selected from the unadjusted trial balance of Point Loma...
The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: 1 Common Stock, no par, $16 stated value $5,072,000.00 2 Paid-In Capital from Sale of Treasury Stock 44,300.00 3 Paid-In Capital in Excess of Par-Preferred Stock 182,000.00 4 Paid-In Capital in Excess of Stated Value-Common Stock 480,000.00 5 Preferred 2% Stock, $105 par 7,035,000.00 6 Retained Earnings 38,645,000.00 Prepare...
Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their...
Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current year: Common Stock, $10 par $380,000 Paid-In Capital in Excess of Par-Common Stock 114,000 Paid-In Capital in Excess of Par-Preferred Stock 89,700 Paid-In Capital from Sale of Treasury Stock-Common 28,700 Preferred 4% Stock, $50 par 1,495,000 Retained Earnings 2,571,000 Treasury Stock-Common 56,100 Fifty thousand shares of preferred...
chap 12-17 instructions The following accounts and their balances were selected from the adjusted trial balance...
chap 12-17 instructions The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: 1 Common Stock, no par, $16 stated value $5,072,000.00 2 Paid-In Capital from Sale of Treasury Stock 44,300.00 3 Paid-In Capital in Excess of Par-Preferred Stock 182,000.00 4 Paid-In Capital in Excess of Stated Value-Common Stock 480,000.00 5 Preferred 2% Stock, $105 par 7,035,000.00 6 Retained...
Exercise 11-12 The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows....
Exercise 11-12 The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows. Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) $475,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,560,000 Paid-in Capital in Excess of Par Value—Preferred Stock 56,000 Paid-in Capital in Excess of Stated Value —Common Stock 820,000 Retained Earnings 760,000 Treasury Stock (8,300 common shares) 66,400 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT