During the year the following transactions occurred Feb 1.pdf

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During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15 , payable March 1. Mar 1 Paid the dividend declared in February. Apr. 1 Anmounced a 2 -for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 I smed the shares for the stock dividend. Dec. 1 Deciared a 50.30 pee share dividend to stockholders of record on December 15, payable lamuary 5.2023 31 Determined that net income for the year was $326.500 .Feh. 1 Cash Bividends 126000 Dividends Payable 126000 Mar, 1 v Dividends Payabie 126000 Cash 126000 begin{tabular}{|l|l|l|} hline Aore. & NoEntry & 0 & NoEntry & hline end{tabular}Dividends Payable Dec:31 v Income Summary Retained Earnings (To close net income) (To close stock dividends) (To close cash dividends)equity accounts as needed.) (Post entries in the order of journol entries presented in the previous part) Common Stock Common Stock Dividends Distributable.

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Similar to During the year the following transactions occurred Feb 1.pdf

Record the following transactions in the General Journal: Jan 1 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. The corporation uses the effective interest method of amortizing bond premium or discount. (It would be a good idea to construct a bond amortization schedule) Jan 1 Issued 20,000 Common Shares for 50,000 cash. Mar 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on March 9. Dividends will be paid on March 15. Mar 10 Declared a 1 for 2 stock split on Common Shares outstanding. Mar 15 Paid the cash dividend declared on Mar 5. Jun 30 Made the first interest payment on the bond. The company uses the effective interest method. July 20 Repurchased 10,000 common shares, the market price was $5 per share. July 31 Issued 10,000 Preferred shares for 180,000 cash. Sept 30 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market price at the time was $6 per share. Shares will be distributed Nov 25. Nov 25 Distributed the common stock dividend. Dec 31 Made the second interest payment on the bond using the effective interest method. Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained Earnings. Requirement 3 (5%) Post the transactions from the Journal in requirement 2. Compute the ending balances in the ledger. .

Record the following transactions in the General Journal- Jan 1.pdf

Max3zSLangdonj

On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,090,000 issued) $1,635,000 Retained earnings 1,962,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 109,000 preferred shares for $50 per share. Mar. 31 Paid quarterly dividend to preferred shareholders. June 30 Paid quarterly dividend to preferred shareholders. Aug. 12 Issued 104,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $103,000. Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the .

On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx

farrahkur54

Graded Assignments Stockholders' Equity The balance sheet of Love Lizzo Incorporated included the following shareholders' equity accounts at December 31. 2022: During 2022, the following events and transactions occurred: - On February 28th, the board of directors declared a property dividend of 7,000 shares of Sowell Corporation common stock that Lizzo had purchased in January as an investment with a cost basis of $125,000. The investment shares had a fair value of $20 per share and were distributed March 31st to shareholders of record March 15th. - On June 30th, a 5\% common stock dividend was declared and distributed. The market value of the common stock was $30 per share. - On September 5 th, the company reissued 1,000 shares of treasury stock at a price of $31 per share. - On December 1st, the board of directors declared the annual cash dividend of 6% on the 10,000 preferred shares, payable on December 28th to shareholders of record December 20th. - On December 1st, the board of directors declared a cash dividend of $0.20 per share on its common shares, payable on December 28th to shareholders of record December 20th. - On December 29th, the company issued 50,000 shares of common stock at a price of $35 per share. - On December 15, a 2-for-1 stock split was declared and distributed. The market value of the $3 par common stock was $40 per share. Hint: the number of treasury shares are affected by this stock split. - Net income for the year was $5,877,000. Required: Part 1: Record the journal entries for each transaction and supporting calculations for each journal entry as necessary. Remember to keep track of the number of shares outstanding, as applicable, for each transaction. Hint: Creating T-accounts and updating each time a journal entry is recorded is helpful. Part 2: Prepare a rellforward of the shareholders' equity section of the balance sheet for Love Lizzo, Inc, at December 31, 2022. Part 3: How many shares of common stock are authorized, issued and outstanding?.

Graded Assignments Stockholders Equity The balance sheet of Love Liz.pdf

concordpharma

The equity sections for Atticus Group at the beginning of the year (Ja.pdf

pranitrathod03

The following transactions relate to Sunlight Mountain Inc. Prepare journal entries for each transaction. Prepare the equity section of the balance sheet at each year-end, December 31 . Assume 2015 was Sunlight's irst year of operations. 1. Sunlight issued 1,000 shares of $1 par value common stock for $70 per share on January 1 , 2015. 2. Sunlight issued 500 shares of no par value, $5 , non-cumulative preferred stock for $50 per share on January 1, 2015. 3. Sunlight reported net income of $2 , 000 during 2015 and paid no dividends. Prepare the company's equity section of the December 31, 2015, balance sheet. Stockholders' Equity: Total Stockholders' Equity 4. On January 1, 2016, Sunlight purchased 200 shares of its common stock for $60 per share. 5. On December 15, 2016, Sunlight declared and paid dividends totaling $6 , 600 during 2016. Prepare the company's equity section from December 31, 2016. 6. Sunlight reported net income of $20 , 000 during 2016. Prepare the company's stockholders' equity section of the December 31,2016 , balance sheet..

The following transactions relate to Sunlight Mountain Inc- Prepare jo.pdf

amitparekh2584

Required information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. The following transactions and events affected its equity during the year. January 5 Declared a $0.60 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.60 per share cash dividend, date of record April 10. July 5 Declared a $0.60 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $0.60 per share cash dividend, date of record October 10. 2. What is the total dollar amount for each of the four cash dividends?.

Required information -The following information applies to the questio (35).pdf

aakarshanelectronic

Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9 Split the common stock The stock outstanding when a corporation has issued only one class of stock. 3 for 1 and reduced the par A dollar amount assigned to each share of stock. from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. Feb. 28 Purchased 40,000 shares of the corporation’s own common stock at $28, recording the stock Shares of ownership of a corporation. at cost. May 1 Declared semiannual dividends Distribution of a corporation’s earnings to stockholders. of $0.80 on 75,000 shares of preferred stock A class of stock with preferential rights over common stock. and $0.12 on the common stock to stockholders The owners of a corporation. of record on June 1, payable on July 10. Jul. 10 Paid the cash dividends A cash distribution of earnings by a corporation to its shareholders. . Sep. 7 Sold 30,000 shares of treasury stock Stock that a corporation has once issued and then reacquires. at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend A distribution of shares of stock to its stockholders. was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Dec. 1 Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Fill in the data below … or a separate Excel page JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1. Feedback Check My Work Explanation Chart of Accounts Primo Discount Corporation General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depre.

Selected transactions completed by Primo Discount Corporation duri.docx

kenjordan97598

On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 14,000 additional shares of common stock for $15 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 Declareda cash dividend on outstanding shares of 51.10 per share to stockholders of record on December 31. (a) Your answer is incorrect. Prepere the entries, if any, on each of the three dividend dates. (Credit account litles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "Wo Entry" for the account titles and enter O for the amounts. List all debic entries before credit entries. Record journal entries in the order presented in the problem.).

On January 1- 2020- Pharoah Corporation had 96-000 shares of no-par co.pdf

Edwardw5nSlaterl

The Annapolis Corporation's stockholders' equity accounts have the following balances as of January 1,201 12% preferred stock, cumulative, $50 par (10,000 shares issued and outstanding) 5500,000 Common stock, $10 par (100,000 shares issued and outstanding) Additional paid-in capitat common Retained earnings Total stockholders' equity 1 , 000 , 000 1 , 000 , 000 3 , 750 , 000 $ , 250 , 000 Annapolis engaged in the following dividend transactions during 2018, 2019, and 2020 . 3 3s Dividends are in arrears for 2016 and 2017, On December 1, 2018, the annual cash dividend plus the dividends in arrears were dectared on the preferred stock. In addition, a 51.50 per share dividend was declared on the common stock. The dividends were paid on December 31,2018 . On December 1, 2019, the annual cash dividend on the preferred stock was declared. The dividend was paid on Decernber 31, 2019. On December 10 , a 30% stock dividend was declared on the common stock, distributable on January 25, 2020. The market price per share for the common stock on December 10,2019, was $28 . On January 25, 2020, the stock dividend declared on Decernber 10, 2019, was issued On December 1, the annual cash dividend on the preferred ttock was declared; it is payable on Jamuary 15 , 2021 . In aquition. on December t 1 = 104 stoek dividend was deolared on the common stock, distributable on January 20, 2021. The market price per share for the common stock on December 1,2020, was $23 . No other stock transactions took place during 2018, 2019, or 2020. Reguired Prepare the entries to record the dividond transactions for 2018, 2019, and 2020. (Do not record any transactions.

The Annapolis Corporation's stockholders' equity accounts have the fol.pdf

aadyacouture

On January 1, Sarasota Corp. had 62,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 15,750 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.55 per share to stockholders of record on June 30. July 10 Paid the $1.55 cash dividend. Dee. 1 Issued 7,000 additional shares of common stock for $13 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.65 per share to stockholders of record on December 31.Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in (ront of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 0 decimal places, e.8.5.276.).

On January 1 Sarasota Corp had 62400 shares of nopar com.pdf

SUNIL64154

At the beginning of current year, Jade Company showed the following shareholders' equity: All of the outstanding and treasury shares were originally issued for P 11 per share. The treasury shares were reacquired in the previous year. During the current year, the following events or transactions occurred relating to shareholders' equity: 1. February 15 -issued 40,000 shares for P 12.50 per share 2. June 15-declared a cash dividend of P0.20 per share to shareholders of record on April 1 and payable on April 15. This was the first dividend ever declared. 3. September 15-the president retired. The entity purchased from the retiring president 100,000 shares for P 13.00 per share which was equal to market value on this date. These shares were cancelled. 4. December 15- declared a cash dividend of P 0.20 per share to shareholders payable in early part of next year. 5. On December 31 , the entity is being sued by two separate parties for patent infringement. The management and legal counsel share the following opinion regarding these suits: Suit #1 #2 Required: 1. Prepare journal entries to record the transactions. 2. Prepare Statement of Changes in Equity. .

At the beginning of current year- Jade Company showed the following sh.docx

WilliamOqLHughesc

The following transactions and events affected its equity during the y.pdf

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