E13-7 On January 1- 2010- the stockholders-' equity section of Nunez C.docx

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E13-7 On January 1, 2010, the stockholders\' equity section of Nunez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and re tained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. I Sold 8,000 treasury shares for cash at $14 per share. Instructions (a) Journalize the treasury stock transactions. Solution Journalize the treasury stock transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Account/Description Mar.1 Dr Treasury stock 750,000 (50,000 x $15) Cr Cash 750,000 July 1 Dr Cash 170,000 Cr Treasury stock 150,000 (10,000 at COST of $15) Cr Paid-in cap. from treasury stock 20,000 At this point your Paid-in cap. from treasury stock stands at $20,000 (credit). Sept. 1 Dr Cash 112,000 (8,000 x $14) Dr Paid-in cap. from treasury stock 8,000 Cr Treasury stock 120,000 (8,000 at COST of $15) .

E13-7 On January 1- 2010- the stockholders-' equity section of Nunez C.docx

Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January 1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock $193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at $13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $32,820 ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance J10 J10 J10 Treasury Stock Date Explanation Ref. Debit Credit Balance J10 J10 J10 J10 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance ? J10 SHOW LIST OF ACCOUNTS Date Account Titles and Explanation Debit Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 Dec. 1 Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31 SHOW LIST OF ACCOUNTS Solution Journal Entries: Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock (5700*$9) $ 51,300.00 Cash $ 51,300.00 (Being shares repurchased ) June. 1 Cash (1040*$13) $ 13,520.00 Paid-in Capital from Treasury Stock = 13520 - 9360 $ 4,160.00 Treasury Stock (1040*$9) $ 9,360.00 (Being treasury shares reissued) Sept. 1 Cash (1980*$10) $ 19,800.00 Paid-in Capital from Treasury Stock = 19800-17820 $ 1,980.00 Treasury Stock (1980*$9) $ 17,820.00 (Being treasury shares reissued) Dec. 1 Cash (1310*$7) $ 9,170.00 Paid-in Capital from Treasury Stock = 11790-9170 $ 2,620.00 Treasury Stock (1310*$9) $ 11,790.00 (Being treasury shares reissued) Dec. 31 Income Summary $ 32,820.00 Retained Earnings $ 32,820.00 (Being bet inc0me closed) Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance June. 1 J10 $ 4,160.00 $ 4,160.00 Sept. 1 J10 $ 1,980.00 $ 6,140.00 Dec. 1 J10 $ 2,620.00 $ 3,520.00 Treasury Stock Date Explanation Ref. Debit Credit Balance Mar. 1 J10 $ 51,300.00 $ 51,300.00 June. 1 J10 $ 9,360.00 $ 41,940.00 Sept. 1 J10 $ 17,820.00 $ 24,120.00 Dec. 1 J10 $ 11,790.00 $ 12,330.00 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance $ 100,450.00 $ 100,450.00 Dec. 31 J10 $ 32,820.00 $ 133,270.00 FECHTER CORPORATION Balance Sheet (Partial) For the Year Ended December 31, 2017 Common Stock ($5 par) $ 536,800.00 Paid-in Capital in Excess of Par—Common Stock $ 193,790.00 Retained Earnings $ 133,270.0.

Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf

ajantahandlooms14

On January 1, 2013 Frascom had the following account balances in its.docx

arnit1

On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts. Common Stock, $1 par, 250,000 shares issued 250,000 Paid-in Capital –excess of par, common 500,000 Paid-in Capital- excess of par, preferred 100,000 Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000 Retained Earning 2,000,000 Treasury Stock at cost, 5,000 shares. 25,000 During 2013, Frascom,Inc had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share) February 17: Distributed the property dividends. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. .

Problem 14-1A On January 1, 2017, Geffrey Corporation had the followi.pdf

meerobertsonheyde608

Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders\' equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35 July 1 Declared a 10% stock dividend to stockholders of record on July 15 distributable uly 31 On uly 1, the market price of the stock was SA er share. 31 Dec. 1 31 Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. Determined that net income for the year was $300,000 Solution a) Journal Entries Date Accounts and Titles Debit Credit Feb.1 Retained Earnings (50,000 X $1) $50,000.00 Dividends Payable $50,000.00 Mar.1 Dividends Payable $50,000.00 Cash $50,000.00 Apr.1 No Entry Two-for-one stock split increases number of shares to 100,000 = (50,000 X 2) and reduces par value to $10 per share Jul.1 Retained Earnings (100,000 x 10% x $14) $140,000.00 Common Stock Dividends Distributable (10,000 X $10) $100,000.00 Paid-in Capital in Excess of Par Value (10,000 X $4) $40,000.00 Jul.31 Common Stock Dividends Distributable $100,000.00 Common Stock $100,000.00 Dec. 1 Retained Earnings (110,000 X $.30) $33,000.00 Dividends Payable $33,000.00 Dec. 31 Income Summary $300,000.00 Retained Earnings $300,000.00 b) Geffrey Corporation Balance Sheet (Partial) December 31, 2017 Stockholders’ equity Paid- in capital Capital stock Common stock, $10 par value, 110,000 shares issued and outstanding $1,100,000.00 Additional paid-in capital In excess of par value ($190,000 + $40,000) $230,000.00 Total paid-in capital $1,330,000.00 Retained earnings ($300,000 + 33000 + 140000 + 50000) $523,000.00 Total stockholders’ equity $1,853,000.00.

Problem 1. Use the following information to prepare a s.docx

wkyra78

Problem 1. Use the following information to prepare a statement of cash flows for Reynolds Inc. for 2011 using the indirect method. Be sure to prepare a schedule for any non-cash items for disclosure, if appropriate. (a) Net income $10,000 (depreciation expense, 5,000; inventory decrease, $1,000; no changes in accounts receivable or accounts payable). (b) Issued capital stock for $4,000 of equipment. (c) Sold equipment for $8,000, book value $8,000. (d) Paid cash dividend, $3,000 (declared in prior year). (e) Paid long-term debt principal, $8,000 and short-term debt principal, $2,000. (f) Purchased equipment for $12,000 in exchange for a note payable due in two years. (g) The cash balance on January 1, 2010 was $10,000. 2. Mucky Corporation was just formed. The following accounts of Mucky Corporation, with code letters, are needed to record the transactions given below. You are to indicate the appropriate journal entry for each transaction by entering the code letters and the correct amounts. A. Cash G. Bonds payable B. Remaining assets H. Contributed capital in excess of par C. Retained earnings I. Treasury stock D. Common stock, par $20 J. Other accounts not listed E. Dividends payable K. Dividends declared F. Accounts payable L. No entry needed Transaction Debits Credits Code Amount Code Amount 1. Sold and issued 10 common shares at par. Disregard in subsequent transaction. A $200 D $200 2. Sold and issued 5,000 shares common stock at $26 per share. A $130000 D H $100000 $30000 3. Issued a 10% stock dividend when the stock was selling at $30 per share. K $10020 E $10020 4. Declared a cash dividend of $1 per share on the shares outstanding. K $5010 E $5010 5. Paid the cash dividend of $1 per share declared earlier (see above). E $5010 A $5010 6. Purchased 100 shares of treasury stock at $27 per share. I $2700 A $2700 7. Issued a 2-for-1 stock split when the market price was $30 per share. 3. The following selected information is taken from the Zachary “is” Us financial statements for the years 2010 & 2011 in millions of dollars: Balance Sheet 2010 2011 Cash and cash equivalents $ 1,250 $ 1,432 Short-term investments 953 571 Accounts and other receivables 153 146 Merchandise inventories 1,884 2,094 Prepaid expenses and other current assets 167 486 Total current assets 4,407 4,729 Total property and equipment, net 4,339 4,439 Other assets 1,022 1,097 Total assets 9,768 10,265 Accounts payable 1,023 1,022 Accrued expenses and other current liabilities 881 866 Income taxes payable 245 319 Current portion of long-term debt 452 657 Total current liabilities 2,601 2,864 Total long-term liabilities 2,842 3,427 Total liabilities 5,443 6,291 Total stockholders’ equity 4,325 3,974 Total liabilities and stockholders’ equity 9,768 10,265 Income Statement Net sal ...

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

SUNIL64154

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.).

Acc 227 week 7 dq 2

grosimamox1981

On January 1 Monty Corp had 55400 shares of nopar common.pdf

kashishkochhar5

Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. What is the earned income credit for: a. A single person with earned income of $5,250 and no qualifying children. b. A single person with earned income of $23,100 and two qualifying children. c. A married couple filing jointly with earned income of $34,850 and one qualifying child. What is the child tax credit allowed for: a. A single parent with modified AGI of $215,000 and one child age 4. b. A single parent with modified AGI of $79,600 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,533 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,655 and one child, age 13. Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. What are the earned income credits for: a. A single person with earned income of $5,250 and no qualifying children. b. A single person with earned income of $23,100 and two qualifying children. c. A married couple filing jointly with earned income of $34,850 and one qualifying child..

The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) = $300,000 Common Stock ($4 stated value, 300,000 shares authorized) =1,000,000 Paid-in Capital in Excess of Par Value Preferred Stock) =15,000 Paid-in Capital in Excess of Stated Value Common Stock = 480,000 Retained Earnings =710,000 Treasury Stock (5,000 common shares) = 40,000 During 2014, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $280,000. Paid the dividend declared on December 1. I am trying to perform a tabular summary with beginning balances on Jan 1 2014 and am confused with the calculations.

Problem 13-3AThe stockholders’ equity accounts of Ashley Corpo.docx

ChantellPantoja184

Problem 13-3A The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows. Preferred Stock (8%, $49 par, cumulative, 10,200 shares authorized) $ 387,100 Common Stock ($1 stated value, 1,937,100 shares authorized) 1,408,700 Paid-in Capital in Excess of Par—Preferred Stock 123,200 Paid-in Capital in Excess of Stated Value—Common Stock 1,496,800 Retained Earnings 1,814,400 Treasury Stock (10,300 common shares) 51,500 During 2012, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,100 shares of common stock for $123,900. Apr. 14 Sold 6,000 shares of treasury stock—common for $33,800. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $456,600. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT .

Acc 227 week 7 dq 1

comphoucifor1973

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

pranitrathod03

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 $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a se.50 per share cash dividend, date of record July 10. July 31 Declared a 201 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 Dectared a $0.50 per share cash dividend, date of record october 10. 2. What is the total dollar amount for each of the four cash dividends? Ine equity sections tor Atticus Group at the beginning of the year (January 1 ) and end of the year (Uecember si) tollov The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 208 stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. 0ctober 5 Declared a $0.50 per share cash dividend, date of record october 10. What is the amount of retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend? The following transactions and events affected its equity during the year. January 5 Declared a \$0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. Aprit 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a 50.50 per share cash dividend, date of record Juty 10. July 31 Dectared a 204 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 s0.50 per share cash dividend, date of record october 10. 4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.) The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) foliow. The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10 . July 31 Declared a 208 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 Dectared a $0.50 per share cash dividend, date of record october 10. 5. How much net income d.

Acc 557 homework 4 chapters 11 and 12

Lisaha milton

Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx

tpaula2

Herbie Corp\'s Balance Sheet showed the following at 12/31/13 Common Stock, $10 par $100,000 APIC $50,000 Retained Earnings $20,000 A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14. Show all appropriate journal entires assuming a cash dividend of $1 per share Show all appropriate entries for a $5 per share dividend Solution 1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10) 31-12-2013 - Entry for dividend declaration will be recorded Retained earnings (10,000X1) Debit 10,000 To Dividend payable Credit 10,000 20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend. Dividend payable Debit 10,000 To Cash Credit 10,000 2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative. 31-12-14 Retained earnings Debit 50,000 To Dividend payable Credit 50,000 20-1-14 Dividend payable Debit 50,000 To cash Credit 50,000 .

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E13-7 On January 1- 2010- the stockholders-' equity section of Nunez C.docx

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