Included in the December 31, 2015, Jacobi Company balance sheet .docx

•Download as DOCX, PDF•

0 likes•42 views

Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section: Jacobi Company Balance Sheet (Shareholders' Equity) December 31, 2015 1 Contributed Capital: 2 Preferred stock, 6%, $100 par $200,000.00 3 Additional paid-in capital on preferred stock 12,000.00 $212,000.00 4 Common stock, $5 par $150,000.00 5 Additional paid-in capital on common stock 240,000.00 390,000.00 6 Total contributed capital $602,000.00 7 Retained earnings 627,000.00 8 Accumulated other comprehensive income (loss): 9 Unrealized decrease in value of available-for-sale securities (41,000.00) 10 Total contributed capital, retained earnings, and accumulated other comprehensive income $1,188,000.00 11 Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015) (20,000.00) 12 Total Shareholders’ Equity $1,168,000.00 The company engaged in the following stock transactions during 2016: Jan. 4 Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015. 5 Issued 500 shares of preferred stock at $110 per share. 22 Issued 4,000 shares of common stock at $23 per share. Apr. 2 Reissued 700 shares of treasury stock at $24 per share. May 14 Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share. Jun. 4 Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5. 29 Issued the stock dividend declared on May 14. Jul. 5 Paid the cash dividend declared on June 4. 20 Split the common stock 2-for-1 and reduced the par value to $2.50 per share. Aug. 3 Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000. Sep. 14 Paid the property dividend declared on August 3. Dec. 3 Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock. Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000). X ...

Education

3
Additional paid-in capital on preferred stock
12,000.00
$212,000.00
4
Common stock, $5 par
$150,000.00
5
Additional paid-in capital on common stock
240,000.00

390,000.00
6
Total contributed capital
$602,000.00
7
Retained earnings
627,000.00
8
Accumulated other comprehensive income (loss):

9
Unrealized decrease in value of available-for-sale securities
(41,000.00)
10
Total contributed capital, retained earnings, and accumulated
other comprehensive income
$1,188,000.00
11
Less: Treasury stock (1,000 shares of common stock at cost,
acquired on 2/3/2015)
(20,000.00)
12

Total Shareholders’ Equity
$1,168,000.00
The company engaged in the following stock transactions during
2016:
Jan.
4
Paid the semiannual dividend on the outstanding preferred
stock and a $1.60 per share annual dividend on the outstanding
common stock. These dividends had been declared on
December 1, 2015.
5
Issued 500 shares of preferred stock at $110 per share.
22

Issued 4,000 shares of common stock at $23 per share.
Apr.
2
Reissued 700 shares of treasury stock at $24 per share.
May
14
Declared a 10% stock dividend on the outstanding common
stock, payable on June 29. The common stock is currently
selling for $25 per share.
Jun.
4
Declared the semiannual cash dividend on the outstanding
preferred stock, payable on July 5.

29
Issued the stock dividend declared on May 14.
Jul.
5
Paid the cash dividend declared on June 4.
20
Split the common stock 2-for-1 and reduced the par value to
$2.50 per share.
Aug.
3
Declared a property dividend, payable to common shareholders
on September 14. The dividend consists of an available-for-sale
investment in 50 Drot Company bonds. The bonds had been
acquired for $45,000, but have a carrying value of $30,000.

The bonds are currently selling for $20,000.
Sep.
14
Paid the property dividend declared on August 3.
Dec.
3
Declared the semiannual cash dividend on the outstanding
preferred stock and a $0.90 per share annual dividend on the
outstanding common stock.
Required:
1.
Prepare journal entries to record the preceding transactions.
2.

Prepare the December 31, 2016, shareholders’ equity section
(assume that 2016 net income was $270,000).
X

Similar to Included in the December 31, 2015, Jacobi Company balance sheet .docx

1. Mike has come to you with these statements about corporations: a) Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership. b) Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation. c) When a corporation is formed, organization costs are recorded as an asset. d) Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation. e) The number of issued shares is always greater than or equal to the number of authorized shares. f) A journal entry is required for the authorization of capital stock. g) Publicly held corporations usually issue stock directly to investors. h) The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor. i) The market price of common stock is usually the same as its par value. j) Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock. Directions Indicate whether each statement is true orfalse. Iffalse, identify a way to correct the statement. 2. During its first year of operations, Plight Corporation had the following transactions pertaining to common stock. Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for cash at $7 per share. Directions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. 3. Locket Co. had the following transactions during the current period: Mar. 2nd Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. June 12th Issued 60,000 shares of $5 par value common stock for cash of $375,000. July 11th Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28th Purchased 2,000 shares of treasury stock for $80,000. Directions Journalize these transactions for Locket. 4. On January 1, 2015, the stockholders’ equity section ofHarlequin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the corporation entered into the following treasury stock transactions. Mar. 1st Purchased 50,000 shares for cash at $15 per share. July 1st Re-issued 10,000 treasury shares for cash at $17 per share. Sept. 1st Sold 8,000 treasury shares for cash at $14 per share. Directions (a) Journalize the treasury stock transactions. (b) Revise the entry for September 1st, assuming the treasury shares were sold at $12 ...

1. Mike has come to you with these statements about corporations.docx

jackiewalcutt

ACC 202 Chapter 10 Homework 1. Environmental Designs issues 10,500 shares of its $2 par value common stock at $25 per share. (1) Record the issuance of the stock. (2) Record the issuance of the stock assuming it is no-par value stock. 2. Indicate whether each of the following transactions increases (+), decreases (-), or has no effect (NE) on total assets, total liabilities, and total stockholders’ equity. Total Total Total Stockholders’ Transactions Assets Liabilities Equity Issue common stock Issue preferred stock Purchase treasury stock Sale of treasury stock Declare cash dividend Pay cash dividend 15% stock dividend 2-for-1 stock split 3. Lisa's Designs has two classes of stock authorized: 6%, $10 par preferred and $1 par value common. On December 31, 2016 it had 500,000 shares of common stock outstanding and 5,000 shares of preferred stock outstanding. The following transactions affect stockholders' equity during 2017: January 1 Issue 100,000 shares of common stock for $35 per share. February 6 Issue 1,000 shares of preferred stock for $21 per share. October 10 Repurchase 10,000 shares of its own common stock for $48 per share. November 12 Reissue 5,000 shares of treasury stock at $55 per share. December 5 Reissue 3,000 shares of treasury stock at $45 per share. December 31 Declared a cash dividend of $.25 per share of common stock. Dividends were last paid on December 31, 2014. Hint: Don’t forget about preferred stock dividends. Record each of these transactions. 4. Bostick Inc. has 75,000 shares of $2.00 par value common stock outstanding and declares and distributes an 15% stock dividend. The market value of the stock was $65. Journalize the declaration and distribution of the stock dividend. .

ACC 202Chapter 10 Homework1. Environmental Designs issues 10.docx

nettletondevon

Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $555,600 Treasury stock 90,720 Retained earnings 2,426,200 Paid-in capital in excess of par—common stock 1,321,900 Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) WILCO CORPORATION Stockholders’ Equity December 31, 2012 $ : $ Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 7/1/12 9/1/12 11/1/12 Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital. Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 20 June 1 Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100 Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,330 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,670 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330. May 1 Issued 80,330 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize. Sept. 1 Issued 10,290 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,940 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 M.

Wilco Corporation has the following account balances at December 3.docx

alanfhall8953

Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid $235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased 600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year, earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the balance sheet at December 31, Year 2. Complete this question by entering your answers in the tabs below..

Sun Corporation received a charter that authorized the issuance of 118.pdf

ssuser58be4b1

Acc 557 homework 4 chapters 11 and 12

Lisaha milton

Please help, I can\'t figure out what I did wrong. Problem 11-2A (Part Level Submission) The stockholders\' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400 common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb. 1 Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of common treasury stock at $8 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. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared on December 1 Solution I have only corrected the journal entries marked in red Calculation of cash dividends on Dec1: No of common stock shares outstanding: (1033,333/4) + 4620 - 4400 - 1250 = 257303.25 <4620 is additional shares issued; 4400 is treasury stock; 1250 is additional treasury stock> Cash dividend declared = 0.85 per share Hence, total cash dividend = 257303.25 x 0.85 = $218708 Calculation of cash dividends on Dec 31: Oct 1 cash dividend (as per journal entry): 18480 Dec 1 cash dividend (as per journal entry): 218708 Total cash dividend: 237188DateAccount titlesDebitCreditFeb 1Cash32340Common stock18480Paid-in Capital in excess of stated value-common stock13860Dec 1Cash dividends218708Dividends payable218708Dec 31Retained earnings237188Cash dividends237188Dec 31Dividends payable218708Cash218708.

Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf

FOREVERPRODUCTCHD

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

meerobertsonheyde608

Identifying and Analyzing Financial Statement Effects of Stock Transactions The stockholders\' equity of Verrecchia Company at December 31, 2013, follows: During 2014, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $12 cash per share. Jan. 18 Repurchased 4,000 shares of common stock at $15 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 cash per share. July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share. Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares. (a) Use the financial statement effects template to indicate the effects of each transaction. Balance Sheet Income Statement (b) Prepare the December 31, 2014, stockholders\' equity section of the balance sheet assuming that the company reports net income of $65,800 for the year.Common stock, $5 par value, 350,000 shares authorized; 250,000 shares issued and outstanding $1,250,000Paid-in capital in excess of par value600,000Retained earnings346,000 Solution Answer:Balance SheetTransactionCash Asset+Noncash Assets=Liabilities+Contributed Capital+Earned CapitalJan. 5120000120000Jan. 18-60000-60000Mar. 121800018000July. 1765006500Oct. 1175000175000.

Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf

amitkhanna2070

ACCT 221 Midterm Problems 1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During 2013, its first year of operation, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $11 per share. Jan. 30 The company’s attorney accepted 3,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $28,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The stock is currently selling on a national exchange at $14 per share. Instructions Journalize the transactions for Albert Corporation. 2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013: The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred: March 1 Purchased 12,000 shares at $18 per share. July 1 Sold 3,500 shares at $21 per share. Sept 1 Sold 3,100 shares at $14 per share. Instructions Journalize the treasury stock transactions for 2013. Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder 1 Common Stock, $10 par value $1,500,000 Paid-in Capital in Excess of Par 200,000 Retained Earnings 500,000 Total Stockholders’ Equity $2,200,000 3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued 20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: Year Dividend 2011 5,000 2012 15,000 2013 35,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (b) Journalize the declaration of the cash dividend at December 31, 2013. 4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of common stock at $14 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on December 31. Net income for 2013 was $550,000. Instructions Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15, 2013, and the issuance of the stock dividend on January 15, 2014. 5. Prepare the journal entries for the following two independent situations: (a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780. The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that Hathaway Corporation would make on January 1. (b) Monaghan, Inc. redeemed .

ACCT 221Midterm Problems1. Albert Corporation is author.docx

annetnash8266

Exercises Financial Accounting - Stockholders Equity

Fabiola Kristi

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

The stockholders' equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 294,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,400 common shares) Feb. 1 Mar. 20 Oct. 1 Nov. Dec. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 1 $264,000 Dec. 31 940,800 13,200 470,400 699,500 35,200 Issued 4,400 shares of common stock for $30,800. Purchased 1,400 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2027. Paid the dividend declared on December 1. The stockholders equity accounts of Ivanhoe Corporation on January 1, 2027, were as follows. During 2027, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,400 shares of common stock for $30,800. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $8 per share. Oct. 1 Declareda 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec 1 Deciared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31. 2027. Dec. 31 Paid the dividend declared on December 1. (a) Prepare a tabular summary that includes the January 1, 2027, balances. Do not include the beginning balance in Retained (b) Record the 2027 transactions in the tabular summary. Include margin explanations for the changes in revenues and expenses. (Round answers to 0 decimal ploces, eg. 5,275.) - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Increases in Discount on Bonds Poyable require a negotive sign or parentheses. - Increases in Treasury Stock require a negative sign or parentheses. (a) BaL. (b) Feb, 1 Mar.20 Oct. 1 Nov. 1 Dec 1 Dec. 31 $$$$ 30,800 . Stockholders' Equity Retained Earnings Treasury Stock Revenue Expense Dividend ; $$ 5 I. Retained Earnings Expense $ Dividend $ Commonstock Dividends Interest expense Paid-in- capital in excess of common stock Paid in-capital in excess of preferred stock Preferred stock.

The stockholders equity accounts of Ivanhoe Corporation on January .pdf

Clothcafejpr

16. Stock dividends and stock splits have the following effects on retained earnings: Stock Splits Stock Dividends a. Increase No change b. Decrease Decrease c. No change No change d. No change Decrease 17. Somento Forest Inc. has 10,000 shares of 6%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2014. What is the annual dividend on the preferred stock? a. $60 per share b. $60,000 in total c. $100,000 in total d. $0.60 per share 18. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. the retained earnings account. c. a current year revenue or expense account. d. an asset account. 19. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What is its ending retained earnings balance? a. $1,300 b. $900 c. $1,400 d. $1,200 20. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5. b. 5-for-1. c. 3-for-1 d. 1-for-5. PROBLEM 1 On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 30,000 shares of common stock for $400,000. June 1 Declared a cash dividend of $1.50 per share to stockholders of record on June 15. June 30 Paid the $1.50 cash dividend. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $20 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2 per share to stockholders of record on December 31. Instructions Prepare journal entries to record the above transactions. Use the template below . Date Account Debit Credit PROBLEM 2 The following information is available for Grey Goose Inc.: Beginning retained earnings $600,000 Cash dividends declared 40,000 Net income for 2014 100,000 Stock dividend declared 10,000 Understatement of last year's depreciation expense 20,000 Instructions Based on the preceding information, prepare a retained earnings statement for 2014 in the box below. GREY GOOSE INC. Retained Earnings Statement F.

16. Stock dividends and stock splits have the following effect.docx

jeanettehully

During 2024, several events and transactions affected the retained earnings of Consolidated Paper Required: 1. Prepare the appropriate entries for these events a. On March 3, the board of directors declared a property dividend of 205,000 shares of Leasco internationat common stock that Consolidated Poper had purchased in January as an investment (book value $604,000 ) The investment shares had a fair value of $3 per share and were distributed March 31 to shareholders of record March is. b. On Moy 3, a 5 for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $11 per share. c. On July 5, a 286 common stock dividend was declared and distributed. The market value of the common stock was $11 per share. a On December 1, the board of directors dectared the 9.0% cosh dividend on the 81000 preferred shares, payable on December 28 to shareholders of record December 20 . e. On December 1, the board of directors dectared a cosh dividend of 50.50 per share on its common shares, payable on December 28 to shareholders of record December 20 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Papec, incorporated ot Decenber 31, 2024. Net income for the yeor was $710,000..

During 2024, several events and transactions affected the retained ea.pdf

ambikasalon

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

Acc 227 week 7 dq 2

grosimamox1981

At December 31, 2021, the financial statements of Cavanni Casting Corporation included the following: Net income for 2021 $500 million Common stock, $1 par: Shares outstanding on January 1 150 million shares Shares retired for cash on February 1 24 million shares Shares sold for cash on September 1 18 million shares 2-for-1 split on July 23 Preferred stock, 10%, $70 par, cumulative, nonconvertible $ 70 million Preferred stock, 8%, $50 par, cumulative, convertible into 4 million shares of common stock $100 million Incentive stock options outstanding, fully vested, for 4 million shares of common stock; the exercise price is $15 Bonds payable, 10%, convertible into 20 million shares of common stock $200 million Additional data: The market price of the common stock averaged $20 during 2021. The convertible preferred stock and the bonds payable had been issued at par in 2019. The tax rate for the year was 25%. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021 (round to two decimal places). ($ amounts in millions, except per share amounts) .

At December 31- 2021- the financial statements of Cavanni Casting Corp.docx

noemiwicks

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

Chapter 2 Exercises 1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jackson Corporation has common stock with a par value of $1 per share. b. Royal Corporation has no-par common with a stated value of $5 per share. c. French Corporation has no-par common; no stated value has been assigned. 2. Stock subscriptions: Journal entries Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock. a. Prepare journal entries to record 1) the subscriptions to investors. 2) the receipt of cash from subscribers. 3) the issuance of shares. b. Determine the year-end balance in the Common Stock Subscribed account. c. Determine the year-end balance in the Common Stock Subscriptions Receivable account. 3. Analysis of stockholders' equity Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 Preferred stock, $100 par value, 10% $ 580,000 $ 500,000 Common stock, $10 par value 2,350,000 1,750,000 Paid-in capital in excess of par value Preferred 24,000 — Common 4,620,000 3,600,000 Retained earnings 8,470,000 6,920,000 Total stockholders' equity $16,044,000 $12,770,000 a. Compute the number of preferred shares that were issued during 20X6. b. Calculate the average issue price of the common stock sold in 20X6. c. By what amount did the company's paid-in capital increase during 20X6? d. Did Star's total legal capital increase or decrease during 20X6? By what amount? 4. Preparation of stockholders' equity section The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period: . Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share. . Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share. Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet. · Bond premium: Straight-line amortization Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31. e. Prepare the required journal entry to record the bond issuance on January 1, 20X1. e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization. e. Compute 20X1 bond interest expense. e. Present th ...

Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx

cravennichole326

Similar to Included in the December 31, 2015, Jacobi Company balance sheet .docx (19)

1. Mike has come to you with these statements about corporations.docx

ACC 202Chapter 10 Homework1. Environmental Designs issues 10.docx

Wilco Corporation has the following account balances at December 3.docx

Sun Corporation received a charter that authorized the issuance of 118.pdf

Acc 557 homework 4 chapters 11 and 12

Please help, I cant figure out what I did wrong. Problem 11-2A (Pa.pdf

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

Identifying and Analyzing Financial Statement Effects of Stock Trans.pdf

ACCT 221Midterm Problems1. Albert Corporation is author.docx

Exercises Financial Accounting - Stockholders Equity

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

The stockholders equity accounts of Ivanhoe Corporation on January .pdf

16. Stock dividends and stock splits have the following effect.docx

During 2024, several events and transactions affected the retained ea.pdf

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

Acc 227 week 7 dq 2

At December 31- 2021- the financial statements of Cavanni Casting Corp.docx

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

Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx

More from lanagore871

· The pamphlet should contain the following: · Content and language that targets a lay audience. All terms should be explained and diagrams and graphics should be provided to clarify concepts and ideas. · A brief description of the disease, including its symptoms and signs · Explanation of the effects of the disease on healthy body function including cellular, tissue, organ and organ system levels · Risk factors contributing to the onset of the disease · Description of preventive steps to avoid the disease (if avoidable) · Available diagnostic and therapeutic tools · Outcomes of the disease (such as prognosis or recovery potential) · Information about how a person suffering from the disease can maintain a desirable quality of life, minimize or slow the progress of the disease Create an informative pamphlet about the chosen chronic or preventable disease for a non-scientific community. Ideally, the pamphlet should be in the form of a six-page pamphlet. · Format of the pamphlet · Single-spaced · Tri-fold · All content written in your own words · Reference citations included in APA format (not part of the tri-fold; should be provided on a separate page) At a minimum, your pamphlet should contain the following required elements: · Introductory paragraph describing your subject and its importance · Body of the pamphlet · o Addresses signs, symptoms o Explains effects of the disease on healthy body functions, and relates this to signs and symptoms o Analyzes risk factors and preventive steps o Describes maintenance of quality of life o Discusses diagnostic and therapeutic tools o Explains expected outcomes and prognosis o Describes current areas of research into prevention, treatment or cure o Describes possible future areas of research into prevention, treatment or cure · References · Conclusion - summary of your findings List all references at the end of your pamphlet. You must use at least five references from credible, scientifically rigorous sources and cite them using American Psychological Association (APA) style. Two or more references should be from the UMUC Library. The references cited should be no older than seven years (published 2004 - 2011). References should be listed on a separate page that does not count toward the required length of the paper. .

·The pamphlet should contain the following·Content and la.docx

Included in the December 31, 2015, Jacobi Company balance sheet .docx

Recommended

Recommended

More Related Content

Similar to Included in the December 31, 2015, Jacobi Company balance sheet .docx

Similar to Included in the December 31, 2015, Jacobi Company balance sheet .docx (19)

More from lanagore871

More from lanagore871 (20)

Recently uploaded

Recently uploaded (20)

Included in the December 31, 2015, Jacobi Company balance sheet .docx