Homework Answers
debit credit
| Dec-15 | Cash | 15000 | ||
| Treasury stock | 8000 | (500*16) | ||
| Additional paid in capital | 7000 | |||
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STOCK TRANSACTIONS Show the effects of each transaction on the balance sheet equation, and prepare journal...
CASH DIVIDENDS Show the effects of each transaction on the balance sheet equation, and prepare journal...
CASH DIVIDENDS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. Ref. Assets Equity Liabilities Dividends Payable (+L) (a) Dividends (-SE) On August 1, Jones' Board of Directors declared a cash dividend of $0.50 per share, with a record date of September 1. The dividend will be paid on October 1. Date Account Debit Credit...
I need help with the bottom portion PREFERED DIVIDENDS Show the effects of each transaction on...
I need help with the bottom
portion
PREFERED DIVIDENDS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Ref. Liabilities Equity Assets (a) On January 1, Garden Stateissued 10,000 shares of $10 Preferred Stock (+SE) Cash (+A) 190,000 100,000 par cummaltive preferred stock for $19 per share. The Additional Paid-in Capital (+SE) 90,000 stock pays a cumulative annual dividend of 7% of par value. Date Account Debit Credit 1-May Cash...
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction...
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 5,000 shares of $3 par common stock for $17,000. b. On March 15, Jones Junkyard purchased 4,000 shares of their own stock on the...
Why are these wrong??? Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing...
Why are these wrong???
Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order...
Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3,...
Problem 10-2B Record equity transactions and indicate the effect
on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)
Nautical has two
classes of stock authorized: $10 par preferred, and $1 par value
common. As of the beginning of 2021, 100 shares of preferred stock
and 1,500 shares of common stock have been issued. The following
transactions affect stockholders’ equity during 2021:
March
1
Issue 1,500
additional shares of common stock for $20 per share.
April
1
Issue 200
additional shares...
Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January...
Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 300,000 shares authorized, 60,000 shares 600,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 960,000 From treasury stock 60,000 1,020,000 Retained earnings 696,000 2,316,000 Less: Treasury stock (6,000 shares) at cost 276,000 Total Stockholdersâ€TM Equity 2,040,000 The following transactions affecting stockholdersâ€TM equity occurred during the year: Jan. 8 Issued 15,000 shares of...
I don't understand the journal entries I circled. Can someone please explain. Journalize the following transactions...
I don't understand the journal entries I circled. Can someone
please explain.
Journalize the following transactions of the Dot Corporation. Add formulas next to the accounts in the "explanation" area. Post to the accounts. 15.000x2= 20,000 -10,000 =12 Jan 2 Issued 15,000 shares of $2 par value common stock for $150,000. Common Stock Aug 5 Purchased 2,000 shares of its common stock for $15 per share for the treasury. 2,000x15 = 30,000 250,000 Sep 15) Sold 1,000 shares of treasury...
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity of Summit Corporation at January 1...
Stockholders’ Equity: Transactions and Balance Sheet
Presentation The stockholders’ equity of Summit Corporation at
January 1 follows: 7 Percent preferred stock, $100 par value,
20,000 shares authorized; 5,000 shares issued and outstanding
$500,000 Common stock, $15 par value, 100,000 shares authorized;
40,000 shares issued and outstanding 600,000 Paid-in capital in
excess of par value-Preferred stock 24,000 Paid-in capital in
excess of par value-Common stock 360,000 Retained earnings 325,000
Total Stockholders' Equity $1,809,000 The following transactions,
among others, occurred during the...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected $3,000 from customers on account. Record the transaction 3 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction. Reissued 600 shares of treasury stock for $4,600 cash. 5 Record the transaction. Declared (but did not yet pay) a $1 cash dividend on each outstanding share...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
CASH DIVIDENDS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. Ref. Assets Equity Liabilities Dividends Payable (+L) (a) Dividends (-SE) On August 1, Jones' Board of Directors declared a cash dividend of $0.50 per share, with a record date of September 1. The dividend will be paid on October 1. Date Account Debit Credit...
I need help with the bottom
portion
PREFERED DIVIDENDS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Ref. Liabilities Equity Assets (a) On January 1, Garden Stateissued 10,000 shares of $10 Preferred Stock (+SE) Cash (+A) 190,000 100,000 par cummaltive preferred stock for $19 per share. The Additional Paid-in Capital (+SE) 90,000 stock pays a cumulative annual dividend of 7% of par value. Date Account Debit Credit 1-May Cash...
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 5,000 shares of $3 par common stock for $17,000. b. On March 15, Jones Junkyard purchased 4,000 shares of their own stock on the...
Why are these wrong???
Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order...
Problem 10-2B Record equity transactions and indicate the effect
on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)
Nautical has two
classes of stock authorized: $10 par preferred, and $1 par value
common. As of the beginning of 2021, 100 shares of preferred stock
and 1,500 shares of common stock have been issued. The following
transactions affect stockholders’ equity during 2021:
March
1
Issue 1,500
additional shares of common stock for $20 per share.
April
1
Issue 200
additional shares...
Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 300,000 shares authorized, 60,000 shares 600,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 960,000 From treasury stock 60,000 1,020,000 Retained earnings 696,000 2,316,000 Less: Treasury stock (6,000 shares) at cost 276,000 Total Stockholdersâ€TM Equity 2,040,000 The following transactions affecting stockholdersâ€TM equity occurred during the year: Jan. 8 Issued 15,000 shares of...
I don't understand the journal entries I circled. Can someone
please explain.
Journalize the following transactions of the Dot Corporation. Add formulas next to the accounts in the "explanation" area. Post to the accounts. 15.000x2= 20,000 -10,000 =12 Jan 2 Issued 15,000 shares of $2 par value common stock for $150,000. Common Stock Aug 5 Purchased 2,000 shares of its common stock for $15 per share for the treasury. 2,000x15 = 30,000 250,000 Sep 15) Sold 1,000 shares of treasury...
Stockholders’ Equity: Transactions and Balance Sheet
Presentation The stockholders’ equity of Summit Corporation at
January 1 follows: 7 Percent preferred stock, $100 par value,
20,000 shares authorized; 5,000 shares issued and outstanding
$500,000 Common stock, $15 par value, 100,000 shares authorized;
40,000 shares issued and outstanding 600,000 Paid-in capital in
excess of par value-Preferred stock 24,000 Paid-in capital in
excess of par value-Common stock 360,000 Retained earnings 325,000
Total Stockholders' Equity $1,809,000 The following transactions,
among others, occurred during the...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected $3,000 from customers on account. Record the transaction 3 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction. Reissued 600 shares of treasury stock for $4,600 cash. 5 Record the transaction. Declared (but did not yet pay) a $1 cash dividend on each outstanding share...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
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