Homework Answers
| 1. Journal Entry | |||
| Date | General Journal | Debit | Credit |
| 03-Jan | Cash ( 15000*15) | $225,000.00 | |
| Common Stock (15000*10) | $150,000.00 | ||
| Paid in Capital in Excess of Par- Common Stock | $75,000.00 | ||
| Tecord Issue of Comon Stock | |||
| 15-Jan | Treasury stock (5000X17) | $85,000.00 | |
| Cash | $85,000.00 | ||
| Record Purchase of Treasury Share | |||
| 22-Jan | Retained earnings (390000+15000-5000)*1.50 | $600,000.00 | |
| Common dividend payable | $600,000.00 | ||
| Record decleration of Dividend | |||
| 8-Feb | Common dividend payable | $600,000.00 | |
| Cash | $600,000.00 | ||
| Record payment of Dividend | |||
| 1-Sep | Retained Earning (390000+15000-5000)*5%*30 | $600,000.00 | |
| Common
Stock Dividend Distributable (390000+15000-5000)*5%*10 |
$200,000.00 | ||
| Paid in Capital in Excess of Par ( Bal) | $400,000.00 | ||
| 1-Sep | Common Stock Dividend Distributable | $200,000.00 | |
| Common Stock | $200,000.00 | ||
| 31-Oct | Cash (2000X18) | $36,000.00 | |
| Treasury stock (2000*17) | $34,000.00 | ||
| Paid-in capital- treasury stock (BF) | $2,000.00 | ||
| Record Sale of Treasury Stock | |||
| 15-Dec | Cash (3000X 14) | $42,000.00 | |
| Paid-in capital- treasury stock | $2,000.00 | ||
| Retained earnings (BF) | $7,000.00 | ||
| Treasury stock (3000*17) | $51,000.00 | ||
| Record Sale of Treasury stock | |||
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JA , 2021 Talute ICSI Ulte bonds 2. BCC Inc. has 390,000 shares of $10 par...
JAI, 2021 Talu te est le bonds 2. BCC Inc. has 390,000 shares of $10 par...
JAI, 2021 Talu te est le bonds 2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for S15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for $15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January 22. Sep. 1 Declared a 5% stock...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for $15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January 22. Sep. 1 Declared a 5% stock...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$15 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 400,000 Total stockholders' equity $ 1,230,000 In year 2018, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend...
transactions during 2014 Summerborn Manufacturing, Co. completed the following 900 $ 100 5% Preferred Common80,000 6...
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Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2016. Record the transactions In Mustang's...
Assignment Instructions: Mustang Inc. completed the following
stock-related transactions during 2016. Record the transactions In
Mustang's general journal on the "Worksheet" tab. (second
picture)
Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2016. Record the transactions In Mustang's general journal on the "Worksheet" tab. Upload your file in Blackboard when you are finished. Mustang declared a $30,000 cash dividend. The company currently has 2,000 shares of 896, $125 par value cumulative preferred stock outstanding. The company did not...
Problem 1 (20pts) Rocklin Corporation reports the following components of stockholders equity o December 31, 2009....
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Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200.000 340,000 $780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $284,400 244,400 400,000...
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JAI, 2021 Talu te est le bonds 2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for S15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for $15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January 22. Sep. 1 Declared a 5% stock...
2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED (24 points) Prepare journal entries to record the following (round to nearest dollar.) Jan. 3, 2020 Issued 15,000 shares for $15 per share Jan 15 Purchased 5,000 shares of treasury stock at $17 Jan 22 Declared a dividend of $1.50 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January 22. Sep. 1 Declared a 5% stock...
transactions during 2014 Summerborn Manufacturing, Co. completed the following 900 $ 100 5% Preferred Common80,000 6 16-Jan Declared a cash dividend on the 5%, $100 par noncumulative preferred stock (900 shares outstanding). Declared a So.30 per share dividend on the 80,000 shares of $6 par value common stock outstanding. The date of record is $0.30 15-Feb Paid the cash dividends. 0-Jun Split common stock 2-for-1 30-Jul Declared a 50% stock dividend on the common stock. The market value of the...
Stockholders' Equity (January 1) Cormon stock-$6 par value, 100,800 shares authorized, 38,890 shares issued and outstanding Paid-in capital in excess of par value, connon stock Retained earnings Total stockholders' equity $189,620 140,689 340, $662,820 Stockholders' Equity (December 31) Common stock-$6 par value, 188,880 shares authorized, 35, eee shares issued, 5,eee shares in treasury Paid-in capital in excess of par value, connon stock Retained earnings (358,820 restricted by treasury stock) $21e.see 16e, see 420.889 790,820 (Se.820) $749,800 Less cost of treasury...
Assignment Instructions: Mustang Inc. completed the following
stock-related transactions during 2016. Record the transactions In
Mustang's general journal on the "Worksheet" tab. (second
picture)
Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2016. Record the transactions In Mustang's general journal on the "Worksheet" tab. Upload your file in Blackboard when you are finished. Mustang declared a $30,000 cash dividend. The company currently has 2,000 shares of 896, $125 par value cumulative preferred stock outstanding. The company did not...
Problem 1 (20pts) Rocklin Corporation reports the following components of stockholders equity o December 31, 2009. Common Stock- $25 par value. 100.000 shares authorized $1,125,000.00 45,000 shares issued and outstanding Paid in Capital in excess of par value, common stock 60,000.00 $ Retained earnings $ 460,000.00 total Stockholder Equity $1,645,000.00 Prepare the journal entries: Purchase 4,500 shares of its own stock at $25 cash per share 1-Jan Directors declare a $3 per share cash dividend payable on Feb 28 to...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200.000 340,000 $780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $284,400 244,400 400,000...
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