Homework Answers
| Date | General Journal | Debit | Credit |
| Jan. 5 | Land | 250000 | |
| Common stock (15000 x $1) | 15000 | ||
| Paid-in capital in excess of par-common | 235000 | ||
| (To record common stock issued for land) | |||
| Feb. 16 | Cash [(20000 x $7.50) + (20000 x $120)] | 2550000 | |
| Common stock (20000 x $1) | 20000 | ||
| Paid-in capital in excess of par-common [20000 x ($7.50 - $1.00)] | 130000 | ||
| Preferred stock (20000 x $100) | 2000000 | ||
| Paid-in capital in excess of par-preferred [20000 x ($120 - $100)] | 400000 | ||
| (To record sale of common stock and preferred stock) | |||
| Mar. 10 | Cash | 700000 | |
| Common stock (10000 x $1) | 10000 | ||
| Paid-in capital in excess of par-common | 165000 | ||
| Preferred stock (5000 x $100) | 500000 | ||
| Paid-in capital in excess of par-preferred | 25000 | ||
| (To record sale of common stock and preferred stock) | |||
| May 1 | Treasury stock-common | 22500 | |
| Cash (1500 x $15) | 22500 | ||
| (To record purchase of treasury stock) | |||
| Jul. 15 | Cash (950 x $20) | 19000 | |
| Treasury stock-common (950 x $15) | 14250 | ||
| Paid-in capital from treasury stock | 4750 | ||
| (To record sale of treasury stock) | |||
| Sept. 17 | Cash [(1500 - 950) x $9) | 4950 | |
| Paid-in capital from treasury stock | 3300 | ||
| Treasury stock-common (550 x $15) | 8250 | ||
| (To record sale of treasury stock) | |||
| Dec. 1 | Cash dividends | 120000 | |
| Dividends payable | 120000 | ||
| (To record declaration of cash dividend) | |||
| Dec. 5 | No journal entry required | ||
| Dec. 15 | Dividends payable | 120000 | |
| Cash | 120000 | ||
| (To record payment of dividends) | |||
| Dec. 28 | Retained Earnings (6750 x $23) | 155250 | |
| Common Stock Dividend Distributable (6750 x $1) | 6750 | ||
| Paid-in capital in excess of par-common | 148500 | ||
| (To record declaration of stock dividend) |
Working:
Mar. 10:
| Fair Value | Percent of total fair value | Total consideration | |
| Common stock | 200000 | 25% | 175000 |
| Preferred stock | 600000 | 75% | 525000 |
| Total | 800000 | 100% | 700000 |
Dec. 28: Number of shares of common stock dividend = 15% x (15000 + 20000 + 10000) = 15% x 45000 = 6750
Bonus:
| Preferred stockholders [3% x $100 x (20000 + 5000)] | $ 75,000 |
| Common stockholders ($120000 - $75000) | $ 45,000 |
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Please show all supporting computations. Points will be deducted if you do not show your work....
Please show all supporting computations. Points will be deducted if you do not show your work....
Please show all supporting computations. Points will be deducted if you do not show your work. 1. Litke Corporation issued at a premium of $10,000 a $200,000 bond issue convertible into 4,000 shares of common stock (par value $20). On October 1, 2020 all of the bonds were converted to shares of common stock. At the time of the conversion, $4,000 of the premium has been amortized, the market value of the bonds is $220,000, and the stock is quoted...
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Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par...
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It is the same question just multiple parts. please use photo 1 to refer back to....
It is the same question just multiple parts. please use photo
1 to refer back to. thanks in advance for helping me!
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STEINER CORPORATION Partial Balance Sheet December 31, 2018 Stockholders’ equity 8% Preferred stock, $100 par value, cumulative, 5,000 shares issued ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$500,000 In excess of par value— preferred stock ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $280,000 Common stock, $5 par value, 440,000 shares issued ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$2,200,000 In excess of par value—common stock ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $800,000 Total paid-in capital ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $3,780,000 Retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $1,334,000 Total paid-in capital and retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$5,114,000 Less: Treasury stock (10,000 common shares) ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ($120,000) Total stockholders’ equity ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $4,994,000 On December 1, 2018, the...
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Answer all with solutions
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Please show all supporting computations. Points will be deducted if you do not show your work. 1. Litke Corporation issued at a premium of $10,000 a $200,000 bond issue convertible into 4,000 shares of common stock (par value $20). On October 1, 2020 all of the bonds were converted to shares of common stock. At the time of the conversion, $4,000 of the premium has been amortized, the market value of the bonds is $220,000, and the stock is quoted...
The stockholders' equity section of Robert Corporation's balance sheet as of December 31, 2019 is as follows: Common Stock. $1 par value; 1,500,000 shares issued and outstanding $ 1,500,000 Paid-in Capital in Excess of Par Common Stock 3,750,000 Preferred Stock, 5%, $50 par, cumulative, 20,000 shares issued and outstanding 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 1,250,000 Part A: On the next pages, record the journal entries for the events that occurred on the following dates during 2020. I...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400,000, Paid-in capital in excess of par value, common stock with a balance of $2,400,000, and Retained Earnings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. ( 12 ) 7 Purchased 8,000 shares of...
It is the same question just multiple parts. please use photo
1 to refer back to. thanks in advance for helping me!
Saved Help Required information Problem 11-4A Analyzing changes in stockholders' equity accounts LO C3, P2, P3 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 Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized,...
Answer all with solutions
At September 30, the end of Beijing Company's third quarter the following stockholders' equity accounts are reported. $420,00 Bee. 320, Con tact 13 P value Paid in capital in excess of par value, common stock in the fourth quarter, the following entries related to its equity are recorded Date General Journal Oct. 2 retained Earnings Common Dividend payable Oct. 25 C on Dividend Payable . Oct. 31 Retained tandings C on Stock Dividend Distributable Paid In...
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8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized. 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid-in-Capital from Common Stock $ 10,600,000 Total Paid-in-Capital $ 13,900,000 Retained Earnings (Note A) $ 4,100,000 Total Stockholder's Equity $...
gn Layout References Mailings Review View Help Paid-in Capital 8% Preferred Stock, $100 par value, cumulative, 50.0XX) shares anthorized, 30,000 shares issued and outstanding In excess of par on preferred stock Total Paid in Capital from Preferred Stock 3,000,000 3M) CM) $ $ 3,300.00 Common Stock, no par, $25 stated value, 1.000.) shares authorized, 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid in Capital from Common Stock $ 10600...
Stockholder's Equity Pald-in-Capital B%. Preferred Stock, $100 par value, cumulative, 50.000 shares Authorized, 50,000 shares issued and outstanding In excess of per on preferred stock Total Paid-in-Capital from Preferred Stock $ 5.000.000 $ 5,300,000 $ $ 7.500.000 200.000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized, 300,000 shares issued and outstanding In excess of stated value on common stock Total Paid-in-Capital from Common Stock Total Paid-in-Capital Retnined Earnings (Note A) Total Stockholder's Equity $ $ $ $ 100,000...
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