Homework Answers
| Date | general journal | debit | credit |
| January 15 2017 | investment in Goodings corp (34000-28000) | 6000 | |
| Gain on Investment | 6000 | ||
| Retained earnings | 34000 | ||
| Property dividend payable | 34000 | ||
| February 17, 2017 | property dividend payable | 34000 | |
| Investment in Goodings Corp. | 34000 | ||
| March 20, 2017 | cash (1000*7) | 7000 | |
| Treasury stock (1000*1) | 1000 | ||
| Paid in capital from treasury stock | 6000 | ||
| April 17, 2017 | no journal entry required. A memorandum entry is passed for stock split | ||
| July 18, 2017 | retained earnings (246000*2*4%7) | 137760 | |
| Common stock | 19680 | ||
| Paid in capital in excess of par | 118080 | ||
| November 1, 2017 | Retained earnings (511680*0.10) | 51168 | |
| dividend payable | 51168 | ||
| November 25, 2017 | no journal entry | ||
| November 29, 2017 | dividends payable | 51168 | |
| Cash | 51168 | ||
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2. (25 points) On January 1, 2017. The shareholders' equity accounts. anuary 1, 2017. Thomson Inc....
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity a...
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 350,000 shares issued of which 20,000 Shares being held as treasury stock $350,000 Paid-in capital excess of par, common 500,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Paid-in capital excess of par, preferred 100,000 Retained earnings 2,000,000 Treasury stock, at cost, 20,000 shares 60,000 During 2017, Thomson Inc. had several transactions relating to common stock. 2/10 Declared a property...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued 244,000 Paid-in capital - excess of par, common 488,000 Paid-in capital - excess of par, preferred 180,000 Preferred stock, $100 par, 18,000 shares outstanding 1,800,000 Retained earnings 3,600,000 Treasury stock, at cost, 4,400 shares 22,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
??? P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows....
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P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) 300,000 1,000,000 15,000 480,000 688,000 40,000 the corporation had the following transactions and events pertaining to its During 2017, stockholders' equity. Feb. 1 Issued...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
CHAPTER 18 (2.) The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts...
CHAPTER 18 (2.) The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts at December 31, 2017: Paid-in capital: Preferred stock, 8.0%, 85,000 shares at $1 par $ 85,000 Common stock, 353,500 shares at $1 par 353,500 Paid-in capital—excess of par, preferred 1,475,000 Paid-in capital—excess of par, common 2,525,000 Retained earnings 8,545,000 Treasury stock, at cost; 3,500 common shares (38,500 ) Total shareholders' equity $ 12,945,000 During 2018, several events and transactions affected the retained earnings of...
The stockholders' equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders' equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (896, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 686,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1...
The stockholders’ equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Cyrus Corporation on
January 1, 2017, 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
688,000
Treasury Stock (5,000 common shares)
40,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,000 shares...
The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($5 stated value, 326,000 shares authorized) 1,358,333 Paid-in Capital in Excess of Par Value—Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value—Common Stock 521,600 Retained Earnings 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,620 shares...
The stockholders’ equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $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 692,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,000 shares...
Problem 18-158 On January 1, 2018, Fascom had the following account balances in its shareholders' equity...
Problem 18-158 On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 258,00 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 14,000 shares outstanding Retained earnings Treasury stock, at cost, 5,800 shares 258, eee 516, eee 14e.ee 1,400, eee 2,800,000 29, eee During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend...
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P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) 300,000 1,000,000 15,000 480,000 688,000 40,000 the corporation had the following transactions and events pertaining to its During 2017, stockholders' equity. Feb. 1 Issued...
On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
The stockholders' equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (896, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 686,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1...
The stockholders’ equity accounts of Cyrus Corporation on
January 1, 2017, 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
688,000
Treasury Stock (5,000 common shares)
40,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,000 shares...
Problem 18-158 On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 258,00 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 14,000 shares outstanding Retained earnings Treasury stock, at cost, 5,800 shares 258, eee 516, eee 14e.ee 1,400, eee 2,800,000 29, eee During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend...
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