Accountancy
Armstrong Corporation has the following shareholders' equity on December 31, 2021:
Shareholders' equity
Share capital
| $10 convertible preferred shares, |
| 10,000 shares authorized, 5,000 shares issued | $570,000 |
| Common shares, |
| 200,000 shares authorized, 90,000 shares issued | 1,800,000 |
| Total share capital | 2,370,000 |
| Retained earnings | 450,000 |
| Total shareholders' equity | $2,820,000 |
If 10,000 common shares were reacquired for $24 per share, the journal entry to record the transaction would
credit Contributed Surplus–Reacquisition of Shares for $40,000. | ||
credit Retained Earnings for $40,000. | ||
credit Common Shares for $240,000. | ||
debit Common Shares for $200,000. |
Homework Answers
| debit Common Shares for $200,000. | |||
| General Journal | Debit | Credit | |
| Common Stock | 200,000 | (10,000 x $20) | |
| Retained Earnings | 40,000 | balance | |
| Cash | 240,000 | (10,000 x $24) | |
| Par value of the common share | $20.00 | ||
| (1,800,000/90,000) | |||
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MY ANSWERS ARE NOT CORRECT SO PLEASE SOLVE ALL PARTS The shareholders' equity section of GOLDENVALLEY...
MY ANSWERS ARE NOT CORRECT SO PLEASE SOLVE ALL
PARTS
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Whispering Company had the following Shareholders’ Equity
accounts as of May 1, 2020:
Share capital:
Preferred shares, 60,000
issued and outstanding
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Class A common shares,
150,000 issued and outstanding
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Class B common shares,
440,000 issued and outstanding
2,530,000
Retained earnings
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Total shareholders’
equity
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MY ANSWERS ARE NOT CORRECT SO PLEASE SOLVE ALL
PARTS
The shareholders' equity section of GOLDENVALLEY Corporation's statement of financial position at December 31 is presented here. GOLDENVALLEY CORPORATION Statement of Financial Position (partial) Shareholders' equity Contributed capital $5 Preferred shares, cumulative, 10,000 authorized, 5.700 shares issued $570,000 Common shares, 750,000 authorized, 658,500 shares issued 2,634,000 Contributed surplus 98.000 Total contributed capital 3,302,000 Retained earnings 1,109,000 Total shareholders' equity $4,411,000 From your review of the shareholders' equity section above, answer...
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Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
Whispering Company had the following Shareholders’ Equity
accounts as of May 1, 2020:
Share capital:
Preferred shares, 60,000
issued and outstanding
$738,000
Class A common shares,
150,000 issued and outstanding
750,000
Class B common shares,
440,000 issued and outstanding
2,530,000
Retained earnings
3,285,000
Total shareholders’
equity
$7,303,000
On June 10, Whispering reacquired and cancelled 1,800 Class A
common shares at a cost of $4.15 per share. On August 26, 2020,
Whispering issued 3,600 Class A common shares for $8.55 each....
Comprehensive Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2015, Oakwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The shareholders' equity accounts at December 31, 2015, had the following balances: Common stock Additional paid-in capital on common stock Retained earnings $20,000,000 7,500,000 6,470,000 Transactions during 2016 and other information relating to the shareholders' equity accounts were as follows: 1. On...
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