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. On
September 30, the company reacquired and cancelled another 1,800
Class A common shares at $8.55 per share.
Here I am answering the Journal Entry with red boxes (that is September 30 transaction )
Whispering Company had the following Shareholders’ Equity accounts as of May 1, 2020: Share capital: Preferred...
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Pharoah Company had the following Shareholders' Equity accounts as of May 1, 2020: $1,008,000 665,500 Share capital: Preferred shares, 80,000 issued and outstanding Class A common shares, 110,000 issued and outstanding Class B common shares, 330,000 issued and outstanding Retained earnings Total shareholders' equity 1,666,500 3,285,000 $6,625,000 On June 10, Pharoah reacquired and cancelled 1,900 Class A common shares at a cost of $5.20 per share. On August 26, 2020, Pharoah issued 3,800 Class A common shares for $9.45 each....
Martinez Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 100,000 issued and outstanding Class B common shares, 390,000 issued and outstanding Retained earnings Total shareholders' equity $747,000 605,000 1,950,000 3.250,000 $6,552,000 On June 10, Martinez reacquired and cancelled 1,000 Class A common shares at a cost of $4.90 pershare. On August 26, 2020, Martinez issued 2,000 Class A common shares for $9.60 each. On...
port Concord Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 50,000 issued and outstanding Class A common shares, 120,000 issued and outstanding Class B common shares, 330,000 issued and outstanding Retained earnings Total shareholders' equity $627,500 624,000 1,963,500 3.285.000 $6,500,000 On June 10. Concord reacquired and cancelled 1,500 Class A common shares at a cost of $4.10 per share. On August 26, 2020. Concord issued 3.000 Class A common shares for $8.40...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts. a) Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 70,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $700,000 500,000 617,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Declared and paid a 10% stock dividend. The market price of the stock was $14 per share. Reacquired 1,800 common shares at a market price of $16...