Homework Answers
Solution
| June 10 | Debit | Credit | |
| Class A common Share (1800×5) | 9000 | ||
| Contributed Surplus(1800×(5-4.15)) | 1530 | ||
| Cash (1800×4.15) | 7470 | ||
| (Being Common Share repurchase and cancelled at discount ) | |||
| August 26 | Cash | 27360 | |
| Class A Common Share (3200×5) | 16000 | ||
| Contributed Surplus (3200×(8.55-5)) | 11360 | ||
| (Being Common Shares issued at premium ) | |||
| Sept 30 | Class A common Share (1800×5 | 9000 | |
| Contributed Surplus (1800×(8.55-5) | 6390 | ||
| Cash (1800×8.55) | 15390 | ||
| ( Being Share repurchase in excess of par value ) |
Par / Face value of Class A Common Share = Issue Value / No of oustanding Share
=$750000/150000
=5 per share
Instead of Contribited Surplus you use Additional paid in capital account is also use
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Indigo 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...
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Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...
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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
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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....
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On January 1, 2020, Agassi
Corporation had the following stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
493,000
Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 1,800 common shares at a...
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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
$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....
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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...
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On January 1, 2020, Agassi
Corporation had the following stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
493,000
Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 1,800 common shares at a...
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