Homework Answers
| Answer | |||
| Shamrock Company | |||
| Date | Account Title | Debit | Credit |
| 10-Jun | Class A Common Stock ($605000/100000*1000) | $ 6,050 | |
| Retained earnings | $ 1,150 | ||
| Cash (1000*$4.90) | $ 4,900 | ||
| 26-Aug | Cash (2000*$9.60) | $ 19,200 | |
| Common Stock | $ 19,200 | ||
| 30-Sep | Class A Common Stock | $ 6,120 | |
| [($605000- 6050+ 19200)/(100000-1000+2000)]*1000 | |||
| Retained earnings | $ 3,480 | ||
| Cash (1000*$9.60) | $ 9,600 | ||
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Martinez 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...
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...
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...
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....
Whispering Company had the following Shareholders’ Equity accounts as of May 1, 2020: Share capital: Preferred...
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....
port Concord Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital:...
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...
Pharoah Company had the following Shareholders' Equity accounts as of May 1, 2020: $1,008,000 665,500 Share...
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....
National Supply’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
National Supply’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 9 million shares at $1 par $ 9,000,000 Paid-in capital—excess of par 81,000,000 Retained earnings 80,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 Reacquired...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $500,000 502,000 605,000 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 $13 per share. Apr. 15 May 15 Reacquired 2,000 common shares at a...
National Supply’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
National Supply’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 9 million shares at $1 par $ 9,000,000 Paid-in capital—excess of par 81,000,000 Retained earnings 80,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 Reacquired...
On May 31, 2022, Martinez Landscaping’s common shares were trading for $15, and the company had...
On May 31, 2022, Martinez Landscaping’s common shares were
trading for $15, and the company had the following shareholder’s
equity accounts:
Common Shares (no par value, unlimited authorized,
1,060,000 issued, and
outstanding)
$3,180,000
Contributed Surplus-Common Shares
1,290,000
Retained earnings
21,270,000
Prepare the journal entries for the following independent
transactions. (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...
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....
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....
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...
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....
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $500,000 502,000 605,000 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 $13 per share. Apr. 15 May 15 Reacquired 2,000 common shares at a...
On May 31, 2022, Martinez Landscaping’s common shares were
trading for $15, and the company had the following shareholder’s
equity accounts:
Common Shares (no par value, unlimited authorized,
1,060,000 issued, and
outstanding)
$3,180,000
Contributed Surplus-Common Shares
1,290,000
Retained earnings
21,270,000
Prepare the journal entries for the following independent
transactions. (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...
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