Homework Answers
| S. No | Account Tittle | Debit | Credit |
| A. | Cash (100000 ShareX 30) | $3,000,000.00 | |
| Common Stock (100000 ShareX5) | $500,000.00 | ||
| Par Value in excess of Par Value | $2,500,000.00 | ||
| B. | Retained Earning | $500,000.00 | |
| Dividend Payable (100000 Share X5) | $5,000,000.00 | ||
| Presumed that 100000 share are issued | |||
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Q2- Prepare the journal entries to record these transactions: A. At the beginning of the year...
Prepare journal entries to record the following transactions for Kenley in for the third quarter of...
Prepare journal entries to record the following transactions for Kenley in for the third quarter of 2019. Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $5 par value common stock on July 1, 2019. July 1 Issued 10,000 shares of common stock at $11 per share July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization...
Prepare the journal entry necessary to record each event,and then agree the year-end balances wit...
Prepare the journal entry necessary to record each
event,and then agree the year-end balances with the
December 31, 2017 Stockholders' Equity statement given above.
The equity sections from Fields Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 240,000 36,000 200,000 $476,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par...
Prepare the journal entries for the transactions affecting stockholders' equity that occurred during 2018. Do not...
Prepare the journal entries for the transactions affecting stockholders' equity that occurred during 2018. Do not prepare the journal entry for closing net income to retained earnings. Assume that any share transactions were for cash. PII-6A. Retained Earnings: Transactions and Statement The stockholders' equity accounts of Raymund Corporation as of January 1 appear below; LO7, 8 MBC Common stock, $1 par value, 400,000 shares authorized; 160,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings $160,000...
a) Prepare journal entries to record the transactions above. Swifty Corp. reported the following amounts in...
a) Prepare journal entries to record the transactions above.
Swifty Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (12,000 shares authorized, 2,400 shares issued) Common shares (unlimited authorized, 29,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $242,400 696,000 47,100 300,000 66,000 $1,351,500 During 2020, the company had the following transactions that affect shareholders' equity. LI, 2019 1. Paid the annual 2019 $7 per share dividend...
Recording stock issuances sin exchange foto Prepare journal entries to record each of the 1. A...
Recording stock issuances sin exchange foto Prepare journal entries to record each of the 1. A corporation issued 4,000 shares of $5 par value common stock for $35.000 ca 2. A corporation issued 2,000 shares of no-par common stock to its promoters in forts, estimated to be worth $40,000. The stock has a si per share stated value 3. A corporation issued 2,000 shares of no-par common stock to its promoters in a forts, estimated to be worth $40,000. The...
Given the information provided: Record all the journal entries for Destiny Calling’s transactions listed above. Taking...
Given the information provided:
Record all the journal entries for Destiny Calling’s
transactions listed above.
Taking into account all of the information and all of the
transactions above, prepare a Statement of Stockholders’ Equity for
Destiny Calling for the period ended December 31, 2020. Use the
format used in the pre-recorded lecture videos and also provided in
your e-text, Illustration 10-20. Assume net income for
2020 was $19,080.
Calculate the number of shares of Common Stock that would be
outstanding...
Please write clear answers and do not hand writing. Prepare a journal entries to record those...
Please write clear answers and do not hand writing.
Prepare a journal entries to record those transactions:
18. Stock dividends. The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2017 is as follows: Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 600,000 shares $3,000,000 Paid-in capital in excess of par 850,000 Retained earnings 4.500.000 $8.350.000 The following events occurred during 2018: 1. Jan. 5 45,000 shares of authorized and unissued common stock were...
Prepare entries to record the following selected transactions completed during the current fiscal year: Jan. 1...
Prepare entries to record the following selected transactions completed during the current fiscal year: Jan. 1 The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. 10 Purchased 25,000 shares of own stock at $44, recording the treasury stock at cost. March 1 Declared a dividend of $2 per share on the outstanding shares of common stock. 15 Paid the...
The equity sections for Atticus Group at the beginning of the year (January 1) and end...
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200,000 340,000 $ 780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of...
1.) Presented below is information related to Wally Company: Prepare the general journal entries necessary to record the...
1.) Presented below is information related to Wally Company: Prepare the general journal entries necessary to record the following transactions: (a) The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock. (b) 12,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $400,000. The board established a stated value of $10 per share...
Prepare the journal entry necessary to record each
event,and then agree the year-end balances with the
December 31, 2017 Stockholders' Equity statement given above.
The equity sections from Fields Group's 2016 and 2017 year-end balance sheets follow Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 240,000 36,000 200,000 $476,000 Total stockholders' equity Stockholders' Equity (December 31, 2017) Common stock-$4 par...
Prepare the journal entries for the transactions affecting stockholders' equity that occurred during 2018. Do not prepare the journal entry for closing net income to retained earnings. Assume that any share transactions were for cash. PII-6A. Retained Earnings: Transactions and Statement The stockholders' equity accounts of Raymund Corporation as of January 1 appear below; LO7, 8 MBC Common stock, $1 par value, 400,000 shares authorized; 160,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings $160,000...
a) Prepare journal entries to record the transactions above.
Swifty Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (12,000 shares authorized, 2,400 shares issued) Common shares (unlimited authorized, 29,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $242,400 696,000 47,100 300,000 66,000 $1,351,500 During 2020, the company had the following transactions that affect shareholders' equity. LI, 2019 1. Paid the annual 2019 $7 per share dividend...
Recording stock issuances sin exchange foto Prepare journal entries to record each of the 1. A corporation issued 4,000 shares of $5 par value common stock for $35.000 ca 2. A corporation issued 2,000 shares of no-par common stock to its promoters in forts, estimated to be worth $40,000. The stock has a si per share stated value 3. A corporation issued 2,000 shares of no-par common stock to its promoters in a forts, estimated to be worth $40,000. The...
Given the information provided:
Record all the journal entries for Destiny Calling’s
transactions listed above.
Taking into account all of the information and all of the
transactions above, prepare a Statement of Stockholders’ Equity for
Destiny Calling for the period ended December 31, 2020. Use the
format used in the pre-recorded lecture videos and also provided in
your e-text, Illustration 10-20. Assume net income for
2020 was $19,080.
Calculate the number of shares of Common Stock that would be
outstanding...
Please write clear answers and do not hand writing.
Prepare a journal entries to record those transactions:
18. Stock dividends. The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2017 is as follows: Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 600,000 shares $3,000,000 Paid-in capital in excess of par 850,000 Retained earnings 4.500.000 $8.350.000 The following events occurred during 2018: 1. Jan. 5 45,000 shares of authorized and unissued common stock were...
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200,000 340,000 $ 780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of...
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