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BB Co. issued 5,900 common shares at $12 per share. The company also issued 1,100 preferred no par, $4 dividend shares at $23 per share. The company declared and paid the preferred dividend at the end of the year.
Record the appropriate journal entry(s) for each of the above transactions that occurred during their first year of operations.
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Pronghorn Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
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Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
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The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
The stockholders' equity section of Robert Corporation's balance sheet as of December 31, 2019 is as...
The stockholders' equity section of Robert Corporation's balance sheet as of December 31, 2019 is as follows: Common Stock. $1 par value; 1,500,000 shares issued and outstanding $ 1,500,000 Paid-in Capital in Excess of Par Common Stock 3,750,000 Preferred Stock, 5%, $50 par, cumulative, 20,000 shares issued and outstanding 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 1,250,000 Part A: On the next pages, record the journal entries for the events that occurred on the following dates during 2020. I...
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Southern Exposure Ltd. begins operations on January 2, 2016. During the year, the following transactions affect shareholders' equity: 1. Southern Exposure's articles of incorporation authorizes the issuance of 1 million common shares, and the issuance of 100,000 preferred shares, which pay an annual dividend of $2 per share. 2. A total of 240,000 common shares are issued for $5 a share. 3. A total of 15,000 preferred shares are issued for $14 per share. 4. The full annual dividend on...
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par...
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Pronghorn Corporation showed the following information on its
financial statements on December 31, 2021:
Preferred Shares, no par value $5 cumulative, 380,000 shares
authorized,
190,000 shares issued and
outstanding
$34,200,000
Common Shares, no par value, unlimited shares authorized,
450,000 shares issued and
outstanding
$13,500,000
The following transactions occurred, in the order given, during
2022:
(a)
April 15: Received subscriptions and down payments for 115,000
common shares at $38 per share. The subscription contracts call for
55% of the subscription price...
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares, no par value $6 cumulative, 460,000 shares authorized, 200.000 shares issued and outstanding Common Shares, no par value, unlimited shares authorized 450.000 shares issued and outstanding $42,000,000 $12.150.000 The following transactions occurred in the order given, during 2022: (a) April 15: Received subscriptions and down payments for 108,000 common shares at $36 per share. The subscription contracts call for 65% of the subscription price...
Michael Inc. is authorized to issue 50,000, 58, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 Sold 96,000 common shares for S8 per share, cash 15 Exchangod 10.000 preferred shares for equipment with a fair market value of $80,000 Feb. 1 Exchanged 500 common shares for $2.500 worth of legal fees incurred during organization On...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
The stockholders' equity section of Robert Corporation's balance sheet as of December 31, 2019 is as follows: Common Stock. $1 par value; 1,500,000 shares issued and outstanding $ 1,500,000 Paid-in Capital in Excess of Par Common Stock 3,750,000 Preferred Stock, 5%, $50 par, cumulative, 20,000 shares issued and outstanding 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 1,250,000 Part A: On the next pages, record the journal entries for the events that occurred on the following dates during 2020. I...
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