On January 1, Year 1, Hardy Company had a balance of $102,500 in its Common Stock account. During Year 1, Hardy paid $45,800 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31, Year 1, was $141,000. Assume that the common stock is no par stock. Required a. Determine the cash inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash inflow from the issue of common stock. Cash inflow from the issue of common stock.. Required A Required B >
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- Ace Co. issued 1,000 shares of its $10 par value common stock for $15 per share in cash. How should this transaction be reported in Ace's statement of cash flows for the year of issuance? A. $15,000 cash inflow from financing activities. B. $10,000 cash inflow from financing activities and $5,000 adjustment to arrive at cash flows from operating activities. C. $15,000 cash flow from investing activities. D. $10,000 cash flow from investing activities and $5,000 adjustment to arrive at cash flows from operating activitiesGolden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets. Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities. Equity Common stock, $2 par value GOLDEN CORPORATION Comparative Balance Sheets December 31 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding…31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
- Vaughn Company had the following transactions. 1. 2. Issued 4,600 shares of common stock with a stated value of $10 for $131,000. Issued 2,200 shares of $100 par preferred stock at $110 for cash. Prepare the journal entries to record the above stock transactions. (List all debit entries before automatically indented when the amount is entered. Do not indent manually.)The following information is from Princeton Company's comparative balance sheets. At December 31 Prior Year Common stock, $10 par value $126,000 Paid-in capital in excess of par Current Year $ 131,000 593,000 339,500 355,000 Retained earnings 313,500 The company's net income for the current year ended December 31 was $61,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock Beginning balance Ending balance Common Stock, $10 Par Paid-in Capital in Excess of Par Beginning balance Ending balance Cash receivedThe following information is from Princeton Company's comparative balance sheets. Current At December 31 Prior Year Year Common stock, $10 par value Paid-in capital in excess of par Retained earnings $ 105,000 $ 100,000 567,000 313,500 342, е00 287,500 The company's net income for the current year ended December 31 was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. es Common Stock, $10 Par Beg. bal. End. bal. Paid-in Capital in Excess of Par Beg. bal.
- The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: $ 3,060,000 Common Stock, $45 par ... Paid-In Capital from Sale of Treasury Stock. Paid-In Capital in Excess of Par-Common Stock. 115,000 272,000 Retained Earnings 20,553,000 Treasury Stock.... 324,000 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Current Year $ 105,000 567,000 313,500 Paid-in capital in excess of par Prior Year $ 100,000 342,000 287,500 Retained earnings The company's net income for the current year ended December 31 was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Beginning balance Issuance of common stock Ending balance Common Stock, $10 Par Paid-in Capital in Excess of Par Beginning Balance Issuance of common stock Ending balance Cash received $ 230,000 100,000 50,000 150,000 342,000 225,000 567,000Before preparing fi nancial statements for the current year, the chief accountant for Toso Company discovered the following errors in the accounts. 1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000. Journalize stock dividends. Compare eff ects of a stock dividend and a stock split. Indicate account balances after a stock dividend. Indicate the eff ects on stockholders’ equity components. Prepare correcting entries for dividends and a stock split. Corporations: Dividends, Retained Earnings, and Income Reporting 2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market price per share was $18. The only entry made was Stock Dividends (Dr.) $10,000 and Dividend Payable (Cr.) $10,000. The shares have not been issued. Instructions Prepare the correcting entries at December 31.
- The stockyholder's section of the balance sheet contains such as the following . Common stock . Preferred stock .Additional paid in capital . Other accumulated comprehensive income .retained earnings It is important to understand how changes in the accounts impact the balance sheet and the financial positions. Ginseng inc. Has $200, 000 of 5%, $10 par value preferred and $450,000 of $5 par value common stock issued outstanding on Dec.31, 2021. There were no stock issuance, stock splits or dividends for 2021. The organization's calender year end is Dec. 31, 2021. The preferred stock did not receive any dividends for 2019 or 2020 because the company did not have adequate cash reserves to pay out dividends. The preferred stock has a mix characteristics. . 10% of the preferred stock is noncumulative, nonparticipating . 20% of the preferred stock is cumulatuve , nonparticipating .20% of the preferred stock is nonculative, participating .50% of the preferred stock is cumulatuve,…Prepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheetThe following accounts and corresponding balances were drawn from Dexter Company's Year 2 and Year 1 year-end balance sheets. Account Title Bonds payable Common stock Year 1 $301,600 282,500 Year 2 $212,700 371,800 Other information drawn from the accounting records: 1. Dividends paid during the period amounted to $31,700. 2. There were no bond liabilities issued during the period. Required a. Compute the amount of cash flow associated with the repayment of bond liabilities. b. Compute the amount of cash flow associated with the issue of common stock. c. Prepare the financing activities section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount of cash flow associated with the repayment of bond liabilities. Cash flow for the repayment of bond liabilities