Home work question accounting intermediate 11 stock and bonds journal entry on jan 1 2020 Thompson had 2 equity investment # of shares owned 200 cost per share $17 mkt value per share 12/31/2019 $23 what is journal entry

Home work question accounting intermediate 11 stock and bonds journal entry on jan 1 2020 Thompson had 2 equity investment # of shares owned 200 cost per share $17 mkt value per share 12/31/2019 $23 what is journal entry

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 15E

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Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger View…
NAME: SCORE: SECTION: PROFESSOR: Problem #16 Shareholders' Equity Section The shareholders' equity T-accounts of Geron Greeting Cards, Inc. for the year ended Dec. 31, 2019, are as follows: Ordinary Shares Jan. 1 Balance 3,000,000 Mar. 7 Isued 1,350,000 4,350,000 27,000 shares Dec. 31 Balance Share Premium-Ordinary Jan. 1 Balance 480,000 Mar. 7 Isued 27,000 shares 324,000 Dec. 31 Balance 804,000 Treasury Stock Aug. 7 Purchased 4,500 shares 216,000 Retained Earnings Mar. 31 Dividends 37,500 Jan. 1 Balance 5,220,000 June 30 Dividends 37,500 Dec. 31 Closing Sept. 30 Dec. 31 Dividends Dividends 37,500 (profit) Dec. 31 Balance 765,000 37,500 5,835,000 Required: Prepare the shareholders' equity section for the year ended Dec. 31, 2019.
Case 1.b In 2022, the following are the equity transactions and the corresponding journal entries made. 1. On April 12, 2022, it was noted that Shipyard, Inc. purchased 4,000 its own common stock at $25 per share Apr 15 Treasury Shares Retained Earnings 2. On Jun 15, the company sold 2,500 shares for $30 per share. Apr 12 Cash Treasury Shares The table shows the equity balances as of December 31, 2022 2022 beginning Balance Common Stock acquisition Sold Treasury Stock Ending Balance Common Stock 1,130,000 1,130,000 Paid-in Common stock dividend distributable 120,000 capital in excess of par 300,000 300,000 Treasury Shares 0 -75,000 50,000 120,000 -25,000 100,000 75,000 Retained Earnings 850,000 75,000 925,000 100,000 75,000 Total 2,400,000 0 50,000 2,450,000 Requirement. (b) Evaluate whether the journal entries dated April 15, 2022 and June 12, 2022 are recorded in accordance with the recognition and measurement principles of treasury shares. (bl) If the journal entries are wrong, what…
View Policies Current Attempt in Progress The stockholders' equity accounts of Splish Company have the following balances on December 31, 2020. Common stock, $10 par, 293,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings (a) Shares of Splish Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (b) (c) $2,930,000 1.190,000 5,310,000 A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A2-for-1 stock split is (1) declared and (2) issued. -71 E
Statement of Stockholders' Equity You have been asked to assist with the preparation of a statement of stockholders' equity for Minimus Company for the year ended December 31, 2019. You determine the following balances: Common Stock at December 31, 2018 Retained Earnings at December 31, 2018 Net Income during 2019 Dividends during 2019 Issuance of Common Stock during 2019 $10,000 7,500 6,000 900 600 Required Prepare a statement of stockholders' equity for Minimus Company for 2019. MINIMUS COMPANY Statement of Stockholders' Equity For the Year Ended December 31, 2019 CommonStock RetainedEarnings Total Stockholders'Equity Balance at December 31, 2018 Issuance of Common Stock Net Income Dividends Paid(Enter as negative) Balance at December 31, 2019
Un=nttps%253A%252F%252Flms.mheducation.com%252F... Pa hapter 16, 17, 18) 6 Saved Help Save & Exit Submit The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 $600 300 600 $612 Common stock, $1 par per share Paid-in capital-excess of par Retained earnings 348 628 During 2021, Time declared and paid cash dividends of $90 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Time's net income for 2021? Multiple Choice $28 million $130 million $118 million Next 30 of 39 < Prev Question no...pages nages
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2022, balance sheet Common shares, unlimited authorized shares, 640, 000 shares issued and outstanding Retained earnings $5, 760, 000 2, 130, 000 During 2023, the following selected transactions occurred: Apr. 1 Repurchased and retired 168,000 common shares at $10.00 per share; this is the first retirement recorded by Mady. June 1 Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $ 7.00, $6.76, and $6.90, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balancs of $756, 000 in the Income Sumary account. Required: a. Journalize the transactions above (assuming the retirements were the first ever recorded by Mady Entertainment Inc). The…
Print by: Tanvi Varma374275:374275: Intermediate Accounting Theory and Practice MGMT X 120B (Summer 2020) / Ch. 15 HW *Exercise 15-18 Nash Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Nash took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Nash uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4.…
Weinstein's Nordic Italian Cuisine, Inc. The stockholders' equity accounts of Weinstein's Nordic Italian Cuisine, Inc. balances as of December 31, 2023: Required: Prepare the appropriate journal entry for each of the following transactions: a b PCPE d e f g Common stock, $2 par Paid in capital in excess of par Retained earnings h 15-Jan-24 14-Feb-24 9-May-24 20-Jun-24 31-Oct-24 12-Nov-24 20-Nov-24 WNIC declares a 2% stock dividend Shares of WNIC are currently selling on the NYSE at $10. Stock dividend distribution date, FMV of stock = $10.50 WNIC declares a $.25 per share cash dividend Cash dividend payment date WNIC declares a 40% stock dividend 1,680,672 375,000 3,500,000 Shares of WNIC are currently selling on the NYSE at $11. Stock dividend distribution date, FMV of stock = $11.25 WNIC declares a property dividend providing that each holder of 50 shares of common stock will receive a frozen eggplant dinner with a fair value of $8.50/dinner. The dinners are currently carried in in…
Question2 Instructo Inc. showed the following shareholders' equity account balances at December 31, 2019: Common shares, unlimited authorized shares, 480,000 shares issued and outstanding Retained earnings $6,800,000 3,600,000 During 2020, the following selected transactions occurred: Repurchased and retired 200,000 common shares at $9.20 per share Repurchased and retired 125,000 common shares at $10.75 per share Issued 50,000 common shares at $12 per share Repurchased and retired 100,000 common shares at $20.00 per share Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $7.50, $6.80, and $7.20 respectively. Apr. June 1 Aug Nov. Dec. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $1,620,000 in the Income Summary account. Required: a. Journalize the transactions above. b. Prepare the shareholders' equity section at…
Chapter 15 McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2019: February 26 Purchased for cash 1,350 shares of Demon Inc. stock for $70 per share plus a $75 brokerage commission. April 16 Received dividends of $0.75 per share on Demon Inc. stock. June 18 Purchased 600 shares of Demon Inc. stock for $68 per share plus a $50 brokerage fee. August 19 Sold 1,500 shares of Demon Inc. stock for $72 per share less a $100 brokerage commission. McDaniel assumes that the first investments purchased are the first investments sold. November 14 Received dividends of $0.44 per share on Demon Inc. stock.
Quiz FART (Protected View) - Word PUTERI NUR AISYAH BINTI AZHAR FN File Home Insert Draw Design Layout References Mailings Review View Help O Tell me what you want to do Meranti Maju Bhd has the following equity balances at 31 December 2019. RM'000 Share Capital –Ordinary, 22,000,000 shares outstanding Retained Earnings Exchange Translation Reserve 47,300 283,800 5,350 During 2020, the following transactions occurred: Date Transactions 20 March Issued 1 million shares at a price of RM2.20 per share. The transaction cost related to the issuance of shares was RMO.15 per share. 30 September Declared a 2% share dividend to existing shareholders. The share dividend was distributed on the same date. The market price of share was RM2.40. 31 December Declared a cash dividend of RMO.50 per share on outstanding shares. Additional information: 1. 2. Profit for the year 2020 was RM12,000,000. Exchange translation loss recognized during the year 2020 was RM70,000. Required: (Round all figures to…