Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018.The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction?O A. Common Stock - $1 Par ValuePaid-in Capital in Excess of Par - CommonCashO B. CashCommon Stock $1 Par ValuePaid-in Capital in Excess of Par - CommonOC. CashCommon Stock - $1 Par ValuePaid-in Capital in Excess of Par$1 Par ValuePaid-in Capital in Excess of ParCashOD. Common Stock -IDCommonCommon438,000114,000152,000152,000114,00038,000152,00038,000114,000114,00038,000152,000

JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Answered: Allridge Corporation received cash from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1. 2018 Manama Company has 8% 80.000 shares of $10 par value, Cumulative preferred stock and 140.000 shares of common stock authorized, issued and outstanding at $5 par value The Company declared and paid cash dividends as follows Dividends $50,000 $110.000 $190,000 Year 2018 2019 2020 Required: In the below table determine the amount of cash dividends distributed to each class of shares over the three vears Please: Present each year in a separate line. For the toolbar, press ALT+F10 (PG) or ALT+FN-F10 (Mac).
Subject :- Account
On January 1, 2017, Ehrlich Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000Paid-in Capital in Excess of Par—Common Stock 200,000Retained Earnings 540,000During the year, the following transactions occurred.Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.Feb. 15 Paid the dividend declared in January.Apr. 15 Declared a 15% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. 31 Determined that net income for the year was $250,000.Instructions(a) Journalize the…
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…
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The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
Shown below is information relating to the stockholders' equity of Robertson Corporation at December 31, 2022: 12% cumulative preferred stock, $150 par Common stock, $1.50 par Additional paid-in capital: preferred stock Additional paid-in capital: common stock Treasury stock (at cost: 6,000 common shares) Retained earnings Refer to the above data. How many shares of common stock are outstanding? O a. 600,000 O b. 406,000 O c. 594,000 O d. 394,000 $1,500,000 600,000 300,000 900,000 180,000 1,350,000
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Q3: Lincoln-Priest Inc., reported the following stockholder’s equity on its balance sheet at June 30th, 2020. Lincoln-Priest Inc Stockholder’s equity June 30th, 2020. Paid in Capital: Preferred stock, 7%, Rs. 40 par, 110, 000 shares authorized, none issued Rs. 0 Common stock, par value Rs 1 per share, 520,000 shares authorized, 61,000 issued 61,000 Share premium 41,000 Retained earnings 29,000 During 2020 the company completed the following transactions. Journalize each transaction. 1. Issued for cash 1300 shares of preferred stock at par value. 2. Issued for cash 2400 shares of common stock at Rs 5 per share. 3. Net Income for the year was Rs 74, 000 and the company…
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Stockholders' equity accounts, arranged aphabetically are the ledger of Pina Colada Corp. at December 31, 2020. Common Stock ($5 stated value) $1,675,000 Paid-in capital inexcess of par-preferred stock 279,000 Paid-in capital in excess of stated value-common stock. 936,000 Preferred stock (8%, $103 par) 489,250 Ratained Earnings 1,120,000 Treasury Stock (12,000 common shares) 144,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. *please solve and explain process. Thank you
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