FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On July 6, Nikosha's Corporation issued 1500 shares of no-par common stock at a cash price of $2 shares.
On July 10, Nikosha's Mountain Inc issues 2500 shares of no-par common stock at a cash price of $4 shares.
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- On June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per share.Journalize the issuance of the shares.arrow_forwardPronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (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 0 for the amounts.)arrow_forwardOn May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 120,000 shares of no-par common stock (with a stated value of $3) at $12, and on June 30, it issued for cash 15,000 shares of preferred stock, $65 par at $72.a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?$arrow_forward
- Dengararrow_forwardOn May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.arrow_forwardPlease show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its own stock at $37 per share. On January 20th, ZYX later reissues or sells 199 shares of treasury stock for $12 per share. On January 20th, the balance in Additional paid in capital-Treasury stock is credit balance of $0. What is the amount debited to Retained earnings on January 20th? 2. ABC issues 14,000 shares of common stock to investors on January 1 for cash, with the investors paying cash of $24 per share. The par value of the stock is $5 per share. What is the amount applied to additional paid in capital? 3. On January 1st, ABC company issues a stock dividend of 18%. ABC has 101,000 shares outstanding with a par value of $1. ABC also has 210,000 shares authorized. The market price per share January 1st is $32. What is number of new shares issued for stock dividend? 4. On January 1st, ZYX company purchased 1,200 shares of its own stock at $36 per share. On January 20th, ZYX later reissues…arrow_forward
- On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 per share. On June 2, Marine sold the remaining shares at $28 per share. Required: Journalize the transactions of February14, March 5, and June 2.arrow_forwardNutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?arrow_forward
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