FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include aarrow_forwardThe corporate charter of Blossom Corporation allows the issuance of a maximum of 4,260,000 shares of $1 par value common stock. During its first three years of operation, Blossom issued 2,215,200 shares at $15 per share. It later acquired 85,200 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: (a) How many shares were authorized? Authorized shares i sharesarrow_forwardOM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock. During 20X7, OM had the following transactions relating to stockholders' equity: Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?arrow_forward
- When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800 shares of $15 par value common stock. During its first month of operation, the corporation issued 7,940 shares of stock at a price of $25 per share. The journal entry for this transaction would include a a.credit to Common Stock for $198,500 b.debit to Cash for $119,100 c.credit to Paid-In Capital in Excess of Par—Common Stock for $79,400 d.debit to Common Stock for $115,800arrow_forwardConcord Corporation had the following transactions during the current period. Mar. 2 Issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in helping the company to incorporate. June 12 Issued 70,000 shares of $5 par value common stock for cash of $437,500. July 11 Issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,800 shares of treasury stock for $72,000. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically inc when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" fo. account titles and enter O for the amounts.)arrow_forwardhester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital—Common Stock account for $1,060,800. Required: How many shares were issued?fill in the blank 1 sharesarrow_forward
- When incorporated Y Ltd. Issued 2,000 common shares to A for dollar 2,000. In year 2, Y Ltd. issued 1,600 additional common shares to B for dollar 16,000, the market value of the shares at that date. What is the total paid up capital of the common shares owned by A?arrow_forwardChoctaw Company completed the following transactions in Year 1, the first year of operation: 1. Issued 20,000 shares of $10 par common stock for $10 per share. 2. Issued 3,000 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 1,000 shares of common stock as treasury stock for $12 per share. 4. Declared a $2,000 cash dividend on preferred stock. 5. Sold 500 shares of treasury stock for $14 per share. 6. Paid $2,000 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $78,000 and incurred cash expenses of $41,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8,000 of retained earnings. Required a-1. Prepare journal entries to record these transactions. a-2. Post the entries to T-accounts. b. Prepare a balance sheet as of December 31, Year 1.arrow_forward
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