Holiday Corporation had the following stockholders' equity amounts on their balance sheet onDecember 31, 2020 (the end of their 8th year of business):Common Stock, $10 par, 1,000,000 shares authorized,shares outstandingsharesIssued,$2,300,000Paid in Capital in Excess of Par- Common৪,400,00010,000Paid in Capital from Treasury StockAccumulated Other Comprehensive Income160,000Retained Earnings5.321.000Total Stockholders' Equity$16,191,000During 2021, Holiday completed the following transactions:Sold 24,000 shares of common stock for $52 per share in cash.Purchased 12,000 shares of our own company stock for cash when the priceMarch 1June 1dropped to $47 per share. Holiday plans to resell the shares when the price goesback up.November 1Resold 3,000 of the shares from June 1 at $53 per shareDecember 1Declared a $0.50 per share cash dividendDecember 31 Reported $600,000 of net incomeAnswer the following questions. Please show and label your work.a. How many shares should be in the blanks beside Common Stock on December 31, 2020?b. How many shares should be in the blanks beside Common Stock on December 31, 2021?c. Calculate Earnings Per Share in 2021. Show your calculationsd. How can Holiday have Paid in Capital from Treasury Stock on December 31, 2020without having any Treasury Stock?e. In which section(s) of the cash flow statement should the June I transaction be reportedand for what amount(s)?f. What is the balance of Retained Earnings on December 31, 2021?g. Give two possible reasons Holiday might have "Accumulated Other ComprehensiveIncome" on their balance sheet?

The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

Holiday Corporation had the following stockholders' equity amounts on their balance sheet on December 31, 2020 (the end of their gth year of business): Common Stock, $10 par, 1,000,000 shares authorized, shares outstanding shares Issued, $2,300,000 8,400,000 Paid in Capital in Excess of Par - Common Paid in Capital from Treasury Stock Accumulated Other Comprehensive Income 10,000 160,000 Retained Earnings 5.321.000 Total Stockholders' Equity $16,191,000 During 2021, Holiday completed the following transactions: March 1 Sold 24,000 shares of common stock for $52 per share in cash. June 1 Purchased 12,000 shares of our own company stock for cash when the price

Holiday Corporation had the following stockholders' equity amounts on their balance sheet on December 31, 2020 (the end of their gth year of business): Common Stock, $10 par, 1,000,000 shares authorized, shares outstanding shares Issued, $2,300,000 8,400,000 Paid in Capital in Excess of Par - Common Paid in Capital from Treasury Stock Accumulated Other Comprehensive Income 10,000 160,000 Retained Earnings 5.321.000 Total Stockholders' Equity $16,191,000 During 2021, Holiday completed the following transactions: March 1 Sold 24,000 shares of common stock for $52 per share in cash. June 1 Purchased 12,000 shares of our own company stock for cash when the price

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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Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding - Paid in capital in excess of par value, common stock ...$3,000,000 ....400,000 900.000 -Retained earnings.......... Total $4,300,000 The Corporation completed the following transactions in 2021. - Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. Mar. 01, Purchased 30,000 shares of its own common for $15 per share. Mar. 31, Paid the cash dividend declared on Jan. 10. - May 01, Sold 10,000 of its treasury shares at $15 cash per share. - Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. Nov. 01, Distributed stock dividends declared on Sep. 30. . Nov. 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for…
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