Larkspur Service Corporation's December 31, 2025 balance sheet reported the following:3% preferred stock, $270 par value$540,000Common stock, $1 par value640,000Paid-in capital in excess of par- preferred stock76,800Paid-in capital in excess of par - common stock9,600,000Retained earnings12,250,000Treasury stock144,000The average cost of the treasury shares was $10 per share.Answer the following questions:(a)* Your answer is incorrect.How many shares of common stock have been issued as of December 31, 2025?654,400shares of common stock have been issued as of December 31, 2025.

Common stock and Preferred stock are two type of shares being issued and held by the business.…

Answered: Larkspur Service Corporation's December…

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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Cullumber Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Cullumber uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Dec.…
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Q11: Presented below is the information necessary to compute the net assets (stockholders' equity) and book value per share of common stock for Arora Advertising, Inc.: 8% cumulative preferred stock, $100 par (callable at $110) $300,000 Common stock, $5 par, authorized 100,000 shares 450,000 Additional paid-in capital 679,200 Deficit 130,200 Dividends in arrears on preferred stock, 1 full year 24,000 a) Compute the amount of net assets (stockholders' equity). b) Compute the book value per share of common stock.
Kingdom Corporation has the following. Preferred stock, $10 par value, 9%, 50,000 shares issued In 2020, The company declared and paid $30,000 of cash dividends. $50 - Common stock, $15 par value, 300,000 shares issued and outstanding $4, In 2021. The company declared and paid $150,000 of cash dividend. Required: How much is the TOTAL cash dividends that will be distribu preferred stock is cumulative
Concord Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $400,000, Paid-in Capital in ExceSs of Par-Common Stock $185,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Sold 1,000 shares at $7 per share. 1っaa Concord Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $35,000. () Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (Listall debi entries before credit.entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Treasury Stock Cash Cash ए.२unp Treasury Stock Pald-In…
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Which assets depreciate?
The shareholders' equity section of H Co. on December 31, 2018 showed the following: Ordinary share P50 par, 105,000 shares issued P5,250,000 Share Premium on Ordinary shares 1,010,000 Treasury shares [5,000 shares) 300,000 Accumulated Profits 10,000,000 The company declared 10% share dividends on the ordinary share when the market value per share is P120. How much is the amount credited to Share Premium on Ordinary shares on this transaction?
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On January 1, 2022, the stockholders’ equity section of Metlock, Inc. shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. Journalize the treasury stock transactions.
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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