Orlando Corporation incorporated on January 2 of the current year. During the year, Orlando had the following transactions: • issued 90,000 shares of common stock at $35 per share. The par value per share is $1. • purchased 2,000 shares of treasury stock at $24 per share • had net income of $400,000. What is the total amount of stockholders' equity as of December 31 of the current year? ..... O A. $3,150,000 O B. $3,550,000 OC. $3,502,000 O D. $3,198,000
Q: In Draco Corporation’s first year of business, the following transactions affected its equity…
A: Given information is: ∙ Issued 4,000 shares of $2 par value common stock for $18. It authorized…
Q: Instructions: prepare the journal entries on above transactions.
A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…
Q: a) During the year, the corporation completed a number of transactions affecting the stockholders'…
A: Journal entry: It is a book of prime entry or a book of original entry in which transactions are…
Q: Diamondback Welding & Fabrication Corporation sells and services pipe welding equip- ment in…
A: Prepare journal entries:
Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…
A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…
Q: Howard Corporation had 10,000 shares of common stock outstanding at the beginning of the year. On…
A:
Q: Oriole Company had the following transactions during the current period. Mar. 2 Issued 4,200…
A: Journal entry is an activity of record keeping of economic or non- economic transactions in thr…
Q: Lucky Corporation began the year with a simple capital structure consisting of $240,000 shares of…
A: Formula: Earnings per share = Net Income / outstanding Weighted average common shares Division of…
Q: Early in the year Bill Sharnes and several friends organized a corporation called Sharnes…
A: Journal entries means writing down the transaction that takes place in a business, in the journal of…
Q: Tamarisk, Inc. had the following transactions during the current period. Mar. 2 Issued 4,900…
A: Journal entries are used to record various transactions which was performed by the business during…
Q: Howard Corporation had 10,000 shares of common stock outstanding at the beginning of the year. On…
A: During the year number of shares outstanding are not same. Due to purchase or sale of shares. To…
Q: When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue…
A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…
Q: A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares…
A: Total fair market prices of assets = Land + Building + Equipment = $65000 + 120000 + 45000 =…
Q: Metlock, Inc. had the following transactions during the current period. Mar. 2 Issued 4,800…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Maxwell had the following transactions pertaining to its ordinary shares during the first year of…
A: Here in this case, we are required to make journal entry for issue if share. Company issue shares to…
Q: OSE Corporation's articles of incorporation provides for the issuance of 100,000 ordinary shares.…
A: The dividend is the distribution of the portion of profit earned by the company. The dividend is…
Q: ingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value…
A: journal entries: Date particulars Debit Credit Mar 1 Cash [10,000 x $115] $1,150,000…
Q: Howard corporation had 10,000 shares of common stock outstanding at the beginning of the year. On…
A: Weighted average number of shares is the total number of outstanding shares calculated at the end of…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…
A: Debit Credit Dividends declared $ 160,000 Dividends Payable $ 160,000…
Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…
A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid…
A: 1.
Q: Hao Corporation had the following transactions during the current period. Mar. 2 Issued 37,000…
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…
Q: Easter Bunny Inc. has been in business for 5 years. They have employed you as a staff accountant. At…
A: Journal includes recording of financial transactions chronologically using double entity concept.
Q: Green Thumb, Inc. had 18,000 shares of common stock outstanding on January 1. An additional 6,000…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: Assume that the Board of Directors of ABC Corporation meets on April 1 and declares a dividend of…
A: Assume that the Board of Directors of ABC Corporation meets on April 1 and declares a dividend of…
Q: Orlando Corporation incorporated on January 2 of the current year. During the year, Orlando had the…
A: Solution:- Calculation of total amount of stockholders' equity as of December 31 of the current…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…
A: Dividend: It is the distribution of profit earned by a company its common stock shareholders. In…
Q: Lucky Corporation began the year with a simple capital structure consisting of 200,000 shares of…
A: Formula: Earnings per share = Net income / Weighted average number of equity shares
Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…
A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…
Q: Whyville Corporation obtained its charter from the state in January that authorized 500,000 sharesof…
A: 1. Indicate the effects of each transaction on the accounting equation. Working notes:
Q: Ahnberg Corporation had 520,000 shares of common stock issued and outstanding at January 1. No…
A: Definition: Earnings per share (EPS): The amount of net income available to each shareholder per…
Q: Dwight Corporation in its first year of operations had the following stock transactions.…
A: Journal Entry :— It is an act of recording transaction when it is occured in books of accounts for…
Q: (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its…
A: Particulars Debit Credit a Jan 31 Treasury Stock 110000 Cash (5000*22)…
Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…
A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…
Q: A corporation was organized on January 1 of the current year with an authorization of 20,000 shares…
A: Given : Preferred stock par value = $ 12 Common stock par value = $ 3
Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2 Issued…
A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…
Q: Milo Co. had 800,000 shares of common stock outstanding on January 1, issued 126,000 shares on May…
A: Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares…
Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…
A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…
Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…
A: 1) Date Account Journal Debit $ Credit $ 1 Dividend - Preferred stock 280,000 Dividends…
Q: On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April…
A: The issued and outstanding shares are the shares that are issued by the company and are not…
Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par…
A: The journal keeps the record for day to day transactions of the business. The shares issued at…
Q: Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first…
A: Journal entry is defined as the book of accounts which records or maintain the transactions of the…
Q: Concord Co. had the following transactions during the current period. Issued 4,200 shares of $5 par…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. No…
A: Definition: Earnings per share (EPS): The amount of net income available to each shareholder per…
Q: Milo Co. had 795,000 shares of common stock outstanding as of January 1. On May 1, they issued…
A: Firstly, we shall calculate the Shares that were outstanding during the year and the Months for…
Q: Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued…
A: Formulas: Weighted average number of shares = Actual shares out standing * Fraction of year…
Q: Kingbird, Inc. had the following transactions during the current period. Mar. 2 Issued 4,400…
A: Journal entries means an entry that are recorded in journal of the company for business…
Q: Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of…
A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…
Q: Early in the year Debra Deal and several friends organized a corporation called Markup, Inc. The…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is Brunleigh Corporations weighted average number of shares for the year?
- Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the EPS for the year for James (rounded to the nearest dollar)?
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.