P11.3B (LO 2, 3, 4) (Record and post equity transactions; prepare statements.) Ujjal Corporation, a publicly traded company, is authorized to issue an unlimited number of $5 noncumulative preferred shares and an unlimited number of common shares. On February 1, 2024, the general ledger contained the following shareholders' equity accounts: Preferred shares (4,400 shares issued) Common shares (70,000 shares issued) Contributed surplus $ 440,000 1,050,000 75,000 Retained earnings Accumulated other comprehensive income 1,000,000 65,000 The following equity transactions occurred during the year ended January 31, 2025: Feb. 28 Issued 1,500 preferred shares for $150,000. Apr. 11 May 25 Nov. 26 Issued 100,000 common shares for $3.5 million. Issued 2,500 common shares for $87,500. Dec. 31 Repurchased and retired 10,000 common shares for $24 each. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Note that the balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a $5.00 per share cash dividend to the preferred shareholders of record at January 15, payable February 1. Jan. 31 Incurred a net loss of $5,000 for the year. Instructions a. Record the above transactions for the year ended January 31, 2025, including any entries required to close dividends declared and net loss. b. Open T accounts and post to the shareholders' equity accounts. c. Prepare the statement of changes in equity for the year.

Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?

Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.

Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?

P11.3B (LO 2, 3, 4) (Record and post equity transactions; prepare statements.) Ujjal Corporation, a publicly traded company, is authorized to issue an unlimited number of $5 noncumulative preferred shares and an unlimited number of common shares. On February 1, 2024, the general ledger contained the following shareholders' equity accounts: Preferred shares (4,400 shares issued) Common shares (70,000 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income $ 440,000 1,050,000 75,000 1,000,000 65,000 The following equity transactions occurred during the year ended January 31, 2025: Feb. 28 Apr. 11 Issued 1,500 preferred shares for $150,000. Issued 100,000 common shares for $3.5 million. May 25 Nov. 26 Dec. 31 Jan. 31 Issued 2,500 common shares for $87,500. Repurchased and retired 10,000 common shares for $24 each. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Note that the balance in the…

On January 1, 2024, Sandhill Ltd. had the following shareholders' equity accounts: Common shares (1,010,000 issued) Retained earnings The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 101,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 110,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. 31 Loss for the year was $99,000. Mar. June 30 Aug. 12 Sept. 30 Dec. 31 Dec. (a) $1,515,000 1,818,000 31 Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically…

240. Subject : - Accounting

Bandara Gold Inc.'s equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 1,100,000 shares issued and outstanding Retained earnings On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.25, $0.75, and $0.89, respectively. $1,320,000 133,000 Required: 1. Prepare the required entries for November 15, 20, and 29. Date Note Disclosure Amount

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020:  Shareholders' Equity ($ in millions) Common stock, 340 million shares at $1 par $340     Paid-in capital—excess of par 2,720     Paid-in capital—share repurchase 1     Retained earnings 2,400       Required:1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock.  On February 5, 2021.Record the purchase of 8 million shares at $12 per share assuming the shares are retired. On July 9, 2021, Record the sale of 2 million shares at $14 per share. On November 14, 2023, Record the sale of 2 million shares at $9 per share  Record the purchase of 8 million shares at $12 per share assuming the shares are viewed as treasury stock.…

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 200 million shares at $1 par $ 200 Paid-in capital—excess of par 1,600 Paid-in capital—share repurchase 2 Retained earnings 1,000 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. On February 5, 2021, TNL Systems purchased 8 million shares at $12 per share. On July 9, 2021, the corporation sold 3 million shares at $14 per share. On November 14, 2023, the corporation sold 3 million shares at $9 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021–2023 was distributed to…