Required informationPA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a PartialBalance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2][The following information applies to the questions displayed below.]Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 parvalue. During the first year, the company earned $360,000 of net income and declared no dividends; the followingselected transactions occurred in the order given:a. Issued 120,000 shares of the common stock at $51 cash per share.b. Reacquired 21,000 shares at $46 cash per share.c. Reissued 8,000 shares from treasury for $47 per share.d. Reissued 8,000 shares from treasury for $45 per share.PA11-1 (Algo) Part 33. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by aminus sign.)Contributed Capital:GLOBAL MARINEBalance Sheet (Partial)At December 31Stockholders' EquityTotal Contributed Canital0

Step 1: The Stockholder's equity section of the Balance sheet is prepared to know the total paid-in…

Answered: Required information PA11-1 (Algo)…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
During 2012, Ponce Towers issued 30,000 additional shares of common stock on June 1 and 24,000 on November 1. The company earned 602,000 from continuing operations and 28,000 from another segment of the business that was discontinued during the year. Use your completed worksheet to prepare a computation of earnings per share for 2012. Erase any data in the Data Section that are not required for 2012. Save the solution for 2012 as EPS3 and print the results.
E15-1 (LO1) Recording the Issuances of Common Stock During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Date No. of Shares Issued Issued for Amount Jan. 10 80,000 Cash $ 6.00 per share Mar. 1 5,000 To attorneys in payment of a bill for services rendered in helping the company to incorporate 35,000 in total Jul. 1 30,000 Cash 8.00 per share Sept. 1 60,000 Cash 10.00 per share Instructions: (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
E11-3 During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for cash at $7 per share. Instructions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma
Earnestine, Kepplinger & Co. began a new public corporation. The corporation’s common shares have no par value. During the first month of operations, it had the following share transactions. a) Earnestine, Kepplinger & Co. issued 12,700 common shares for $98,000 on November 1, 2020. Write the journal entry to record the transaction. Do not enter dollar signs or commas in the input boxes.For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 Answer Answer Answer Answer Issued common shares b) On November 1, 2020, Earnestine, Kepplinger & Co. issued an additional 7,100 common shares in exchange for equipment and a building. The equipment was valued at $54,000 and the building valued at $134,000. Record the transaction. Date Account Title and Explanation Debit Credit Nov 1 Answer Answer Answer Answer Common Shaers Answer…
In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 74,000 shares at $12.40. March 17: Sold 24,000 shares at $14.20. May 17: Sold 29,000 shares at $8.20. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.Required:Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Blue Ltd. reported $4,886,625 of net income for the fiscal year ended December 31, 2021. The company had 392,500 weighted average common shares outstanding for the year. The common shares sold at an average market price of $20 per share during the period. Also outstanding during the fiscal year were 24,000 warrants that could be used to purchase 5 common shares each at a price of $18. None of the warrants were exercised during the fiscal year. Are the warrants dilutive? Calculate basic earnings per share. Calculate diluted earnings per share. Please show how it was calculated
At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total stockholders' equity) - Common stock, no par, 5,000 shares issued, issue price P12 per share - Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share - Unrealized gain, available-for-sale securities, P18,000 - Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share -Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 -Reserve for bond sinking fun, P15,000 -Treasury stock, common stock, 1,000 shares, cost P10 per share
A) Johnston, Inc., engaged in the following transactions involving treasury stock: Aug. 12 Purchased for cash 15,000 shares of treasury stock at a price of $23 per share. Dec 4 Reissued 5,000 shares of treasury stock at a price of $35 per share. June. 22 Reissued 3,500 shares of treasury stock at a price of $22 per share. Prepare general journal entries to record these transactions. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at June 30. Does a restriction on retained earnings affect the dollar amount of retained earnings reported in the balance sheet? Explain briefly. B) The common stock of Engro Corporation was trading at $145 per share on July 15, 2020. A year later, on July 15, 2021, it was trading at $210 per share. On this date, Engro’s board of directors decided to split the company’s common stock. If the company decides on a 2-for-1 split, at what price would you expect the stock to trade immediately after…
To continue in no. 13 (it is in the picture), assume the following transactions took place during 2020: Jan. 10 - One-half of the subscriptions receivable were collected and certificates of stock issued for 1,000 shares. 20 Remaining subscriptions were declared delinquent and the corresponding chares put up for public auction. Advertising paid, P5,500. 25 A bidder for 300 shares paid the amount due plus accrued interest of P750 and the corresponding certificates were issued. 31 A stockholder received 2,000 preferred shares with a market value of P200 201 Feb. 8 - 300 treasury shares were sold for P45,000 20 - A shareholder paid P70,000 for 500 common shares. 28 - 5,000 preferred shares were redeemed at a price of P120 per share Mar. 1 - 100 treasury shares were sold for P10,000. Direction: 1) Prepare a table tracking down the movement of the stocks, one each for the preferred and common. Start with the December 31 balances. 2) Journal entries 3) Prepare the shareholders' equity…
2. On January 1, 2002, Young Co. paid P500,000 for 20,000 shares of Montana Co.'s common stock and classified these shares as trading securities. Young does not have the ability to exercise significant influence over Montana. Montana declared and paid a dividend of P.50 a share to its stockholders during 2002. Montana reported net income of P260,000 for the year ended December 31, 2002. The fair value of Montana Co.'s stock at December 31, 2002, is P27 per share. What is the net asset amount (which includes both investments and any related market adjustments) attributable to the investment in Montana that will be included on Young's balance sheet at December 31, 2002? choices: P530,000 P540,000 P569,000 P579,000 3. The following information is available for the Bronson Company for the three months ended September 30 of this year: Inventory, July 1 of this year P1.2M; Purchases P4.5M Freight-in P300,000; Sales P6.4M. The gross margin was 25 percent of…

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