None Required information[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 $470,000 of net income and declared no dividends; the followingselected transactions occurred in the order given:a. Issued 110,000 shares of the common stock at $62 cash per share.b. Reacquired 32,000 shares at $57 cash per share.c. Reissued 13,500 shares from treasury for $58 per share.d. Reissued 13,500 shares from treasury for $56 per share.Required:1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities andStockholders' Equity with a minus sign.)a. Casha.b. CashC. CashC.d. Cashd.Assets6,820,000 =(1,824,000)783,000 =756,000LiabilitiesStockholders' Equity+Common Stock550,000+Additional Paid-In Capital, Common Stock6,270,000+ Treasury Stock(1,824,000)+ Treasury Stock783,000+Additional Paid-In Capital, Treasury Stock+ Treasury Stock+Additional Paid-In Capital, Treasury Stock783,000

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6EA: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its...

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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.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a.
Required information [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 par value. During the first year, the company earned $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: Total Contributed Capital Total GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Stockholders' Equity
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity
Required information [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 par value. During the first year, the company earned $410,000 of net income and declared no dividends, the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $56 cash per share. b. Reacquired 26,000 shares at $51 cash per share. c. Relssued 10,500 shares from treasury for $52 per share. d. Reissued 10,500 shares from treasury for $50 per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share,
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares at $15 cash per share from stockholders; the shares are now held in treasury. c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Totel
When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue 100,000 share of $10 par value common stock.The following transaction was among those engaged in by the corporation during its first month of operation:The corporation issued 9,000 shares of stock at a price of $25 per share.The entry to record the above transaction would include a Select one: a. debit to Cash for $90,000 b. credit to Paid in Capital in Excess of Par for $135,000 c. credit to Common Stock for $225,000 d. debit to Common Stock for $90,000
! Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 2. Prepare journal entries to record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: Issued 100,000 shares of the common stock at $55 cash per share. Reacquired 25,000 shares at $50 cash per share. Reissued 10,000 shares from treasury for $51 per share. Reissued 10,000 shares from treasury for $49 per share. Questions: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. Prepare the stockholders’ equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus…
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $450,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: Issued 120,000 shares of the common stock at $60 cash per share. Reacquired 30,000 shares at $55 cash per share. Reissued 12,500 shares from treasury for $56 per share. Reissued 12,500 shares from treasury for $54 per share. PA11-1 Part 2 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Next Visit question map Question 12 linked to 13of18Total12 1

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