Sheridan Company had these transactions pertaining to stock investments:Feb. 1 Purchased 1,130 shares of BJ common stock (2% of outstanding shares) for $7,910.July 1Received cash dividends of $2 per share on BJ common stock.Sept. 1Dec.Sold 480 shares of BJ common stock for $5,550.1Received cash dividends of $1 per share on BJ common stock.(a)Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCredit

On Feb. 1, upon purchasing shares of stocks from other company, you are creating asset through…

Answered: Sheridan Company had these transactions…

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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Prepare the journal entry to record Rony Company's issuance of 35,000 shares of its common stock assuming the share have a : a. $4par value and sell for $16 cash per share b. S4 stated value and sell for $16 per share.
Selected stock transactionsThe following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactionsaffecting the stockholders' equity. They are summarized as follows: a. Issued 400,000 shares of common stock at $11, receiving cash.b. Issued 5,000 shares of preferred 2% stock at $90.c. Purchased 150,000 shares of treasury common for $10 per share. d. Sold 80,000 shares of treasury common for $13 per share.e. Sold 20,000 shares of treasury common for $9 per share.f. Declared cash dividends of $1.50 per share on preferred stockand $0.06 per share on common stock.g. Paid the cash dividends. InstructionsJournalize the entries to record the transactions. Identify each entry byletter
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
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Answer question completely. Note this is one question with multiple parts please answer question completely
Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 50,000 b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 43,000 Accounts Receivable. Building 15,000 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 30,000 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 9 d. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital
Looking for the Less: Cash dividends declared to find the Retained earnings.. Attached the journal entries as well.
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission. May 16 Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission. July 14 Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission. Aug. 12 Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.30 per share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Investments-Tett Co. Stock fill in the blank 2 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 May 16 Investments-Issacson Co. Stock fill…
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

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