Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly reacquired 200 shares at $80 per share On November 1, Sprinkly reissued 200 shares at $70. Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's August 1, Joumal Entry $16,000 S16.000 O Common Stock Cash O Treasury Stock $16.000 Cash $16.000 O Treasury Stock Cash $1.600 $1.600 O Treasury Stock $160 000 Cash $160.000
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- Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.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?
- 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.Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Preferred Stock Dividends Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has $200,000 available for dividends in 2019, how much could it pay to the common stockholders Seashell Corporation has 25,000 shares outstanding of 8%, S10 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. Required: If Seashell has S200,000 available for dividends in 2019, how much could it pay to the common stockholders
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Commons, Inc. provides the following information for 2018: Net income $ 38 comma 000$38,000 Market price per share of common stock $ 18.00$18.00/share Dividends paid $ 0.85$0.85/share Common stock outstanding at Jan. 1, 2018 120 comma 000120,000 shares Common stock outstanding at Dec. 31, 2018 170 comma 000170,000 shares The company has no preferred stock outstanding. Calculate the dividend yield for common stock. (Round your answer to two decimal places.) A. 4.964.96% B. 3.283.28% C. 4.724.72% D. 1.441.44%Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock. On August 1 2017 Sprinkly reacquired 200 shares at $80 per share On November 1, Sprinkly reissued 200 shares at 570 Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's November 1, Journal Entry Cash $14.000 Common Stock S14.000 Cash $14,000 Treasury Stock $14.000 O Cash $14.000 Loss on Sale of T/S $2.000 Treasury Stock $16 000 O Cash Retained Earnings $14,000 $2,000 Treasury Stock $16 000
- Q3: Lincoln-Priest Inc., reported the following stockholder’s equity on its balance sheet at June 30th, 2020. Lincoln-Priest Inc Stockholder’s equity June 30th, 2020. Paid in Capital: Preferred stock, 7%, Rs. 40 par, 110, 000 shares authorized, none issued Rs. 0 Common stock, par value Rs 1 per share, 520,000 shares authorized, 61,000 issued 61,000 Share premium 41,000 Retained earnings 29,000 During 2020 the company completed the following transactions. Journalize each transaction. 1. Issued for cash 1300 shares of preferred stock at par value. 2. Issued for cash 2400 shares of common stock at Rs 5 per share. 3. Net Income for the year was Rs 74, 000 and the company…On January 1, 2016, Titans Company issued 1,000 shares of 10%, $200 par value, cumulative preferred stock for $300,000. No preferred dividends were declared in 2016 and 2017 On December 30, 2018, the company paid $10,000 in dividends. What amount, if any of preferred dividends are in arrears as of December 31, 20187 O $0. O $40,000. O $50.000 O 160,000Whispering Company had the following stockholders' equity as of January 1, 2025. Common stock, $5 par value, 18,800 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity During 2025, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 May 1 $94,000 298,000 319,000 $711,000 Whispering repurchased 2,100 shares of treasury stock at a price of $21 per share. 780 shares of treasury stock repurchased above were reissued at $19 per share. 510 shares of treasury stock repurchased above were reissued at $13 per share. 590 shares of treasury stock repurchased above were reissued at $23 per share. Remaining treasury shares are retired.