The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

See similar textbooks

Similar questions

Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is Jupiter Corporations weighted average number of shares for the year?
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $351,900 of common stock now held in treasury. Declared cash dividends in the amount of $ 260,950. Paid the dividends in (b). Issued 119,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances.
The annual report for Malibu Beachwear reported the following transactions affecting stockholders’equity:a. Purchased $350,000 of common stock now held in treasury.b. Declared cash dividends in the amount of $260,000.c. Paid the dividends in ( b ).d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share.e. Closed the Dividends account.Required:1. Indicate the effect (increase, decrease, or no effect) of each of these transactions on totalassets, liabilities, and stockholders’ equity.2. Prepare journal entries to record each of these events.3. Prepare a statement of stockholders’ equity, assuming the following opening balances: Common Stock, $12,500; Additional Paid-In Capital, $190,000; Retained Earnings, $150,000; andTreasury Stock, $0. Net income for the current year was $270,000.
Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Prepare a statement of stockholders' equity for Al-Can Products, Inc. Navigate to the Stockholders' Equity Statement tab in the spreadsheet. Use the following information to prepare your statement: a. January 1 balance of capital stock account of 9,000 shares issued at $6.00 per share was $54,000.00. b. No other stock was issued during the year. c. January 1 balance of retained earnings account was $29,250.00. d. Net Income was $41,106.00. e. Dividends declared during the year were $19,200.00.
The annual report for Malibu Beachwear reported the following transactions affecting stockholders’ equity: Purchased $351,300 of common stock now held in treasury. Declared cash dividends in the amount of $260,650. Paid the dividends in (b). Issued 113,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Required: Indicate the effect (+ for increase, − for decrease, +/− for increase/decrease) of each of these transactions on total assets, liabilities, and stockholders’ equity. (Leave cell blank if there is no effect.)
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: 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 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 390 shares of the company's common stock at $38 cash per share. b. June 14: Sold 70 of the shares purchased on April 1 for $43 cash per share. c. September 1: Sold 60 of the shares purchased on April 1 for $33 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock 14,820 Cash 14,820 2 June 14 Cash Treasury stock Additional paid-in capital 3,010 2,660 350 3 September 01 Cash 1,980 Additional paid-in capital Treasury stock 300X 1,680 x
During its first year of operations, Ayayai Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 68,000 shares for cash at $6 per share. July 1 Issued 42,000 shares for cash at $10 per share. (a) (b) Your answer is partially correct. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 10 July 1 v Account Titles and Explanation Debit Credit
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (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 A Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. Journalize the transactions, assuming that the common stock has a par value of $6 per share. What is the date? What is the title or explanation ? What is debit or credited ?