The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 48,000 shares authorized, 3,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 25, 600 137, 900 137, 900 Ming Corp. completed the following transactions during Year 2: 1. Issued 2,700 shares of $8 par common stock for $13 per share. 2. Repurchased 1,300 shares of its own common stock for $16 per share. 3. Resold 780 shares of treasury stock for $18 per share. 4. Earned $61,700 of cash revenue. 5. Paid $30,450 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet.

The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 48,000 shares authorized, 3,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 25, 600 137, 900 137, 900 Ming Corp. completed the following transactions during Year 2: 1. Issued 2,700 shares of $8 par common stock for $13 per share. 2. Repurchased 1,300 shares of its own common stock for $16 per share. 3. Resold 780 shares of treasury stock for $18 per share. 4. Earned $61,700 of cash revenue. 5. Paid $30,450 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet.

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...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.
Selected stock transactions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting 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 stock and 0.06 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $9 par, 38,000 shares authorized, 2,700 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings Ming Corp. completed the following transactions during Year 2: 1. Issued 2,100 shares of $9 par common stock for $14 per share. 2. Repurchased 1,900 shares of its own common stock for $17 per share. 3. Resold 1,140 shares of treasury stock for $19 per share. 4. Earned $60,000 of cash revenue. 5. Paid $34,450 of cash operating expenses. $ 24,300 142,100 142,100 Required Prepare the stockholders' equity section of the year-end balance sheet. Stockholders' Equity MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 61,000 shares authorized, 2,800 shares issued and outstanding $ 22,400 Paid-in capital in excess of par, common stock 59,500 Retained earnings 59,500 Ming Corp. completed the following transactions during Year 2: Issued 3,000 shares of $8 par common stock for $13 per share. Repurchased 1,500 shares of its own common stock for $16 per share. Resold 900 shares of treasury stock for $18 per share. Earned $54,300 of cash revenue. Paid $39,950 of cash operating expenses. Required Prepare the stockholders’ equity section of the year-end balance sheet.
The following Information pertains to JAE Corporation at January 1, Year 1. Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. Required Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req D $20,000 15,000 82,000 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts be indicated with minus sign.) Stockholders' equity Common stock Total paid-in capital Retained earnings Total stockholders' equity
The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $9 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $19,800 12, 100 68,000 JAE Corporation completed the following transactions during Year 1: 1. Issued 950 shares of $9 par common stock for $31 per share. 2. Repurchased 160 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for $29 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares. common issued at the end of the eriod? had c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.