InstructionsThe following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued)Paid-In Capital in Excess of Par-Preferred StockCommon Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued)Paid-In Capital in Excess of Par-Common StockRetained Earnings$8,000,000440,00020,000,0002,280,000115,400,000During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:a. Issued 220,000 shares of common stock at $14, receiving cash.b. Issued 12,000 shares of preferred 2% stock at $110.c. Purchased 160,000 shares of treasury common for $10 per share.d. Sold 105,000 shares of treasury common for $16 per share.e. Sold 40,000 shares of treasury common for $8 per share.f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock.g. Paid the cash dividends.Required:Journalize the entries to record the transactions. General JournalJournalize the entries to record the transactions on December 31.General Journal Instructions12345789DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDITASSE

Stockholders' equity includes common stock, preferred stock, retained earnings, and treasury stocks.…

Answered: The following selected accounts appear…

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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The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends.…
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) . . . . . . $ 8,000,000Paid-In Capital in Excess of Par—Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) . . . . . . . 20,000,000Paid-In Capital in Excess of Par—Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280,000Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,400,000During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:a. Issued 200,000 shares of common stock at $12, receiving cash.b. Issued 8,000 shares of preferred 2% stock at $115.c. Purchased…
The equity sections for Fairhaven Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$10 par value, 130,000 shares authorized, 58,010 shares issued, 5,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($110,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $1.20 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.20 per share cash dividend, payable on April 10. July 5 Declared a $1.20 per share cash dividend, payable on July 10. July 31 Declared…
The stockholders' equity section of Swifty Corporation consists of common stock ($10 par) $2,200,000 and retained earnings $523,000. A 10% stock dividend (22,000 shares) is declared when the market price per share is $15. Show the before-and-after effects of the dividend on the following. (a) (b) (c) The components of stockholders' equity. Shares outstanding. Par value per share. Stockholders' equity Outstanding shares Par value per share Before Dividend $ After Dividend
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) $8,000,000 Paid-In Capital in Excess of Par—Preferred Stock 440,000 Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) 20,000,000 Paid-In Capital in Excess of Par—Common Stock 2,280,000 Retained Earnings 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 220,000 shares of common stock at $14, receiving cash. b. Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. e. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on…
The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tul Journalize the transactions and the closing entry for net income.…
Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 6.5% cumulative preferred stock, $100 par value; authorized, 18,000 shares; issued and outstanding, 9,000 shares Common stock, $4 par value; authorized, 340,000 shares; issued and outstanding, 204,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. The average issue price per share of Grant's preferred stock was: Multiple Choice O $52.50. $100.00. $105.00. $ 900,000 $ 816,000 $ 45,000 $ 1,500,000 $ 920,000
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 41,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 July 31 August 14 October 5 $ 210,000 170,000 340,000 $ 720,000 Declared a $0.40 per share cash dividend, date of record April 10. Declared a…
Analysis of stockholders' equity accounts (L.O. 3, 4, 5) The following selected information relates to the Hastings Corporation at year end: Preferred stock, ?% cumulative, $7.50 par, 100,000 shares authorized, ? shares issued and outstanding $ 600,000 Paid-in capital in excess of par: preferred Common stock, $? stated value, 700,000 shares authorized, 500,000 shares issued and outstanding Paid-in capital in excess of stated value: common Loans payable Retained earnings Total stockholders' equity Total legal capital ? 2,500,000 7,500,000 150,000 ? 12,072,000 ? The preferred stock was issued at an average price per share of $7.90. There were no dividends in arrears on January 1 or December 31. Distributions of $95,000 were made throughout the year, with common stockholders receiving $29,000. Instructions Determine the six unknowns of the Hastings Corporation.

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