FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Hello, I need formulas explaining the answers, thank you.arrow_forwardStock transactions for Cautious Driving School, Inc. follow: i (Ok the icon to view the transactions.) Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) WIE Mar. 4: Issued 20,000 shares of $1 par value common stock at $15 per share. Date Accounts and Explanation Mar. 4 Debit Creditarrow_forwardVinubhaiarrow_forward
- The stockholders’ equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, $1 par value $ 4,100 Common stock, $1 par value 11,000 Additional paid-in capital 233,000 Total paid-in capital 248,100 Retained earnings 269,000 Treasury stock, 11,000 common shares (143,000 ) Total stockholders' equity $ 374,100 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. 3. If the common shares were issued at $11 per share, at what average price per share were the preferred shares issued?arrow_forwardPlease help me with correct answer thankuarrow_forwardStockholders' Equity: Transaction Descriptions from Account Data The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverview, Inc.: Land (1) 65,000 (2) 54,000 (5) Date 1 2 Cash *1,200 shares of common stock 3 4 10,920 5 18,000 (4) Preferred Stock, $55 Par 55,000 (1) Required Using this information, give detailed descriptions, including number of shares and price per share when applicable, for each of the five transactions. General Journal Paid-in Capital in Excess of Par value-Common Stock 7.000 (3) Paid-in Capital from Treasury Stock 3,120 (5) Common Stock Description Paid-in-Capital in Excess of Par Value - Preferred Stock Issued shares of preferred stock at per share. Issued shares of common stock at par value. Issued shares of common stock in exchange for land. Treasury Stock - Common Purchased shares of treasury stock for per share. Sold shares of treasury stock for per share. ♦ $ + " ÷ + 47 ÷ + (3) 91,000 Debit…arrow_forward
- The stockholders’ equity section of The Seventies Shop is presented here.THE SEVENTIES SHOP Balance Sheet (partial)($ in thousands)Stockholders’ equity:Preferred stock, $50 par value $ –0–Common stock, $5 par value 20,000Additional paid-in capital 100,000Total paid-in capital 120,000Retained earnings 53,000Treasury stock (3,700)Total stockholders’ equity $ 169,300Required:Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands.1. How many shares of preferred stock have been issued?2. How many shares of common stock have been issued?3. Total paid-in capital is $120 million. At what average price per share were the common shares issued?4. If retained earnings at the beginning of the period was $45 million and net income during the year was $9,907,500, how…arrow_forwardA company has the following balance sheet (market values): Liabilities + Equity Debt Equity Assets Cash Operating Assets 600 1000 400 1200 If the firm has 110. find the # of outstanding shares remaining after it repurchases 120 worth of shares: (round your answer to the nearest 0.01)arrow_forwardHelp Be cleararrow_forward
- i just need help with finding the numbers for transactions 5 & 7. thank you so much in advance <3 Please do not give handwritten answerarrow_forwardThe stockholders’ equity section of the balance sheet includes which of the following accounts?Select all answers that apply to this question. Check All That Apply Additional Paid-in Capital Bonds Payable Common Stock Notes Payable Preferred Stock Retained Earnings Treasury Stockarrow_forwardIndicate the correct order in which to report the following accounts in the stockholders’ equity section of the balance sheet: Additional Paid-in Capital, Common Stock, Preferred Stock, Treasury Stock, and Retained Earnings.arrow_forward
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