Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following:     Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding     $     720,000 Paid-in capital in excess of par value, common stock   216,000 Retained earnings   864,000 Total stockholders’ equity $ 1,800,000   Prepare the daily entries to record the following transactions:   October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share.   November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share.   November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.

The stockholders' equity section of Monty Corp.'s balance sheet at December 31 is presented here. Monty Corp. Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 14,000 shares authorized, 9,800 shares issued and outstanding Common stock, no par, 880,000 shares authorized, 560,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (12,000 common shares) Total stockholders' equity From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? $ (c) What is the par value of the preferred stock? $ (d) If the annual dividend on preferred stock is $105,840, what is the dividend rate on preferred stock? (e) If dividends of $211.680 were in arrears on preferred stock, what would be the balance reported for retained earnings? eTextbook…

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11-06 AB: Can you  Post to the stockholders’ equity accounts using T Accounts?   Flounder Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1   Issued 46,500 shares for cash at $53 per share. July 1   Issued 69,000 shares for cash at $57 per share.

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Following is the stockholders' equity section as of June 30. Common stock-$20 par value, 200,000 shares authorized, 80,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On July 1, the directors declare a 5% stock dividend distributable on July 31 to the July 18 stockholders of record. The stock's market value is $50 per share on July 1 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution. 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Enter answers in the tabs below. Required 1 Required 2 $ 1,600,000 400,000 750,000 $ 2,750,000 Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Stockholders' Equity Section of the Balance Sheet July 31 Retained earnings Common stock Paid-in capital in excess of par value, common…

Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 60,000 shares authorized, 37,000 shares i issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 925,000 74,000 364,000 $ 1,363,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,700 shares of its own stock at $25 cash per share. January 7 February 28 July 9 August 27 September 9 October 22 December 31 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Paid the dividend declared on January 7. Sold 1,480 of its treasury shares at $30 cash per share. Sold 1,850 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Paid the dividend declared on…

On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 90,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,800 shares of its own common stock at $43 per share on October 11. b. Sold 1,450 treasury shares on November 1 for $49 cash per share. c. Sold all remaining treasury shares on November 25 for $42 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,800 shares of its own common stock at $43 per share on October 11. b. Sold 1,450 treasury shares on November 1 for $49 cash per share. c. Sold all…

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $428,000 credit…

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.   16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding.   26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share.   30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…