Following are the issuances of stock transactions. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock

Following are the issuances of stock transactions. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock

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.
Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $5 par value common stock for $12,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $72,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 1. 2. 2. 2. 3. 3. 4. 4. Assets = = = = = Liabilities + + + + + + + + Equity
The charter of a corporation provides for the issuance of 104,571 shares of common stock. Assume that 44,035 shares were originally issued and 4,245 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared?
The charter of a corporation provides for the issuance of 104,020 shares of common stock. Assume that 35,959 shares were originally issued and 3,317 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared?
Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 6,000 shares of $20 par value common stock for $144,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has a $2 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $164,000 cash. View transaction list Journal entry worksheet B C Record the issue of 6,000 shares of $20 par value common stock for $144,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. i View transaction list View journal entry worksheet No A Transaction General Journal Cash Common stock, $10 par value Paid-in capital in excess of stated value, common stock Debit 24,000 Credit 20,000 4,000 Ⓒ
Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,500. The stock has no stated value. 4. A corporation issued 500 shares of $100 par value preferred stock for $82,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. Cash 1. 2. 2. 2. 3. 3. 4. st 4. Assets = (+) increase 480,000 = = = Liabilities + Common Stock, $20 Par V + + + + + + +
(a) A corporation issues 8,000 shares of its $1 par value common stock to provide funds for further expansion. The issue price is $50 per share. What journal entry should be made to record this transaction? (b) A corporation issues 2,000 shares of its $2 par value preferred stock for cash at $60 per share. What journal entry should be made to record this transaction? (c) A company purchased 500 shares of its own $1 par value common stock at $24 per share. What journal entry should be made to record this transaction?
The charter of a corporation provides for the issuance of 10,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently required. What is the amount of cash dividends to be paid if a $2/ per share dividend is declared?
1. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding? 2. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared?
The charter of a corporation provides for the issuance of 95,106 shares of common stock. Assume that 36,768 shares were originally issued and 3,554 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? a. $285,318 b. $99,642 c. $10,662 d. $110,304