Problem 3. CORPORATE EQUITY TRANSACTIONS1. Issued 5,000 shares of no-par common stock. The market price of the stock is $12 per share.2. Issued 2,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share.3. Declared dividends on preferred dividend of 5% per share.4. Purchased 500 shares of common stock at $14 for treasury.5. Paid preferred dividend declared in # 3.6. Sold 100 shares treasury stock at $20 per share.Instructions: Journalize the transactions for Fortier Company.

The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Answered: Problem 3. CORPORATE EQUITY…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

See similar textbooks

Similar questions

6. On January 1, Year 1, a company had the following transactions: share. Issued 10,000 shares of $2 par common stock for $12 per Issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. Purchased 1,000 shares of previously issued common stock for $15 per share. The company had the following dividend information available: Year 1 No dividend paid Year 2 Paid $2,000 total dividends Year 3 Paid $20,000 total dividends Year 4 Paid $25,000 total dividends Using the following format, fill in the correct values for each year: Year 1 Year 2 Common stock dividend Preferred stock dividend Dividends in arrears Year 3 Year 4
Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
1.000 shares of common stock with a par value of $5 is sold for $8. Which of the following is correct: A. Cash is debited for $5,000 B. Common Stock is debited for $5,000 C. Paid in Capital in Excess of Par is credited for $3,000 D. Common Stock is credited for $8,000
Prepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet
Prepare the journal entry to record Zende Company's issuance of 84,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 84,000 shares of $8 par value common stock assuming the shares sell for $8 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal Saved >
Calculating EPS: Simple Capital Structure Select Corporation was incorporated on January 2. The following information pertains to Select Corporation's common stock transactions. Jan. 2 Number of shares authorized Jan. 2 Number of shares issued Jul. 1 Number of shares reacquired but not canceled Sept. 1 Two-for-one stock split Dec. 1 Reissued shares of treasury stock 250,000 85,000 5,000 Number of shares 5,000 Required a. Determine the weighted-average number of shares of common stock outstanding for the year. • Note: Round amount to the nearest whole number.
5a. The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 23,000 sharesauthorized and 11,500 shares issued, 1,300 shares outstanding $115,000 Paid-in capital in excess of par value, common stock 53,000 Retained earnings 28,000 Treasury stock 15,340 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is: Multiple Choice 28,000. 53,000. 23,000. 115,000. 10,200. 5b. Halverstein Company's outstanding stock consists of 11,900 shares of cumulative 5% preferred stock with a $10 par value and 5,100 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Dividends Declared & Paid Year 1 $ 0 Year 2 $ 10,200 Year 3 $ 43,000 The amount of dividends paid to preferred and common shareholders in Year…
d. 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. Description Debit Credit Common stock Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit f. Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. Description Debit Credit g. Purchased 8,000 shares of treasury common stock at $33 per share. Description Debit Credit
3. Please refer to the equity section of the balance sheet shown as follows: Preferred stock $100 par, 10,000 shares authorized, 1,000 shares issued $100,000 Common stock $1 par, 500,000 shares authorized, ? shares issued 20,000 Paid-in capital in excess of par -common stock 350,000 Retained earnings (74,000)Total stockholders' equity $396,000 The amount shown for Retained earnings would be called a(n):A) net loss.B) earnings shortfall.C) retained earnings deficit.D) loss on sale of stock. 4. Based on the info above, determine the number of common stock issued. 5. Based on the info above determine the issue/market price for the…
Security 5. Based on the following, compute BEPS and DEPS for Abe Corporation: a. On January 1, 200x, there were 300,000 shares of Common Stock outstanding. b. C. d. On January 1, 200x, Abe issued 40,000 shares of 9%, $100 par Cumulative Convertible Preferred Stock. The conversion ratio was 3 shares of common for 1 share of preferred. On January 1, 200x, Abe issued $1,000,000 of 5% Convertible Bonds at par. Each $1,000 bond is convertible into 50 shares of common stock. On January 1, 200x, Abe offered Stock Options to selected employees for 40,000 shares at an option price of $30 per share. e. The income tax rate was 60%. f. The average market price of the common stock during 200x was $80 per share. g. Net Income for 200x was $1,800,000.
The balance sheet caption for common stock is: Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, and 5,500,000 shares outstanding. a. Calculate the dollar amount that will be presented opposite of this caption. b. Calculate the total amount of a cash dividend of $1.00 per share.c. What accounts for the difference between issued shares and outstanding shares?
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000. Shares issued, Shares held as treasury stock, 10, 000 shares, cost $6 per share. Net income for the current year, $481,000. Common Stock account, $150,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $800,000. ?; issue price $8 per share. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.)

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS