On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.(Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do notIndent manually List all debit entries before credit entries. It no entry is required, select "No Entry" for the account titles and enter for theamounts)Date Account Titles and ExplanationDebitCredit Ayayal Corp. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of thenew job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, hemade the following entries for the corporation's capital stockMay 210015CashCapital StockOssued 7,000 shares of $10 par value common stock at $13 per share)CashCapital StockIssued 10,000 shares of $20 par value preferred stock at $51 per share)Capital Stock(Purchased 500 shares of common stock for the treasury at $12 per share)91.000$10,0006,00091,000510,0006.000SUB

Ayayal Corp. recently hired a new accountant with extensive experience in a counting for partner new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock May 2 10 15 Cash Capital Stock Ossued 7,000 shares of $10 par value common stock at $13 per share) Cash Capital Stock Issued 10,000 shares of $20 par value preferred stock at $51 per share) Capital Stock Cash (Purchased 500 shares of common stock for the treasury at $12 per share) 91.000 510,000 6,000 91,000 510,000 6.000

Ayayal Corp. recently hired a new accountant with extensive experience in a counting for partner new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock May 2 10 15 Cash Capital Stock Ossued 7,000 shares of $10 par value common stock at $13 per share) Cash Capital Stock Issued 10,000 shares of $20 par value preferred stock at $51 per share) Capital Stock Cash (Purchased 500 shares of common stock for the treasury at $12 per share) 91.000 510,000 6,000 91,000 510,000 6.000

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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Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.
Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
Following is the shareholders equity section of All-Wood Doors on a day a. Use the financial statement template below to show the financial statement effects of the following dividend events. (Assume that the events are independent.) (1) Cash dividend declaration and payment of 1 per share (3) Property dividend declaration and payment of shares representing a short-term investment in Screen Products, Ltd., with a fair value of 10,000 (3) 10% stock dividend (4) 100% stock dividend (5) 3-for-1 stock split (6) 1-for-2 reverse stock split b. Which events changed the book value of common equity? Under what conditions will these events lead to future increases and decreases in ROE?
Concord Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock. Date Account Titles and Explanation Debit Credit May 2 Cash 208,000 Capital Stock 208,000 (Issued 13,000 shares of $ 5 par value common stock at $ 16 per share) May 10 Cash 660,000 Capital Stock 660,000 (Issued 11,000 shares of $ 30 par value preferred stock at $ 60 per share) May 15 Capital Stock 14,400 Cash 14,400 (Purchased 900 shares of common stock for the treasury at $ 16 per share) May 31 Cash 13,500 Capital Stock 7,500 Gain on Sale of Stock 6,000 (Sold 750 shares of treasury stock at $…
Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 1,000 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 500 shares of treasury stock at $17 per share) Debit Credit 192,000 600,000 15,000 8,500 192,000 600,000 15,000 5,000 3,500 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (List all debit entries before…
Indigo Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock. May 2 Cash 112,500 Capital Stock 112,500 (Issued 7,500 shares of $12 par value common stock at $15 per share) 10 Cash 765,000 Capital Stock 765,000 (Issued 15,000 shares of $16 par value preferred stock at $51 per share) 15 Capital Stock 7,900 Cash 7,900 (Purchased 790 shares of common stock for the treasury at $10 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
Global Air Inc. recently hired a new accountant with limitedreal-world experience in corporate accounting. Prior to starting the new job, the accountant was very busy and was unable to reviewany texts on corporation accounting. During the first month, he made the following entries for the corporation’s capital stock: Oct. 5 Cash 39,000 Capital Stock 1,000 Gain on Sale of Stock 38,000 (Issued 1,000 shares of $1 par value common stock at $39 per share) 12 Cash 330,000 Capital Stock 330,000 (Issued 3,000 shares of $100 par value preferred stock at $110 per share) 13 Capital Stock 20,000 Cash 20,000 (Purchased 500 shares of common stock for the treasury at $40 per share) 26 Cash 22,500 Capital Stock 500 Gain on Sale of Stock…
E11-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. 000.000 00018 May 2 104,000 Cash Capital Stock (Issued 8,000 shares of $10 par value 181odrcommon stock at $13 per share) 104,000 TIOS 10 Cash 530,000 mowwf.co 530,000 Capital Stock (Issued 10,000 shares of $20 par value ala 12 preferred stock at $53 per share) 000.0 15 Capital Stock Cash (ls लि 7,200 000 00 7,200 029 (Purchased 600 shares of common stock for the treasury at $12 per share) ndz 090.04 000,00 000.000 Instructions On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(e) If dividends of $72,000 were in arrears on preferreu SLUCK, WInutu reported for retained earnings? ETT-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Prepare c stock tra (LO 2), AN May 2 Cash 104,000 104,000 Capital Stock (Issued 8,000 shares of $10 par value common stock at $13 per share) noblorb 10 Cash 530,000 Capital Stock (Issued 10,000 shares of $20 par value preferred stock at $53 per share) 530,000 12 15 Capital Stock Cash 7,200 7,200 be (Purchased 600 shares of common stock for the treasury at $12 per share) Instructions On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
Lewis Co. recently hired a new accountant with very limited experience in corporate accounting. During the first month, he made the following entries for the corporation's share capital: January 2 Cash 200,000 Share capital 200,000 Issued 10,000 of PS par value ordinary shares at P20 per share January 10 Cash 600,000 Share capital 600,000 Issued 15,000 of P30 par value preference shares at P40 per share January 15 Share capital 8,000 Cash 8,000 Purchased 1,000 ordinary shares for the treasury at PB per share January 31 Cash 1,000 Loss on sale of share capital 1,500 Share capital 2,500 Sold 500 treasury shares at P2 per share Prepare the necessary correcting entries.
Hao Corporation had the following transactions during the current period. Mar. 2 Issued 37,000 common shares to its legal counsel in payment of a bill for $41,000 for services performed in helping the company incorporate. June 12 Issued 50,000 common shares for $440,000 cash. July 11 Issued 1,600, $3 noncumulative preferred shares at $125 per share cash. Nov. 28 Issued 3,200, $3 noncumulative preferred shares at $93 per share cash. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record issuance of shares enter a debit amount enter a credit amount…
Oriole Company had the following transactions during the current period. Mar. 2 Issued 4,200 shares of $5 par value common stock to attorneys in payment of a bill for $26,800 for services performed in helping the company to incorporate. June 12 Issued 59,600 shares of $5 par value common stock for cash of $375,700. July 11 Issued 2,625 shares of $100 par value preferred stock for cash at $120 per share. Nov. 28 Purchased 3,170 shares of treasury stock for $77,500. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Choose a transaction date Enter an account title Enter a debit amount Enter a credit amount…