The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $351,900 of common stock now held in treasury. Declared cash dividends in the amount of $ 260,950. Paid the dividends in (b). Issued 119,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances.
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- The annual report for Malibu Beachwear reported the following transactions affecting stockholders’ equity: Purchased $351,300 of common stock now held in treasury. Declared cash dividends in the amount of $260,650. Paid the dividends in (b). Issued 113,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Required: Indicate the effect (+ for increase, − for decrease, +/− for increase/decrease) of each of these transactions on total assets, liabilities, and stockholders’ equity. (Leave cell blank if there is no effect.)The annual report for Malibu Beachwear reported the following transactions affecting stockholders’equity:a. Purchased $350,000 of common stock now held in treasury.b. Declared cash dividends in the amount of $260,000.c. Paid the dividends in ( b ).d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share.e. Closed the Dividends account.Required:1. Indicate the effect (increase, decrease, or no effect) of each of these transactions on totalassets, liabilities, and stockholders’ equity.2. Prepare journal entries to record each of these events.3. Prepare a statement of stockholders’ equity, assuming the following opening balances: Common Stock, $12,500; Additional Paid-In Capital, $190,000; Retained Earnings, $150,000; andTreasury Stock, $0. Net income for the current year was $270,000.JAE Corp. completed the following transactions during Year 2: Issued 3,000 shares of $10 par common stock for $25 per share. Repurchased 500 shares of its own common stock for $26 per share. Resold 200 shares of treasury stock for $30 per share. Required How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.
- The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 390 shares of the company's common stock at $38 cash per share. b. June 14: Sold 70 of the shares purchased on April 1 for $43 cash per share. c. September 1: Sold 60 of the shares purchased on April 1 for $33 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock 14,820 Cash 14,820 2 June 14 Cash Treasury stock Additional paid-in capital 3,010 2,660 350 3 September 01 Cash 1,980 Additional paid-in capital Treasury stock 300X 1,680 xDuring the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
- Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Prepare a statement of stockholders' equity for Al-Can Products, Inc. Navigate to the Stockholders' Equity Statement tab in the spreadsheet. Use the following information to prepare your statement: a. January 1 balance of capital stock account of 9,000 shares issued at $6.00 per share was $54,000.00. b. No other stock was issued during the year. c. January 1 balance of retained earnings account was $29,250.00. d. Net Income was $41,106.00. e. Dividends declared during the year were $19,200.00.During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
- Astro Corporation was started with the issue of 5,300 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $69.000 in cash revenues and paid $46,230 for cash expenses. Also, a $3,800 cash dividend was paid to the stockholders. Required Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year Complete this question by entering your answers in the tabs below. Income Stmt of Changes Stmt of Cash Flows Statement Balance Sheet Prepare a balance sheet. ASTRO CORPORATION Balance Sheet As of December 31. Year 1 Assets Total assets Liabilities Stockholders equity Common stock Total Paid-In Capital Total liabilities and stockholders' equity $ Stmt of Changes Stmt of Cash FlowsBlossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (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.)During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Credit