a. How many shares of common stock were outstanding at the end of the period?b. How many shares of common stock had been issued at the end of the period?c. Organize the transactions data in accounts under the accounting equation.d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.Complete this question by entering your answers in the tabs below.Req A and BReq CPrepare the stockholders' equity section of the balance sheet reflecting these transactions.JAE CORPORATIONBalance Sheet (Partial)As of December 31Stockholders' EquityTotal paid-in capitalReq DTotal stockholders' equity< Req C$$00Req D > Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5The following information pertains to JAE Corporation at January 1, Year 1:Common stock, $11 par, 14,000 shares authorized, 2,800shares issued and outstandingPaid-in capital in excess of par, common stockRetained earnings$30,80012,10051,2004JAE Corporation completed the following transactions during Year 1:1. Issued 1,150 shares of $11 par common stock for $30 per share.2. Repurchased 160 shares of its own common stock for $27 per share.3. Resold 50 shares of treasury stock for $28 per share.Required:a. How many shares of common stock were outstanding at the end of the period?b. How many shares of common stock had been issued at the end of the period?c. Organize the transactions data in accounts under the accounting equation.d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.Complete this question by entering your answers in the tabs below.Req A and BReq CReq DPrepare the stockholders' equity section of the balance sheet reflecting these transactions.

The shareholders' equity increases with the issuance of additional shares. The shareholders' equity…

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 4SEA

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 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. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. 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. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $10 par, 8,000 shares authorized, 1,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 950 shares of $10 par common stock for $25 per share. 2. Repurchased 210 shares of its own common stock for $22 per share. 3. Resold 50 shares of treasury stock for $23 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Req A and B $16,000 14, 200 65,600 Complete this question by entering your answers in the tabs…
T Exercise 11-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 70,000 shares authorized, 42,000 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. Purchased 4,200 shares of its own stock at $25 cash per share. 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. January 2 January 7 February 28 $1,050,000 84,000 382,000 51,516,000 July Sold 1,680 of its treasury shares at $30 cash per share. August 27 Sold 2.100 of its treasury shares at $21 cash per share. September 9 Directors declared a $2 per share cash dividend payable on October 22 to…
Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 80,000 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 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for $32 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Answer is not complete. 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 5,800 shares of its own common stock at $33 per…
Brief Exercise 08-5 (Algo) Effect of treasury stock on the horizontal statements model LO 08-5 The following information pertains to Rising Suns Corporation at January 1, Year 2: Common stock, $20 par, 50,000 shares authorized, 14,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings Rising Suns Corporation completed the following events during Year 2: 1. Issued 5,400 shares of $20 par common stock for $30 per share. 2. Repurchased 1,400 shares of its own common stock for $25 per share. 3. Resold 700 shares of treasury stock for $30 per share. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to…
Exercise 6-4 (Cash, Share Capital, and Property Dividends) The PQR Corporation reports the following balances of January 1, 2021: P50,000 Ordinary share capital, P25 par, 2,000 shares outstanding Ordinary share premium Retained earnings 20,000 150,000 The following dividend declarations were made during the year: Mar 15 Declared a cash dividend of P6 per share payable on April 15 to shareholders of record of March 31. July 15 Declared as dividends the stocks of Pentagon Corp. owned by PQR Corp. One share of Pentagon Corp. stock will be distributed for every share of PQR Corp. stock owned. The stocks of Pentagon have a carrying value of P25 per share. Oct 15 Declared a 30% stock dividend distributable on December 1 to shareholders of record of November 15. Stocks are selling on this date at P45 per share. Instructions: Record the declaration and distribution of the above dividends. ♡ Share Favourite Delete Edit More a O O
Exercise 6-2 (Cash and Share Capital Stock Dividends) The statement of financial position of JKL Corp. as of December 31, 2020 reports the following shareholder equity accounts: Ordinary Share Capital, P50 par, 100,000 shares outstanding Ordinary Share Premium Retained Earnings P5,000,000 2,500,000 3,000,000 During 2021, the following dividend distributions were made: April 1 Declared a cash dividend of P7 per share payable on May 2 to shareholders of record of April 15. June 1 Decdared a 10% stock dividend distributable on July 15 to shareholders of record of June 30. Stocks are selling on this date at P65 per share Instructions: Record the declaration and distribution of each of the above-mentioned dividends. Share Favourite Delete Edit More ... 归 0
Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare Journal entries to record each of the following four separate Issuances of stock. Required Information Use the following information for Exercises 4-5 below. (Algo) [The following Information applies to the questions displayed below.] Following are the Issuances of stock transactions. 1. A corporation Issued 6,000 shares of $10 par value common stock for $72,000 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 $52,000. 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 $52,000. The stock has no stated value. 4. A corporation Issued 1,500 shares of $50 par value preferred stock for $127,000 cash. View transaction list A Record the issue of 6,000 shares of $10 par value common stock for $72,000 cash. B Record the issue of…
LO 11-2, 11-5 E11-17 Determining the Effect of a Stock Repurchase on EPS and ROE Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2021. Common Stock, $1 par, 50,000 shares issued and outstanding Additional Paid-In Capital Retained Earnings Total Stockholders' Equity December 31, 2020 $ 50,000 30,000 20,000 $100,000 March 31, 2021 $ 50,000 30,000 20,000 $100,000 During the quarter ended March 31, SPI reported Net Income of $5,000 and declared and paid cash dividends totaling $5,000. Required: 1. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended March 31. 2. Assume SPI repurchases 10,000 of its common stock at a price of $2 per share on April 1, 2021. Also assume that during the quarter ended June 30, 2021, SPI reported Net Income of $5,000 and declared and paid cash dividends totaling $5,000. Calculate earnings per share (EPS) and return on equity (ROE) for the quarter ended June 30, 2021. 3.…
The shareholders’ equity of Raven Company is as shown: RAVEN COMPANY Partial Balance Sheet 1 Common stock, $10 par $300,000.00 2 Additional paid-in capital on common stock 200,000.00 3 Retained earnings 200,000.00 4 $700,000.00 Raven is considering the declaration and issuance of a stock dividend at a time when the market price is $20 per share Prepare the appropriate journal entries for the declaration on December 1 and payment or distribution of the dividend on December 15, assuming the board of directors recommends a 40% stock dividend.
E11-11 Analyzing Stock Dividends LO11-6 At the beginning of the year, the shareholders' equity section of the statement of financial position of R & B Corporation reflected the following Common shares (no par value, authorized 65,000 shares, outstanding 32,500 shares) Contributed surplus Retained earnings Accumulated other comprehensive Income On February 1, the board of directors declared a 14 percent stock dividend to be issued on April 30 The market value per share was $20 on the declaration date. Required: 1. For comparative purposes, prepare the shareholders equity section of the statement of financial position (a) before the stock dividend and (b) after the stock dividend Contributed capital Outstanding 32.500 shares Outstanding 37,050 shares $390,000 14,500 177,500 30,500 Common shares Retained earnings Accumulated other comprehensive income Tatal shareholders' equity Shareholders' Equity Before Stock Dividend 390,000 390,000 After Stock Dividend
Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows. Common Stock Jan. 1 Balance 900,000 Apr. 14 Issued 13,200 shares 396,000 Dec. 31 Balance 1,296,000 Paid-In Capital in Excess of Par Jan. 1 Balance 144,000 Apr. 14 Issued 13,200 shares 92,400 Dec. 31 Balance 236,400 Treasury Stock Aug. 7 Purchased 2,200 shares 61,600 Retained Earnings Mar. 31 Dividend 23,000 Jan. 1 Balance 1,570,000 June. 30 Dividend 23,000 Dec. 31 Closing Sept. 30 Dividend 23,000 (Net income) 236,000 Dec. 31 Dividend 23,000 Dec. 31 Balance 1,714,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank.

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