The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $8 par, 13,000 shares authorized, 2,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,800 13,900 56,600 JAE Corporation completed the following transactions during Year 1: 1. Issued 900 shares of $8 par common stock for $30 per share. 2. Repurchased 230 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 B Req C Req D How many shares of common stock were outstanding and issued at the end of the period? a. Outstanding shares at the end of the period b. Issued shares at the end of the period

The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $8 par, 13,000 shares authorized, 2,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,800 13,900 56,600 JAE Corporation completed the following transactions during Year 1: 1. Issued 900 shares of $8 par common stock for $30 per share. 2. Repurchased 230 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 B Req C Req D How many shares of common stock were outstanding and issued at the end of the period? a. Outstanding shares at the end of the period b. Issued shares at the end of the period

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.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.
Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $9 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $19,800 12, 100 68,000 JAE Corporation completed the following transactions during Year 1: 1. Issued 950 shares of $9 par common stock for $31 per share. 2. Repurchased 160 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for $29 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares. common issued at the end of the eriod? had c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 48,000 shares authorized, 3, 200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 25, 600 137, 900 137, 900 Ming Corp. completed the following transactions during Year 2: 1. Issued 2,700 shares of $8 par common stock for $13 per share. 2. Repurchased 1,300 shares of its own common stock for $16 per share. 3. Resold 780 shares of treasury stock for $18 per share. 4. Earned $61,700 of cash revenue. 5. Paid $30,450 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial)
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $8 par, 61,000 shares authorized, 2,800 shares issued and outstanding $ 22,400 Paid-in capital in excess of par, common stock 59,500 Retained earnings 59,500 Ming Corp. completed the following transactions during Year 2: Issued 3,000 shares of $8 par common stock for $13 per share. Repurchased 1,500 shares of its own common stock for $16 per share. Resold 900 shares of treasury stock for $18 per share. Earned $54,300 of cash revenue. Paid $39,950 of cash operating expenses. Required Prepare the stockholders’ equity section of the year-end balance sheet.
Subject : Accounting The following information pertains to JAE Corporation at January 1, Year 1. Common stock, $9 par, 14,000 shares authorized, 2,800 shares issued and outstanding $ 25,200 Paid-in capital in excess of par, common stock 12,000 Retained earnings 55,800 JAE Corporation completed the following transactions during Year 1: Issued 1,000 shares of $9 par common stock for $26 per share. Repurchased 230 shares of its own common stock for $23 per share. Resold 50 shares of treasury stock for $24 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? c1. Prepare journal entries for these transactions. c2. Post the journal entries to T-accounts. d. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.
The following Information pertains to JAE Corporation at January 1, Year 1. Common stock, $10 par, 20,000 shares authorized, 2,000 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 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. Required Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req D $20,000 15,000 82,000 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts be indicated with minus sign.) Stockholders' equity Common stock Total paid-in capital Retained earnings Total stockholders' equity
The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $9 par, 38,000 shares authorized, 2,700 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings Ming Corp. completed the following transactions during Year 2: 1. Issued 2,100 shares of $9 par common stock for $14 per share. 2. Repurchased 1,900 shares of its own common stock for $17 per share. 3. Resold 1,140 shares of treasury stock for $19 per share. 4. Earned $60,000 of cash revenue. 5. Paid $34,450 of cash operating expenses. $ 24,300 142,100 142,100 Required Prepare the stockholders' equity section of the year-end balance sheet. Stockholders' Equity MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2
The following information pertains to Rising Suns Corporation at January 1, Year 2: Common stock, $20 par, 50,000 shares authorized, 12,600 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 5,260 shares of $20 par common stock for $30 per share. 2. Repurchased 1,260 shares of its own common stock for $25 per share. 3. Resold 630 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 account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.…