Homework Answers
| Par value of common share (624000/120000) | $ 5.20 | ||
| Date | Account titles and explanation | Debit | Credit |
| June 10 | Common Stock (1500*5.20) | $ 7,800 | |
| Cash (1500*4.10) | $ 6,150 | ||
| Contributed Surplus or additional paid in capital (7800-6150) | $ 1,650 | ||
| To record the reacquired and cancelled 1,500 class A common shares at cost of $4.10 per share | |||
| Aug 26 | Cash (3000*8.40) | $ 25,200 | |
| Common stock (3000*5.20) | $ 15,600 | ||
| Contributed Surplus or additional paid in capital (25200-15600) | $ 9,600 | ||
| To record the issued 3,000 class A common shares for $8.40 each | |||
| Sep 30 | Common Stock (1500*5.20) | $ 7,800 | |
| Contributed Surplus or additional paid in capital (12600-7800) | $ 4,800 | ||
| Cash (1500*8.40) | $ 12,600 | ||
| To record the reacquired and cancelled 1,500 class A common shares at cost of $8.40 per share | |||
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port Concord Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital:...
Whispering Company had the following Shareholders’ Equity accounts as of May 1, 2020: Share capital: Preferred...
Whispering Company had the following Shareholders’ Equity
accounts as of May 1, 2020:
Share capital:
Preferred shares, 60,000
issued and outstanding
$738,000
Class A common shares,
150,000 issued and outstanding
750,000
Class B common shares,
440,000 issued and outstanding
2,530,000
Retained earnings
3,285,000
Total shareholders’
equity
$7,303,000
On June 10, Whispering reacquired and cancelled 1,800 Class A
common shares at a cost of $4.15 per share. On August 26, 2020,
Whispering issued 3,600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Pharoah Company had the following Shareholders' Equity accounts as of May 1, 2020: $1,008,000 665,500 Share...
Pharoah Company had the following Shareholders' Equity accounts as of May 1, 2020: $1,008,000 665,500 Share capital: Preferred shares, 80,000 issued and outstanding Class A common shares, 110,000 issued and outstanding Class B common shares, 330,000 issued and outstanding Retained earnings Total shareholders' equity 1,666,500 3,285,000 $6,625,000 On June 10, Pharoah reacquired and cancelled 1,900 Class A common shares at a cost of $5.20 per share. On August 26, 2020, Pharoah issued 3,800 Class A common shares for $9.45 each....
Martinez Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred...
Martinez Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 100,000 issued and outstanding Class B common shares, 390,000 issued and outstanding Retained earnings Total shareholders' equity $747,000 605,000 1,950,000 3.250,000 $6,552,000 On June 10, Martinez reacquired and cancelled 1,000 Class A common shares at a cost of $4.90 pershare. On August 26, 2020, Martinez issued 2,000 Class A common shares for $9.60 each. On...
Problem 15-8 Concord Mills Ltd. had the following shareholders' equity at January 1, 2020. Preferred shares, 8%, $100 p...
Problem 15-8 Concord Mills Ltd. had the following shareholders' equity at January 1, 2020. Preferred shares, 8%, $100 par value, 10,000 shares authorized, 3,400 shares issued Common shares, $2 par value, 200,000 shares authorized, 70,000 shares issued Common shares subscribed, 9,400 shares Contributed surplus-preferred Contributed surplus-common Retained earnings $340,000 140,000 18,800 17,000 934,000 769,000 2,218,800 34,000 $2,184,800 Less: Common share subscriptions receivable Total shareholders' equity The contributed surplus accounts arose from amounts received in excess of the par value of...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 86,000 shares outstanding $4,400,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,800,000 25,200,000 Retained earnings 177,000,000 $202,200,000 Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $18 million (before tax) relating to the operations of a business segment that is...
Problem 15-06 Concord Company has the following stockholders' equity accounts at December 31, 2020. Common Stock...
Problem 15-06 Concord Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 7,400 shares) Retained Earnings $463,300 323,200 Prepare entries in journal form to record the following transactions, which took place during 2021. (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 o for the amounts.) (1) 300 shares of outstanding stock were...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
Whispering Company had the following Shareholders’ Equity
accounts as of May 1, 2020:
Share capital:
Preferred shares, 60,000
issued and outstanding
$738,000
Class A common shares,
150,000 issued and outstanding
750,000
Class B common shares,
440,000 issued and outstanding
2,530,000
Retained earnings
3,285,000
Total shareholders’
equity
$7,303,000
On June 10, Whispering reacquired and cancelled 1,800 Class A
common shares at a cost of $4.15 per share. On August 26, 2020,
Whispering issued 3,600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Indigo Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 150,000 issued and outstanding Class B common shares, 440,000 issued and outstanding Retained earnings Total shareholders' equity $738,000 750,000 2,530,000 3,285,000 $7,303,000 On June 10, Indigo reacquired and cancelled 1,800 Class A common shares at a cost of $4.15 per share. On August 26, 2020, Indigo issued 3.600 Class A common shares for $8.55 each....
Pharoah Company had the following Shareholders' Equity accounts as of May 1, 2020: $1,008,000 665,500 Share capital: Preferred shares, 80,000 issued and outstanding Class A common shares, 110,000 issued and outstanding Class B common shares, 330,000 issued and outstanding Retained earnings Total shareholders' equity 1,666,500 3,285,000 $6,625,000 On June 10, Pharoah reacquired and cancelled 1,900 Class A common shares at a cost of $5.20 per share. On August 26, 2020, Pharoah issued 3,800 Class A common shares for $9.45 each....
Martinez Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 60,000 issued and outstanding Class A common shares, 100,000 issued and outstanding Class B common shares, 390,000 issued and outstanding Retained earnings Total shareholders' equity $747,000 605,000 1,950,000 3.250,000 $6,552,000 On June 10, Martinez reacquired and cancelled 1,000 Class A common shares at a cost of $4.90 pershare. On August 26, 2020, Martinez issued 2,000 Class A common shares for $9.60 each. On...
Problem 15-8 Concord Mills Ltd. had the following shareholders' equity at January 1, 2020. Preferred shares, 8%, $100 par value, 10,000 shares authorized, 3,400 shares issued Common shares, $2 par value, 200,000 shares authorized, 70,000 shares issued Common shares subscribed, 9,400 shares Contributed surplus-preferred Contributed surplus-common Retained earnings $340,000 140,000 18,800 17,000 934,000 769,000 2,218,800 34,000 $2,184,800 Less: Common share subscriptions receivable Total shareholders' equity The contributed surplus accounts arose from amounts received in excess of the par value of...
Problem 15-06 Concord Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 7,400 shares) Retained Earnings $463,300 323,200 Prepare entries in journal form to record the following transactions, which took place during 2021. (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 o for the amounts.) (1) 300 shares of outstanding stock were...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
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