Homework Answers
| Correct option is: | B. | £ 26,56,400 | |||
| Workings: | |||||
| Common stock | Additional Paid - in - Capital | Retained earnings | Treasury Stock | Total Stockholder's Equity | |
| Balance | £ 16,52,000 | £ 16,52,000 | |||
| Issue Common stock | £ 4,75,000 | £ 5,70,000 | £ 10,45,000 | ||
| Purchase Treasury stock | -£ 1,47,200 | -£ 1,47,200 | |||
| Declare dividends | £ - | £ - | |||
| Resell Treasury Stock | £ 41,000 | £ 65,600 | £ 1,06,600 | ||
| Balance, December 31 2020 | £ 4,75,000 | £ 6,11,000 | £ 16,52,000 | -£ 81,600 | £ 26,56,400 |
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Marigold Inc. was authorized to issue 100000 £10 par value ordinary shares. As of December 31,...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and 30,000 10% cumulative and non- participating P100 par preference shares. The corporation engaged in the following share capital transactions through December 31, 2020: 30,000 ordinary shares were issued for P380,000 and 12,000 preference shares for an equipment valued at P1,500,000. Subscriptions for 10,000 ordinary shares have been taken and 40% of the subscription price of P16 per share has been collected. The shares will...
On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value...
On December 29, 2019, Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan. 6Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19 Issued 2,000 shares of preferred stock for $70,000 cash. Jan. 26 Exchanged 55,000 share of common stock for the following assets at the indicated fair market...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
Exercise 15-15 Marigold Corporation’s charter authorized 1 million shares of $11 par value common shares, and...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
On December 29, 2019. Hade Company was authorized to issue 100,000 shares of $5 par value...
On December 29, 2019. Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan 6 Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19 Issued 2,000 shares of preferred stock for $70,000 cash. Jan. 26 Exchanged 55,000 share of common stock for the following assets at the indicated fair...
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020,...
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Issued 100,000 shares of stock at $12 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 10,000 shares of stock...
Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Swifty Corporation has been authorized to issue 20,500 shares
of $100 par value, 10%, preferred stock and 1,068,600 shares of
no-par common stock. The corporation assigned a $2.60 stated value
to the common stock. At December 31, 2020, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
$130,000
Paid-in Capital in Excess of Par—Preferred Stock
14,000
Common Stock
1,068,600
Paid-in Capital in Excess of Stated Value—Common Stock
2,219,400
Treasury Stock (1,160 common shares)
13,920
Paid-in Capital from...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
Pronghorn Corporation has been authorized to issue 21.000 shares of $100 par value, 10 preferred stock...
Pronghorn Corporation has been authorized to issue 21.000 shares of $100 par value, 10 preferred stock and 1.040.000 shares of no-nar common stock. The corporation ass $2.60 stated value to the common stock. At December 31, 2020, the ledger contants common stock. The corporation assigned a balances pertaining to stockholders' equity. At December 31, 2020, the ledger contained the following Preferred Stock $125,000 Pald-in Capital in Excess of Par-Preferred Stock 17,000 Common Stock 1,040,000 Paid-in Capital in Excess of Stated...
Mesa Company is authorized to issue 1,000,000 shares of its $5 par value common stock and...
Mesa Company is authorized to issue 1,000,000 shares of its $5 par value common stock and 600,000 shares of its $10 par value preferred stock. During 2018 – its first year of business - the company earned $650,000 of net income and had the following select transactions. No dividends were declared or paid throughout the year. The net income and events below are the only ones that impact Stockholders’ Equity this year. 1. Issued 300,000 shares of common stock for...
2-3 The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and 30,000 10% cumulative and non- participating P100 par preference shares. The corporation engaged in the following share capital transactions through December 31, 2020: 30,000 ordinary shares were issued for P380,000 and 12,000 preference shares for an equipment valued at P1,500,000. Subscriptions for 10,000 ordinary shares have been taken and 40% of the subscription price of P16 per share has been collected. The shares will...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
On December 29, 2019. Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan 6 Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19 Issued 2,000 shares of preferred stock for $70,000 cash. Jan. 26 Exchanged 55,000 share of common stock for the following assets at the indicated fair...
ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Issued 100,000 shares of stock at $12 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 10,000 shares of stock...
Swifty Corporation has been authorized to issue 20,500 shares
of $100 par value, 10%, preferred stock and 1,068,600 shares of
no-par common stock. The corporation assigned a $2.60 stated value
to the common stock. At December 31, 2020, the ledger contained the
following balances pertaining to stockholders’ equity.
Preferred Stock
$130,000
Paid-in Capital in Excess of Par—Preferred Stock
14,000
Common Stock
1,068,600
Paid-in Capital in Excess of Stated Value—Common Stock
2,219,400
Treasury Stock (1,160 common shares)
13,920
Paid-in Capital from...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
Pronghorn Corporation has been authorized to issue 21.000 shares of $100 par value, 10 preferred stock and 1.040.000 shares of no-nar common stock. The corporation ass $2.60 stated value to the common stock. At December 31, 2020, the ledger contants common stock. The corporation assigned a balances pertaining to stockholders' equity. At December 31, 2020, the ledger contained the following Preferred Stock $125,000 Pald-in Capital in Excess of Par-Preferred Stock 17,000 Common Stock 1,040,000 Paid-in Capital in Excess of Stated...
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