Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1000000 shares of common stock. $5 pm value. During the first year, the company earned $500.000 of net income and declared no dividends the following selected transactions occurred in the order giver a issued 110,000 shares of the common stock at $65 cash per share b Reacquired 35.000 shares at $60 cash per share c. Reissued 15.000 shares from treasury for $61 per share d. Reissued 15,000 shares from treasury for $59 per share Required: 1. Indicate the account, amount, and direction of the effect on above transaction Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign) Cash Assets Liabilities Answer is not complete.

Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1000000 shares of common stock. $5 pm value. During the first year, the company earned $500.000 of net income and declared no dividends the following selected transactions occurred in the order giver a issued 110,000 shares of the common stock at $65 cash per share b Reacquired 35.000 shares at $60 cash per share c. Reissued 15.000 shares from treasury for $61 per share d. Reissued 15,000 shares from treasury for $59 per share Required: 1. Indicate the account, amount, and direction of the effect on above transaction Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign) Cash Assets Liabilities Answer is not complete.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $650,000 and total liabilities of $275,000. During the current year, the following summarized events occurred: a. Issued additional shares of common stock for $145,000 cash. b. Borrowed $161,000 cash from the bank and signed a 10-year note. c. Built an addition on the buildings for $270,000 and paid cash to the contractor. d. Purchased equipment for the new addition for $44.500. paying $4,450 in cash and signing a note for the balance due in two years. e. Returned a $4,450 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes payable. f. Purchased a delivery truck (equipment) for $32,250; paid $22,575 cash and signed a two-year note…
Required information [The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $410,000 of net income and declared no dividends, the following selected transactions occurred in the order given: a. Issued 110,000 shares of the common stock at $56 cash per share. b. Reacquired 26,000 shares at $51 cash per share. c. Relssued 10,500 shares from treasury for $52 per share. d. Reissued 10,500 shares from treasury for $50 per share. 2. Prepare journal entries to record each transaction. (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 2 Record the issuance of 110,000 shares of common stock with a $5 par value for a price of $56 per share,
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $36 per share. b. Sold 2,300 shares of common stock for cash at $41 per share. c. At year-end, the company reported net income of $7,200. No dividends were declared. E11-5 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 0 0
Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: Total Contributed Capital Total GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Stockholders' Equity
For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit Credit
The Wexler Company is looking for a shop in Cincinnati. A certificate of incorporation was obtained in Ohio for the establishment of a company called Major Sales Company, and authorization was received for the issuance of 10,000 shares of Major Sales Company with no par value. On April 1, 1989, Wexler Company acquired all of Major Sales Company stock for $250,000; set value @$10 per share set at this issue. The balance sheet for Wexler Company prior to the establishment of the Major Sales Company reads as follows: Assets:Cash $420,000Other Assets $780,000Total Assets $1,200,000 Liability $250,000Shareholders' Capital:Authorized capital $500,000Additional paid-in capital $150,000Retained profit $300,000 $950,000Total…
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. Required: Show the effects of each transaction on the accounting equation. Give the indicated journal entries for each of the transactions. What impact does the purchase of treasury stock have on dividends paid? What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?
On May 1, Splish Brothers Corporation purchased 2,700 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 750 shares of the treasury stock were sold for cash at $17/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit
! Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 2. Prepare journal entries to record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $55,650.00 and total stockholders' equity of $38,000.00. I need help with three Questions: 1) What is the amount of profit or loss during December? 2. What were the total expenses for December? 3) How much was paid for supplies? Cash Acct.Rec Land Acct.Pay Common Stock Retained earnings Dividends Fees earned Rent exp Supplies exp Utilities exp wages exp Misc exp ? 8600 16500 ? ? 5000 5750…
North Ltd acquired $100,000 of shares in South Ltd for trading purposes on 1 January 20X3. Transaction costs of $2,000 were incurred. The fair value of the shares at 31 December 20X3 was $120,500. Choose the account names and calculate the amount that correctly account for this investment on 31 December 20X3 (amount for the credit entry is not required). ENTER YOUR ANSWER IN "Amount" WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE SHOWN AS 1000000; -$1,000,000 SHOULD BE SHOWN AS -1000000). Dr Cr Financial asset Expense Cash Ple Gain in FV-OCI Financial liability Gain in FV-P&L ◆ Amount Amount not required of the question.