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E12-2 Journalize issuance of common and preferred stock and

purchase of treasury stock Garza...
E12-2 Journalize issuance of common and preferred stock and purchase of treasury stock Garza Co. had the following transactions during the current period. Mar. 2 Issued $5000.00 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company incorporate. June 12 Issued $60,000 shares of $1 pa value common stock for cash of $375,000. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2000 shares of treasury stock for $80,000 Instructions Journalize the transactions. E12-8 Journalize cash dividends; indicate On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. April 1 Issued 15,000 additional shares of common stock for $17 per share. June 15 declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec 1 Issued 2,000 additional shares of common stock for $19 per share. Dec. 15 declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Instructions Prepare the entries, if any, on each of the three dividend dates. How are dividends and dividends payable reported in the financial statements prepared at December 31? E12-10 Compare effects of a stock dividend and stock split On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Split. P12-2A Journalize and post treasury stock transactions, and prepare stockholders equity section Greeve Corporation had the following stockholders' equity accounts on January 1, 2006: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings $100,000. In 2006, the company had the following treasury stock transactions. Mar. 1 Purchased 5,000 shares at $7 per share. June 1 Sold 1,000 shares at $10 per share. Sept. 1 Sold 2,000 shares at $9 per share. Dec. 1 Sold 1,000 shares at $5 per share. Greeve Corporation uses the cost method of accounting for treasury stock. In 2006, the company reported net income of $60,000. Instructions Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2006, for net income. Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. Post to these accounts using J12 as the posting reference. b) Treasury Stock $7,000 Prepare the stockholders' equity section for Greeve Corporation at December 31, 2006. (c) Total stockholders' equity $1,058,000
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Customer reply replied 8 years ago

E12-2

Journalize issuance of common and preferred stock and purchase of treasury stock

 

Garza Co. had the following transactions during the current period.

Mar. 2 Issued $5000.00 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company incorporate.

June 12 Issued $60,000 shares of $1 pa value common stock for cash of $375,000.

July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28 Purchased 2000 shares of treasury stock for $80,000

Instructions

Journalize the transactions.

 

E12-8

Journalize cash dividends; indicate

On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

April 1 Issued 15,000 additional shares of common stock for $17 per share.

June 15 declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10 Paid the $1 cash dividend.

Dec 1 Issued 2,000 additional shares of common stock for $19 per share.

Dec. 15 declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

 

Instructions

Prepare the entries, if any, on each of the three dividend dates.

How are dividends and dividends payable reported in the financial statements prepared at December 31?

 

 

I don't think the ones you sent me were the right answers?

Customer reply replied 8 years ago

The first part only,

E12-2

Journalize issuance of common and preferred stock and purchase of treasury stock

 

Garza Co. had the following transactions during the current period.

Mar. 2 Issued $5000.00 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company incorporate.

June 12 Issued $60,000 shares of $1 pa value common stock for cash of $375,000.

July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28 Purchased 2000 shares of treasury stock for $80,000

Instructions

Journalize the transactions.

 

E12-8

Journalize cash dividends; indicate

On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

April 1 Issued 15,000 additional shares of common stock for $17 per share.

June 15 declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10 Paid the $1 cash dividend.

Dec 1 Issued 2,000 additional shares of common stock for $19 per share.

Dec. 15 declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

 

Instructions

Prepare the entries, if any, on each of the three dividend dates.

How are dividends and dividends payable reported in the financial statements prepared at December 31?

Sorry about that.

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Customer reply replied 8 years ago

E12-10

Compare effects of a stock dividend and stock split

On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share.

Instructions

Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Split.

 

 

 

This one is wrong as well

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