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Showing posts with label common stock. Show all posts
Showing posts with label common stock. Show all posts
Friday, 6 June 2014

Listed below are a few events and transactions of Kodax Company. 2013 Jan. 2 Purchased 23,000 shares of Grecco Co. common stock for $410,000 cash plus a broker’s fee of $3,200 cash. Grecco Co. has 92,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.70 per share. Dec. 31 Grecco announced that net income for the year is $489,900. 2014 June 1 Grecco declared and paid a cash dividend of $2.30 per share. Dec. 31 Grecco announced that net income for the year is $705,400. Dec. 31 Kodax sold 9,000 shares of Grecco for $330,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

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Listed below are a few events and transactions of Kodax Company.    2013 Jan. 2 Purchased 23,000 shares of Grecco Co. co...

Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations. General Journal Debit Credit a. Cash 260,000 Common Stock, $25 Par Value 240,000 Paid-In Capital in Excess of Par Value, Common Stock 20,000 b. Organization Expenses 190,000 Common Stock, $25 Par Value 129,000 Paid-In Capital in Excess of Par Value, Common Stock 61,000 c. Cash 43,500 Accounts Receivable 19,000 Building 81,700 Notes Payable 59,600 Common Stock, $25 Par Value 54,600 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 125,000 Common Stock, $25 Par Value 78,000 Paid-In Capital in Excess of Par Value, Common Stock 47,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end? 5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $796,000?

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Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacte...
Sunday, 20 May 2012

Problem 2-4A Preparing and posting journal entries; preparing a trial balance L.O. C3, C4, A1, P1, P2 Santo Birch opens a Web consulting business called Show-Me-the-Money and completes the following transactions in its first month of operations.

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Problem 2-4A Preparing and posting journal entries; preparing a trial balance L.O. C3, C4, A1, P1, P2 Santo Birch opens a Web c...