Question
In: Accounting
OPST Ltd. Started the year with the following balances on its shareholders equity accounts Share Capital:...
OPST Ltd. Started the year with the following balances on its shareholders equity accounts Share Capital:
Common Shares, up to a maximum of 10,000 shares: 2,000,000
shares issues @ avg. price of $1.50 per share. Value of
$3,000,000
$4 Cumulative Preferred shares up to a maximum of 1,000,000
authorized. 10,000 shares currently issued at the average price at
$40 ea. Value or $400,000
Retained earning opening Balance is $320,000.00
The following Share related transactions occurred during the period
March to December in the year:
Mar 1 - The board declares a cash dividend of $150,000 (note:
last years preferred dividends were unpaid) - For shareholders of
record on Mar 20.
Mar 31 - The company pays the cash dividend
Apr 15 - The company does a 2:1 stock split to increase the
marketability of the shares
May 12 - The company issues 1000 common shares to purchase
computers with a retail value of $5,000
Dec 31 - The company makes a net income of $205,000
Considering the information above; enter the debit and credit
accounts and $ amounts required for each of the dates. Put you
answers in the field numbers related to the field below.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following selected account balances relate to the shareholders’ equity accounts of Sandhill Corp. at year...
The following selected account balances relate to the
shareholders’ equity accounts of Sandhill Corp. at year
end:
2018
2017
Preferred shares, 3,900 shares
in 2018; 2,940 in 2017
$390,000
$294,000
Common shares, 57,100 shares in
2018; 43,500 in 2017
571,000
435,000
Retained earnings
520,000
395,000
Cash dividends declared
(preferred shares)
16,450
14,700
Dividends payable
4,072
3,442
Additional information:
1.
During the year, 960 preferred shares were issued. No preferred
shares were repurchased.
2.
During the year, 24,000 common shares were...
Armstrong Corporation has the following shareholders' equity on December 31, 2021: Shareholders' equity Share capital ...
Armstrong Corporation has the following shareholders' equity on
December 31, 2021:
Shareholders' equity
Share capital
$10 convertible preferred shares,
10,000 shares authorized, 5,000 shares issued
$570,000
Common shares,
200,000 shares authorized, 90,000 shares issued
1,800,000
Total share capital
2,370,000
Retained earnings
450,000
Total shareholders' equity
$2,820,000
If 10,000 common shares were reacquired for $24 per share, the
journal entry to record the transaction would
credit Contributed Surplus–Reacquisition of Shares for
$40,000.
credit Retained Earnings for $40,000....
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 252,000 shares issued
$
252,000
Paid-in capital—excess of par, common
504,000
Paid-in capital—excess of par, preferred
110,000
Preferred stock, $100 par, 11,000 shares outstanding
1,100,000
Retained earnings
2,200,000
Treasury stock, at cost, 5,200 shares
26,000
During 2021, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value...
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2016, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 247,000
shares issued
247,000
Paid-in capital - excess of
par, common
494,000
Paid-in capital - excess of
par, preferred
165,000
Preferred stock, $100 par,
16,500 shares outstanding
1,650,000
Retained earnings
3,300,000
Treasury stock, at cost, 4,700
shares
23,500
During 2016, Fascom Inc. had several transactions relating to
common stock.
January 15:
Declared a property dividend of 100,000 shares of Slowdown
Company...
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 257,000 shares issued
$
257,000
Paid-in capital—excess of par, common
514,000
Paid-in capital—excess of par, preferred
135,000
Preferred stock, $100 par, 13,500 shares outstanding
1,350,000
Retained earnings
2,700,000
Treasury stock, at cost, 5,700 shares
28,500
During 2021, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value...
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2021, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 253,000 shares issued
$
253,000
Paid-in capital–excess of par, common
506,000
Paid-in capital–excess of par, preferred
115,000
Preferred stock, $100 par, 11,500 shares outstanding
1,150,000
Retained earnings
2,300,000
Treasury stock, at cost, 5,300 shares
26,500
During 2021, Fascom Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value $10.3...
On January 1, 2017, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2017, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued
250,000
Paid-in capital–excess of par, common
500,000
Paid-in capital–excess of par, preferred
100,000
Preferred stock, $100 par, 10,000 shares issued
1,000,000
Retained earnings
2,000,000
Treasury stock, at cost, 5,000 shares
25,000
During 2017, Fascom Inc. had several transactions relating to
common stock.
January 15:
Bought for retirement 10,000 common shares at $ 5 per share.
February 17:
Sold...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account
balances in its shareholders' equity accounts. Common stock, $1
par, 248,000 shares issued 248,000 Paid-in capital - excess of par,
common 496,000 Paid-in capital - excess of par, preferred 160,000
Preferred stock, $100 par, 16,000 shares outstanding 1,600,000
Retained earnings 3,200,000 Treasury stock, at cost, 4,800 shares
24,000 During 2018, Gerlach Inc. had several transactions relating
to common stock. January 15: Declared a property dividend of
100,000 shares of Slowdown...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account
balances in its shareholders' equity accounts. Common stock, $1
par, 240,000 shares issued 240,000 Paid-in capital - excess of par,
common 480,000 Paid-in capital - excess of par, preferred 200,000
Preferred stock, $100 par, 20,000 shares outstanding 2,000,000
Retained earnings 4,000,000 Treasury stock, at cost, 4,000 shares
20,000 During 2018, Gerlach Inc. had several transactions relating
to common stock. January 15: Declared a property dividend of
100,000 shares of Slowdown...
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2015, Thomson Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued of
which 3,000 Shares being held as treasury
stock
$250,000
Paid-in capital excess of par,
common
500,000
Preferred stock, $100 par, 10,000 shares
outstanding 1,000,000
Paid-in capital excess of par, preferred
100,000
Retained earnings
2,000,000
Treasury stock, at cost, 3,000 shares
15,000
...
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