Global Marine obtained a charter from the state in January 2013,which authorized 1,000,000 shares of common stock, $5 par value.During the first year, the company earned $390,000 of net incomeand the following selected transactions occurred in the ordergiven: a. Issued 120,000 shares of the common stock at $54 cash pershare. b. Reacquired 24,000 shares at $49 cash per share. c.Reissued 9,500 shares from treasury for $50 per share. d. Reissued9,500 shares from treasury for $48 per share. Required: 1.Indicating the account, amount, and direction of the effect (+ forincrease and ? for decrease) for the above transaction. (Enter allamounts as positive values.)
Global Marine obtained a charter from the state in January 2013,which authorized 1,000,000 shares of common stock, $5 par value.During the first year, the company earned $390,000 of net incomeand the following selected transactions occurred in the ordergiven: a. Issued 120,000 shares of the common stock at $54 cash pershare. b. Reacquired 24,000 shares at $49 cash per share. c.Reissued 9,500 shares from treasury for $50 per share. d. Reissued9,500 shares from treasury for $48 per share. Required: 1.Indicating the account, amount, and direction of the effect (+ forincrease and ? for decrease) for the above transaction. (Enter allamounts as positive values.)
Related questions
Global Marine obtained a charter from the state in January thatauthorized 1,000,000 shares of common stock, $5 par value. Duringthe first year, the company earned $470,000 of net income and thefollowing selected transactions occurred in the order given: |
| a. | Issued 110,000 shares of thecommon stock at $62 cash per share. | ||||||||||||||||||||||||||||||||||||
| b. | Reacquired 32,000 shares at $57cash per share. | ||||||||||||||||||||||||||||||||||||
| c. | Reissued 13,500 shares fromtreasury for $58 per share. | ||||||||||||||||||||||||||||||||||||
| d. Reissued 13,500 shares from treasury for $56 per share. a)Record the issuance of 110,000 shares of common stock with a$5 par value for a price of $62 per share. b)Record the purchase of 32,000 shares of previously issuedcommon stock for a price of $57 per share. c)Record the re-issuance of 13,500 shares of treasury stockpreviously purchased for a price of $57 per share and sold for $58per share. d) Record the re-issuance of 13,500 shares of treasury stockpreviously purchased for $57 per share and sold for $56 pershare.
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P11-5 Preparing the Stockholders Equity Section after SelectedTransactions LO11-1, 11-3
United Resources Company obtained a charter from the state inJanuary 2014, which authorized 207,000 shares of common stock, $1par value. During the first year, the company earned $489,000 andthe following selected transactions occurred in the ordergiven: |
| a. | Sold 80,000 shares of the commonstock in an initial public offering at $19 per share. |
| b. | Repurchased 22,000 shares of thepreviously issued shares at $22 cash per share for treasurystock. |
| c. | Resold 7,000 of the shares ofthe treasury stock at $25 cash per share. |
| Required: |
Prepare the stockholdersâ equity section of the balance sheet atDecember 31, 2014. (Amounts to be deducted should beindicated with a minus sign.) |
