Business, 23.07.2020 16:01, chakairarodney8407

Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations: January 2 Issue 110,000 shares of common stock for $70 per share.
February 14 Issue 60,000 shares of preferred stock for $12 per share.
May 8 Purchase 11,000 shares of its own common stock for $60 per share.
May 31 Resell 5,500 shares of treasury stock for $65 per share.
December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on
December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.

Required:
a. Record each of these transactions.
b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2015. Net income for the year was $490,000.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 16:30, yasminothman02

Which type of data does your company collect from customers or potential customers? a. positioning datab. market share datac. primary datad. secondary data select the best answer from the choices provided

Answers: 1

continue

Business, 22.06.2019 00:00, adayisenga

Which part/word/phrase in the passage refers to a business’s financing activity seen in a cash flow statement? nathan works as an accountant in a footwear manufacturing company. he is currently preparing the cash flow statement for his employer. during the given accounting period, the company purchased raw materials worth $25,000. it also bought new equipment worth $75,000 to increase its production output. further, it borrowed a long-term bank loan of $100,000 to facilitate further expansion. finally, the company spent $50,000 on advertising its latest brand of footwear in the market. {lol i guessed its "it borrowed a long-term bank loan of $100,000 to facilitate further expansion" and thats correct}

Answers: 1

continue

Business, 22.06.2019 10:30, natajaeecarr

Jack manufacturing company had beginning work in process inventory of $8,000. during the period, jack transferred $34,000 of raw materials to work in process. labor costs amounted to $41,000 and overhead amounted to $36,000. if the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

Answers: 2

continue

Business, 22.06.2019 11:00, montgomerykarloxc24x

You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %

Answers: 1

continue

Do you know the correct answer?

Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value co...