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    Stockholders Equity transactions for Gereeve Corporation

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    I have the attached problems that I am unable to find a solution. Please use the attach excel and follow the instructions for each problem.

    Gereeve corporation had the collowing stocholders equity accounts on January 1, 2006: Common
    Stock ($1 par) $ 400,000, Paid-in Capital in Excess or 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.
    01-Jun 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: 1. Journalize the treasury stock transactins, and preare the closing entry at Dec.31,2006, for net
    income.
    2. 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
    3. Prepare the stockholders' equity section for Greeve Corporation at Dec 31, 2006
    C. Total stockholders' equity $1,058,000

    E-12 Journalize issuance of common and preferrred stock and purchase of treasury stock.
    Garza Co. had the following transactions during the current period.
    02-Mar Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for
    $30,000 for services provided in helping the company to incorporate.
    12-Jun Issued 60,000 shares of $1 par value common stock for cash or $375,000.
    11-Jul Issued 1,000 shares of $100 par value preferred stock for cash at $ 110 per share.
    Nov. 28 Purchased 2,000 shares of treasury stock for $ 80,000.

    Instructions: Journalize the transactions.

    Instructions : 1. Prepare the entries, if any, on each of the three dividend dates.
    2.How are dividends and dividends payable reported in the financial statements prepared at December 31?

    On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and
    outstanding. The stock has a state value of $5 per share. During the year, the following occurred.
    Apr. 1. Issured 15,000 additional shares of common stock for $17 per share.
    15-Jun Declared a cash dividend of $1 per share to stockholders of record on June 30.
    10-Jul Paid the $1 cash dividend.
    01-Dec Issued 2,000 additional shares of commonn stock for $19 per share.
    15-Dec Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record
    on December 31.

    After After
    Before Stock Stock
    Action Dividend Split

    Stockholders' Equity
    Paid-in Capital
    Common Stock
    In Excess of Par Value
    Total Paid-in Capital
    Retained Earnings
    Total Stockholders' Equity

    Outstanding Shares

    Book Value 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.

    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 wll reduce par value to $5 per share. The current marke price is $14 per share.

    © BrainMass Inc. brainmass.com May 20, 2020, 3:58 pm ad1c9bdddf
    https://brainmass.com/business/dividends-stock-repurchase-and-policy/stockholders-equity-transactions-gereeve-corporation-152735

    Attachments

    Solution Preview

    Date Account Titles and Explanations Debit Credit

    Mar. 2 Organization Expense 30,000
    Common Stock (5,000 X $1) 5,000
    Paid-in Capital in Excess of Par
    Value-Common Stock 25,000

    Jun. 12 Cash 375,000
    Common Stock (60,000 X $1) 60,000
    Paid-in Capital in Excess of Par
    Value-Common Stock 315,000

    July. 11 Cash (1,000 X $110) 110,000
    Preferred Stock (1,000 X $100) 100,000
    Paid-in Capital in Excess of Par
    Value-Preferred Stock (1,000X$10) 10,000

    Nov. 28 Treasury Stock 80,000
    Cash 80,000

    E-12 Journalize issuance of common and preferrred stock and purchase of treasury stock.
    Garza Co. had the following transactions during the current period.
    02-Mar Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for
    $30,000 for services provided in helping the company to incorporate.
    12-Jun Issued 60,000 shares of $1 par value ...

    Solution Summary

    The solution has various problems relating to stockholders equity transactions.

    $2.19

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