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Stockholders Equity transactions for Gereeve Corporation

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.

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