Whispering Winds Corporation has the following accounts at December 31: Common Stock, $9 par, 5,450 shares issued, $49,050;Paid-in Capital in Excess of Par-Common Stock $32,900; Retained Earnings $48,000; and Treasury Stock, 500 shares, $12,000.Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive informationprovided in the question.)WHISPERING WINDS CORPORATIONBalance Sheet (Partial)December 31Stockholders' EquityPaid-in CapitalCapital StockCommon Stock49050Additional Paid-in CapitalPaid-in Capital in Excess of Par-Common StockTotal Paid-in CapitalRetained EarningsTotal Paid-in Capital and Retained Earnings V: Treasury StockLessTotal Stockholders' Equity%24%24

Stockholders' equity, also known as shareholders' or owners' equity, is a type of equity held by…

Answered: Whispering Winds Corporation has the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blossom Company has these accounts at December 31: Common Stock, $9 par, 4,800 shares issued, $43,200; Paid-in Capital in Excess of Par $34,900; Retained Earnings $47,000; and Treasury Stock, 500 shares, $11,500. Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.) Blossom Company Balance Sheet (Partial) December 31 $ $
Ayayai Corp. has these accounts at December 31: Common Stock, $10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of Par $20,250; Retained Earnings $43,000; and Treasury Stock, 400 shares, $8,800. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Ayayai Corp. Balance Sheet (Partial) SA
Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Vaughn Company had the following transactions. 1. 2. Issued 4,600 shares of common stock with a stated value of $10 for $131,000. Issued 2,200 shares of $100 par preferred stock at $110 for cash. Prepare the journal entries to record the above stock transactions. (List all debit entries before automatically indented when the amount is entered. Do not indent manually.)
At December 31, the records of Nortech Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the current year). Shares authorized, 500,000. Shares issued, 2; issue price $15 per share. Common Stock account, $130,000. Shares held as treasury stock, 2,300 shares, cost $13 per share. Net income for the current year. $51,080. Dividends declared and paid during the current year, $22,986. Retained Earnings balance, beginning of the year, $148,000. Required: Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share. (Round "per share" answers to 2 decimal places.) 1-a. Shares authorized 1-b. Shares issued 1-c. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Dividends paid per share of common stock is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the…
Sunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $8,450. Prepare the journal entries for the Sunland Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date June 12July 11Nov. 28 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…
At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Common stock (par $2; no changes during the current year).Shares authorized, 5,000,000.Shares issued, ? ; issue price $7 per share.Shares held as treasury stock, 10,500 shares, cost $5 per share.Net income for the current year, $529,300.Common Stock account, $155,000.Dividends declared and paid during the current year, $2 per share.Retained Earnings balance, beginning of year, $850,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.)
At December 31, the records of Nortech Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the current year). Shares authorized, 500,000. Shares issued, 2; issue price $15 per share. Common Stock account, $130,000. Shares held as treasury stock, 2,300 shares, cost $13 per share. Net income for the current year, $51,080. Dividends declared and paid during the current year, $22,986. Retained Earnings balance, beginning of the year, $148,000. Required: Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share. (Round "per share answers to 2 decimal places.) 1-a. Shares authorized 1-b. Shares issued 1-c. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Dividends paid per share of common stock is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount…
Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Bramble Corporation has 47,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31.Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 1Dec. 31 Dec. 1Dec. 31
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Concord Corporation has the following accounts at December 31: Common Stock, $9 par, 4,700 shares issued, $42,300; Paid-in Capital in Excess of Par—Common Stock $31,400; Retained Earnings $47,000; and Treasury Stock, 400 shares, $9,600.Prepare the stockholders’ equity section of the balance sheet

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