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Journalize the transactions for Halpern Corporation. Halpern Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2013, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $5,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal se ...

Other / Other 22 Mar 2016

corporate charter of Martin Corporation The corporate charter of Martin Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Martin issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. Instructions Based on the above information, answer the following questions: (a) How many shares were ...

Other / Other 22 Mar 2016

stockholders' equity section of the balance sheet James Corporation has the following accounts at December 31: Common Stock, $10 par 7,000 shares issued, $70,000; Paid-in Capital in Excess of Par $10,000; Retained Earnings $45,000; and Treasury Stock—Common, 500 shares, $10,000. Prepare the stockholders' equity section of the balance sheet. Business Management Assignment Help, Business Management Homework help, Business Man ...

Other / Other 22 Mar 2016

balances in the stockholders’ equity On November 1, 2013, Nate Corporation’s stockholders’ equity section is as follows: Common stock, $10 par value $600,000 Paid-in capital in excess of par 180,000 Retained earnings 200,000 Total stockholders’ equity $980,000 On November 1, Nate declares and distributes an 18% stock dividend when the market value of the stock is $14 per share. Instructions Indicate ...

Other / Other 22 Mar 2016

Prepare the retained earnings statement for 2013. The balance in retained earnings on January 1, 2013, for Booker Inc., was $575,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $50,000. Net income for 2013 was $120,000. Instructions Prepare the retained earnings stateme ...

Other / Other 22 Mar 2016

the following stockholders’ equity balances Bellingham Corporation has the following stockholders’ equity balances at December 31, 2013. Common Stock, $1 par $ 3,500 Paid in Capital in Excess of par 24,500 Retained Earnings 62,500 Total $90,500 Calculate book value per share. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 22 Mar 2016

Direction of change cannot be determined Match each item/event pair below with the indicated change in the item. An individual classification may be used more than once, or not at all. For each dividend, assume that both declaration and payment or distribution has occurred. Classifications A. Item increases B. Item decreases C. Item is unchanged D. Direction of change cannot be determined Item Event ____ 1. Par value per share ...

Other / Other 22 Mar 2016

shares of the treasury stock On September 5, Borton Corporation acquired 2,500 shares of its own $1 par common stock for $23 per share. On October 15, 1,000 shares of the treasury stock is sold for $25 per share. Instructions Journalize the purchase and sale of the treasury stock assuming that the company uses the cost method. Business Management Assignment Help, Business Management Homework help, Business Management Study H ...

Other / Other 22 Mar 2016

corporate form of business organization Identify (by letter) each of the following characteristics as being an advantage, a disadvantage, or not applicable to the corporate form of business organization. A = Advantage D = Disadvantage N = Not Applicable Characteristics 1. Separate legal entity 2. Taxable entity resulting in additional taxes 3. Continuous life 4. Unlimited liability of owners 5. Government r ...

Other / Other 22 Mar 2016

accountant for Douglas Corporation An inexperienced accountant for Douglas Corporation made the following entries. July 1 Cash 180,000 Common Stock 180,000 (Issued 25,000 shares of common stock, par value $6 per share) Sept. 1 Common Stock 24,000 Retained Earnings 16,000 Cash 40,000 (Purchased 4,000 shares issued on July 1 for the treasury at $10 per share) Instructions On the basis of the ex ...

Other / Other 22 Mar 2016