Questions from Intermediate Accounting

Q: Arantxa Corporation has outstanding 20,000 shares of $5 par

Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2012, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at $70...

Q: Hinges Corporation issued 500 shares of $100 par value preferred stock

Hinges Corporation issued 500 shares of $100 par value preferred stock for $61,500. Prepare Hinges’s journal entry.

Q: Woolford Inc. declared a cash dividend of $1.00

Woolford Inc. declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15....

Q: Cole Inc. owns shares of Marlin Corporation stock classified as available

Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2012, the available-for-sale securities were carried in Cole’s accounting records at thei...

Q: Graves Mining Company declared, on April 20, a dividend of

Graves Mining Company declared, on April 20, a dividend of $500,000 payable on June 1. Of this amount, $125,000 is a return of capital. Prepare the April 20 and June 1 entries for Graves.

Q: Green Day Corporation has outstanding 400,000 shares of $10

Green Day Corporation has outstanding 400,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $65 per share. Prepare the journal...

Q: How should discount on bonds payable be reported on the financial statements

How should discount on bonds payable be reported on the financial statements? Premium on bonds payable?

Q: Use the information from BE15-13, but assume Green Day

Use the information from BE15-13, but assume Green Day Corporation declared a 100% stock dividend rather than a 5% stock dividend. Prepare the journal entries for both the date of declaration and the...

Q: Nottebart Corporation has outstanding 10,000 shares of $100 par

Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2012, and no divide...

Q: During its first year of operations, Sitwell Corporation had the following

During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 1 Issued 5,000 share...