1. Environmental Designs issues 10,000 shares of its $1 parvalue common stock at $25 per share. (1) Record the issuance of thestock. (2) Record the issuance of the stock assuming it is no-parvalue stock.
2. Indicate whether each of the following transactions increases(+), decreases (-), or has no effect (NE) on total assets, totalliabilities, and total stockholdersâ equity.
Total
Total Total Stockholdersâ
Transactions Assets Liabilities Equity
Issue common stock
Repurchase treasury stock
Sale of treasury stock
Declare cash dividend
Pay cash dividend
15% stock dividend
3. Diane's Designs has two classes of stock authorized: 8%, $10par preferred and $1 par value common. The following transactionsaffect stockholders' equity during 2016, its first year ofoperations:
January 1 Issue 200,000 shares of common stock for $15 pershare.
February 6 Issue 1,000 shares of preferred stock for $11 pershare.
October 10 Repurchase 10,000 shares of its own common stock for$18 per share.
November 12 Reissue 5,000 shares of treasury stock at $20 pershare.
December 5 Reissue 3,000 shares of treasury stock at $15 pershare.
Record each of these transactions.
4. Bostick Inc. has 60,000 shares of $2.00 par value commonstock outstanding and declares and distributes an 18% stockdividend. The market value of the stock was $45. Journalize thedeclaration and distribution of the stock dividend.
1. Environmental Designs issues 10,000 shares of its $1 parvalue common stock at $25 per share. (1) Record the issuance of thestock. (2) Record the issuance of the stock assuming it is no-parvalue stock.
2. Indicate whether each of the following transactions increases(+), decreases (-), or has no effect (NE) on total assets, totalliabilities, and total stockholdersâ equity.
Total
Total Total Stockholdersâ
Transactions Assets Liabilities Equity
Issue common stock
Repurchase treasury stock
Sale of treasury stock
Declare cash dividend
Pay cash dividend
15% stock dividend
3. Diane's Designs has two classes of stock authorized: 8%, $10par preferred and $1 par value common. The following transactionsaffect stockholders' equity during 2016, its first year ofoperations:
January 1 Issue 200,000 shares of common stock for $15 pershare.
February 6 Issue 1,000 shares of preferred stock for $11 pershare.
October 10 Repurchase 10,000 shares of its own common stock for$18 per share.
November 12 Reissue 5,000 shares of treasury stock at $20 pershare.
December 5 Reissue 3,000 shares of treasury stock at $15 pershare.
Record each of these transactions.
4. Bostick Inc. has 60,000 shares of $2.00 par value commonstock outstanding and declares and distributes an 18% stockdividend. The market value of the stock was $45. Journalize thedeclaration and distribution of the stock dividend.
Related questions
Diane's Designs has two classes of stock authorized: 8%, $10 parpreferred and $1 par value common. The following transactionsaffect stockholders' equity during 2012, its first year ofoperations:
| January 1 | Issue 200,000shares of common stock for $15 per share. |
| February 6 | Issue 1,000shares of preferred stock for $11 per share. |
| October 10 | Repurchase10,000 shares of its own common stock for $18 per share. |
| November 12 | Reissue 5,000 shares of treasury stock at $20 per share. Record each of these transactions: Date, General Journal, Creditor Debit |
