If Fitness and Fashion Corporation paid $10 per share for 590 shares of its own stock, how would the transaction be shown in the accounting equation? How would the transaction be reflected in the shareholders’ equity section of the balance sheet?
Answer to relevant QuestionsInter Company declared and issued a 5% stock dividend on May 1, 2011. Before this dividend was declared and issued, there were 120,000 shares of $0.50 par common stock outstanding. After the stock dividend, how many shares ...Show how each of the following transactions affects the accounting equation:March 1 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750April 1 Issued 1,000 shares of $95 par value preferred stock for ...Answer the following questions using the shareholders’ equity section of Enthusiastic Learning Corporation’s balance sheet at June 30:Shareholders’ equityPreferred stock, cumulative, 15,000 shares authorized, 5,000 ...Steverson Air Conditioning, Inc., had net income of $210,000 for the year ended December 31, 2009. On January 15, 2010, the board of directors met and declared a dividend of $0.15 per share for each of the 200,000 ...The following account balances can be found in the general ledger of McKinney de Garcia Energy Products Corporation at year end. Prepare the shareholders’ equity section of the balance sheet.Retained earnings ...
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