Oriole Ltd. had the following share transactions during its first year of operations: Jan. Issued 164,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Oriole Ltd. had the following share transactions during its first year of operations: Jan. Issued 164,000 common shares for $1.50 per share. Jan. 12 Issued 41,000 common shares for $1.75 per share. Mar. 17 Issued 800 preferred shares for $105 per share. July 18 Issued 820,000 common shares for $2 per share. Nov. 17 Reacquired 164,000 common shares for $1.95 per share. Dec. 30 Reacquired 123,000 common shares for $1.80 per share. Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when the 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. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 6 Cash 246000 Common Shares 246000 (Issued common shares for cash.) Jan. 12 Cash 71750 Common Shares 71750 (Issued common shares for cash.) Mar. 17 Cash 84000 Preferred Shares 84000 (Issued preferred shares for cash.) L 10 Cach 1LA0000 July 18 Cash 1640000 Common Shares 1640000 (Issued common shares for cash.) Nov. 17 Common Shares 246000 Contributed Surplus - Reacquisition of Common Shares 73800 Cash 319800 (To record reacquisition of common shares.) Dec. 30 Common Shares 235750 Contributed Surplus - Reacquisition of Common Shares 14350 Cash 221400 (To record reacquisition of common shares.) How many common shares remain at the end of the year and what is their average per share? (Round average per share to 2 decimal places, e.g. 52.75.) Remaining common shares 738000 Average per share 1.92 %24 Oriole Ltd. had the following share transactions during its first year of operations: Jan. Issued 164,000 common shares for $1.50 per share. Jan. 12 Issued 41,000 common shares for $1.75 per share. Mar. 17 Issued 800 preferred shares for $105 per share. July 18 Issued 820,000 common shares for $2 per share. Nov. 17 Reacquired 164,000 common shares for $1.95 per share. Dec. 30 Reacquired 123,000 common shares for $1.80 per share. Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when the 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. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average per share to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 6 Cash 246000 Common Shares 246000 (Issued common shares for cash.) Jan. 12 Cash 71750 Common Shares 71750 (Issued common shares for cash.) Mar. 17 Cash 84000 Preferred Shares 84000 (Issued preferred shares for cash.) L 10 Cach 1LA0000 July 18 Cash 1640000 Common Shares 1640000 (Issued common shares for cash.) Nov. 17 Common Shares 246000 Contributed Surplus - Reacquisition of Common Shares 73800 Cash 319800 (To record reacquisition of common shares.) Dec. 30 Common Shares 235750 Contributed Surplus - Reacquisition of Common Shares 14350 Cash 221400 (To record reacquisition of common shares.) How many common shares remain at the end of the year and what is their average per share? (Round average per share to 2 decimal places, e.g. 52.75.) Remaining common shares 738000 Average per share 1.92 %24
Expert Answer:
Answer rating: 100% (QA)
A B E F Solution 2 Date Account Titles and Explanation Debit Credit 3 J... View the full answer
Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Posted Date:
Students also viewed these accounting questions
-
During its first year of operations, Spring Garden Plans earned revenue of $322,000 on account. Industry experience suggests that bad debts will amount to 2% of revenues. At December 31, 2012,...
-
During its first year of operations, Turning Leaves Furniture Restoration, Inc., had sales of $312,000, all on account. Industry experience suggests that Turning Leaves Furniture Restorations...
-
During its first year of operations, Chocolate Passion, Inc., had sales of $361,000, all on account. Industry experience suggests that Chocolate Passions uncollectibles will amount to 2% of credit...
-
The payroll summary for EVB Inc. for the period August 3 - 10 is as follows: Factory Employees Sales and Admin. Employees Total Gross Earnings $80,000 $25,000 $105,000 Withholding and deductions:...
-
Akron Manufacturing Co. manufactures a cement-sealing compound called Seal-Rite. The process requires that the product pass through three departments. In Dept. 1, all materials are put into...
-
Air Assurance Corporation provides on site air quality testing services. The company has provided the following data concerning its operations: The company uses the number of jobs as its measure of...
-
One way of cleaning up environmentally polluted underground water is to pump it out of the ground, treat it with some equipment (by catalytic or photochemical oxidation, for example), and then pump...
-
For the given loading, determine the zero-force members in the truss shown.
-
Image transcription text For the given application conditions specified in Table 1, the selection of a suitable single-row cylindrical roller bearing from Table 11-3 is required. The available...
-
The Freemont Automobile Factory has discovered that the longer a worker has been on the job, the more parts the worker can produce. Write an application that computes and displays a workers...
-
Disney Hotels business district hotel and Disney Conventions are both profit centres. Both are owned by Disney Hotel Inc. Disney Conventions runs large trade-show conventions and rents conference...
-
The national government and some state governments in India provide incentives to entice new business ventures for less developed areas of the country to increase employment. Subsidies may be offered...
-
China, Japan, and South Korea have the top three shipbuilding industries in the world. Each of these countries also has a vibrant tourism industry. Of the two, which industry has the longer short...
-
Regardless of the sport, the owners of professional sports teams are local monopolists. Many people argue that increasing attendance (and revenue) at sporting events should be a key objective of any...
-
Suppose that capital and labor are perfect substitutes in production, and a firm is presently using two units of capital and two units of labor to produce four units of output. What is the firm's...
-
Renting an economy car in Munich and Berlin costs about the same, 19 per day. However, the rental price for a full size car is \( 10\) euros per day more in Munich (36) than in Berlin (26). Is the...
-
Harry Jenkins, a widower, owned 10 acres of land that he purchased in 1994 for $5,000 per acre. On the date of Harry's death, June 30, 2009, the land was valued at $10,000 per acre. Harry's only...
-
What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?
-
On December 31 2013, Lewis Corporation has 3,000, $4 preferred shares and 100,000 common shares. During the year, the company had the following share transactions: Jan. 1 Sold 1,000 preferred shares...
-
Paul Joyce purchases 100 common shares of TechTop Ltd. for $12 per share from the company's initial public offering. Later, Paul purchases 200 more Tech- Top Ltd. common shares for $20 each on the...
-
Wong Ltd. is considering an investment that will return a lump sum of $600,000 five years from now. What amount should Wong Ltd. pay for this investment in order to earn a 4% return?
-
A fictional subatomic particle, the solarino, is initially at rest. It then explodes into three particles: two lightons and a heavyon. The inertia of a heavyon is twice the inertia of a lighton. In...
-
You and a friend are playing catch with a medicine ball. The game has gotten a little unfriendly, and you'd like to knock your friend down with the next throw. To achieve this, should you suggest...
-
Which has more kinetic energy: a \(0.14-\mathrm{kg}\) baseball traveling at \(45 \mathrm{~m} / \mathrm{s}\) or a \(0.012-\mathrm{kg}\) bullet traveling at 480 m/s ?
Study smarter with the SolutionInn App