Sheridan Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sheridan Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 $3-cumulative preferred shares. At January 1, 2024, the balances in its share capital accounts were $45,600 in common shares representing 19,200 shares and $26,400 in preferred shares representing 1,000 shares. The company had a balance of $57,400 in contributed surplus from previous years' repurchases of common shares. The retained earnings balance on that date was $190,000 and accumulated other comprehensive income was $68,700. Profit for the year ended December 31, 2024, was $29,400 and other comprehensive income items for the year were $5,400. There were no dividends in arrears at January 1, 2024, and no dividends were declared during 2024. During 2024, Sheridan had the following share transactions: Mar. 1 June 30 Sept. 1 Issued 5,000 common shares for $5 each. Issued 800 preferred shares for $11 each. Issued 66,700 common shares in exchange for land valued at $287,477. Dec. 1 Reacquired 54,600 common shares for $4.80 each. Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round per share cost to 2 decimal places, e.g. 2.75.) Date Account Titles Mar. 1 Cash Common Shares June 30 Cash Sep. 1 Dec. 1 Preferred Shares Debit 25000 8800 Credit 25000 8800 Sheridan Holdings Inc. has authorized share capital of an unlimited number of common shares and 1,000,000 $3-cumulative preferred shares. At January 1, 2024, the balances in its share capital accounts were $45,600 in common shares representing 19,200 shares and $26,400 in preferred shares representing 1,000 shares. The company had a balance of $57,400 in contributed surplus from previous years' repurchases of common shares. The retained earnings balance on that date was $190,000 and accumulated other comprehensive income was $68,700. Profit for the year ended December 31, 2024, was $29,400 and other comprehensive income items for the year were $5,400. There were no dividends in arrears at January 1, 2024, and no dividends were declared during 2024. During 2024, Sheridan had the following share transactions: Mar. 1 June 30 Sept. 1 Issued 5,000 common shares for $5 each. Issued 800 preferred shares for $11 each. Issued 66,700 common shares in exchange for land valued at $287,477. Dec. 1 Reacquired 54,600 common shares for $4.80 each. Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round per share cost to 2 decimal places, e.g. 2.75.) Date Account Titles Mar. 1 Cash Common Shares June 30 Cash Sep. 1 Dec. 1 Preferred Shares Debit 25000 8800 Credit 25000 8800
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
How could not having a strategy hurt a brand on social media? What are some content ideas for those who are at the "Awareness" stage of the sales funnel? What does it mean to A/B test on a social...
-
In Problem 2.20, if the market is efficient, would it have been possible for Zippys stock price to go down in the day that the firm announced the strong fourth quarter results?
-
The net worth (in billions of dollars) of a sample of the richest people in the United States is shown. Find the mean, median, mode, midrange, variance, and standard deviation for the data. 59 52 28...
-
For each of the following organizational units, indicate whether the unit would most likely be classified as a cost center \((C)\), a revenue center \((R)\), a profit center \((P)\), or an investment...
-
Construct a systems flowchart based on the narrative and the output from Short Problems 4- 1 through 4- 3. Use Microsoft Visio or other diagram-ing software.
-
Your final product will be a comprehensive analysis and strategy recommendation that connects the experiences you are having at your externship to the content of the courses in which you are...
-
Write a section in the documentation that explains to the administrators the importance of file permissions. You will want to build a table of the possible permission settings and explain the...
-
Suppose you are given functions f (x, y), g(t), and h(s, t) and you know that af af x -(2, 1) = 1, g t h s (2, 1) = 1, h t (-5,7) = 1, (7) = 4, (-5, 7) = 3, g(7) = 2, h(-5, 7) = 1. If we let z (s, t)...
-
Find three consecutive even integers such that 6 times the sum of the first and is 8 less than 14 times the second.
-
The table below shows the durations and planned costs of each activity of an IT project. The project has been running so far for 12 weeks. Soon after the start of the project the union enforced new...
-
University of Iowa Athletics has learned that a small liberal arts college in northeastern Iowa is using its logo, without permission, on several of their marketing materials and website. Based on...
-
List the ways in which your organization is involved with intellectual property. You do not have to provide any trade secrets or specifics, but speak to where intellectual property is important to...
-
Craft, Inc. normally produces between 120,000 and 150,000 units each year. Producing more than 150,000 units alters the company's cost structure. For example, fixed costs increase because more space...
-
Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...
-
What are price floors?
-
An increase in demand results in a(n) _________ equilibrium price and a(n) _________ equilibrium quantity.
-
What are price controls?
Study smarter with the SolutionInn App