User Account

All Pages

Record the transactions for laramie corporation

Assignment Help Financial Accounting
Reference no: EM132808106

On January 1, 2021, Laramie Corporation had 84,000 common shares, recorded at $659,000, and retained earnings of $1,049,000. During the year, the following transactions occurred:

  1. Apr. 2 Issued 5,000 common shares at $20 per share.
  2. June 15 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10.
  3. Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20.
  4. Nov. 1 Issued 2,900 common shares at $24 per share.
  5. Dec. 20 Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10.

Problem 1: Record the above transactions for 2021. (Note: Closing entries are not required.) (List all debit entries before credit entries. 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.)

Reference no: EM132808106

Questions Cloud

Discuss how to deal with a negative coworker : 1. Discuss How to Deal With a Negative Coworker 2. How to Make Strategic Planning Implementation Work
Which is full cost absorption costing information : Which is Full cost absorption costing information? provides managers with the most accurate information for making decisions
Managing interpersonal relationships : Managing interpersonal relationships: What are the Layers of Self Disclosure? Which layers do you think are appropriate to discuss on your "first date?"
Access the current whs legislation : Access the current WHS legislation in your State or Territory and describe the obligations of each of the parties below:
Record the transactions for laramie corporation : Record the above transactions for 2021. On January 1, 2021, Laramie Corporation had 84,000 common shares, recorded at $659,000
Main causes of ptsd for military : What are some of the main causes of PTSD for military members and what are the main symptoms in these individuals
What the building reported on the balance sheet : What the building reported on the balance sheet as of the purchase date is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1)
Minerals and water : What are the characteristics of someone having you as an abundance or deficiency?
What would their book value be next year : Company is expecting $3,000,000 in net income next year. Assuming no dividends are paid and no stock is issued, what would their Book Value be next year?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the required rate of return on Tangshan stock

Assuming Tangshan China's most recent dividend was $5.50, what is the required rate of return on Tangshan's stock

  Would recommend to the board of directors

Would you recommend to the board of directors that the firm adopt as policy a stable dividend payment per share or a stable dividend-payout ratio?

  What are debt and equity investments and how do they differ

What are debt and equity investments and how do they differ? Why does the degree of influence by investor over investee affect accounting for equity investments

  What will be the monthly annuity amount

What will be the monthly annuity amount he will receive at the end of each month if your cousin would like to have an amount of 20,000 dollars

  Explain what is meant by blockchain

Explain what is meant by Blockchain and what are the roles of Blockchain in accounting. Describe the three important facets of Blockchain

  Prepare separate entries for transaction for goetz company

Prepare separate entries for each transaction for Goetz Company. The merchandise purchased by Harris on June 10 cost Goetz $5,000, and the goods returned cost Goetz $310.

  How to determine the degree of operating leverage

How to Determine the degree of operating leverage for the level of production and sales 432 swim trunks. Round the answer to two deicmal places.

  Question choose a local government in your state and

question choose a local government in your state and evaluation the financial statements and audit report for the

  Compute the departmental overhead rates for uncle bruce

What is uncle Bruce's plantwide overhead rate? Compute the departmental overhead rates for uncle Bruce's three production lines. Round all answers to nearest cent.

  Evaluate the income settlement

How much income must Sue report if she selects the lump sum settlement. How much income must Sue report if she choose the annuity

  Ob-order costing-the unadjusted cost of goods sold

Vanproosdy Inc., which uses job-order costing, has provided the following data for February: Direct materials. $78,000 Direct labor cost $94,000 Manufacturing overhead cost incurred $54,000 Manufacturing overhead cost applied. $50,000 Inventories: Th..

  Prepare income statement for morrill law offices

Prepare income statement for Morrill Law Offices for the month ending November 30, 2012. Morrill Law Offices had the transactions

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd