Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journal entry's the january 1, 2020 opening balanc

JOURNAL ENTRY'S The January 1, 2020 opening balance in common shares was $3,600,000 (300,000 shares)...

50.1K

Verified Solution

Question

Accounting

JOURNAL ENTRY'S

The January 1, 2020 opening balance in common shares was $3,600,000 (300,000 shares)

The January 1, 2020 opening balance in prefered shares was $500,000 (10,000 preferred shares).

1. On January 1, 2020 there were dividends in arrears on the preferred shares of $30,000.

2. On June 25, 2020 one of the company's shareholders needed cash for personal reasons.

The company agreed to reacquire 20,000 common shares from this shareholder

for $15 per share. The opening credit balance at January 1, 2020 in the contributed surplus

account was $50,769.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are three forms of capital firms use to finance their projects? A. Plant, Equipment and Maintenance. B....

Finance
Q

If an aluminum oxide at room temperature (25°C) is placed on hot oven where it's surface is...

Mechanical Engineering
Q

2 What life stage is indicated by the arrows 3 What are the two large...

Biology
Q

33 46 Horizontal Shifts Find the amplitude period and hori zontal shift of the function...

Geometry
Q

Find the following derivatives a dx arcsin x b arctan e dx Use inverse trigonometric...

Calculus
Q

Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1, 2012, Trueman Corporation...

Accounting
Q

Recording Operating LeaseLessor Gomez Inc. leases a vehicle from CareMax Inc. on January 1 for...

Accounting
Q

In the Sunland Company, indirect labor is budgeted for $60000 and factory supervision is budgeted...

Accounting
Q

assume a partner withdraws from a partnership and receives assets of greater value than the...

Accounting
Q

can you explain to me what is a/c and Dr. January "Jomal entries" Acounts...

Accounting
Q

2. Che Financial Planning des Chapter Tanda Ping were Calculating contractions used in the 20th...

Finance
Q

Blossom Corporation recently reported an EBITDA of $29.50 million and net income of $9.7 million....

Finance