On January 1, 2021, Hobbs Corporation Had 60,000 Common Shares

question 111

Essay

On January 1, 2021, Hobbs Corporation had 60,000 common shares issued at $ 1 per share. During the year, the following transactions occurred:
Mar 1 Issued 40,000 common shares for $ 600,000.
Jun 1 Declared a cash dividend of $ 2 per share to shareholders of record on June 15.
Jun 30 Paid the $ 2 cash dividend.
Profit for 2021 amounted to $ 651,000.
Instructions
Prepare journal entries to record the above transactions including any appropriate closing entries.

Examine the consequences of the international division of labor and world systems theory.

Analyze the indicators and consequences of gender inequality at a global level.

Assess the relationship between colonialism, dependency theory, and current global stratification.

Interpret demographic trends and their implications for global poverty and inequality.

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Definitions:

Sales

The total revenue generated from goods or services sold by a company.

Statement of Comprehensive Income

A financial statement that includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Net Income

Company's earnings following the removal of all operational costs and taxes from its incoming revenue.

Other Comprehensive Income Items

Components of comprehensive income that are not part of net income, including items such as unrealized gains and losses on available-for-sale securities.