On October 10, the stockholders’ equity of Sherman Systems
appears as follows.
Common stock–$10 par value, 90,000 shares authorized, issued, and outstanding |
$ | 900,000 | |
Paid-in capital in excess of par value, common stock | 306,000 | ||
Retained earnings | 1,008,000 | ||
Total stockholders’ equity | $ | 2,214,000 | |
1. Prepare journal entries to record the following
transactions for Sherman Systems.
Solution
Date | Account Titles and Explanation | Debit | Credit |
Oct-11 | Treasury stock | $ 292,400.00 | |
Cash | $ 292,400.00 | ||
(To record purchase of treasury stock) | |||
Nov-01 | Cash | $ 71,050.00 | |
Paid in capital-Treasury stock | $ 8,700.00 | ||
Treasury stock | $ 62,350.00 | ||
(To record sale of treasury stock) | |||
Nov-25 | Cash | $ 203,300.00 | |
Paid in capital-Treasury stock | $ 8,700.00 | ||
Retained earnings | $ 18,050.00 | ||
Treasury stock | $ 230,050.00 | ||
(To record sale of treasury stock) |
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par...
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On October 10, the stockholders' equity of Sherman Systems appears as follows: Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 864,000 $ 1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 91,000 shares authorized, issued, and outstanding $ 910,000 Paid-in capital in excess of par value, common stock 311,000 Retained earnings 1,016,000 Total stockholders’ equity $ 2,237,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,900 shares of its own common stock at $44 per share on October 11. Sold 1,475 treasury shares on November 1 for $50 cash per...
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Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 90,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 900,000 306,000 1,008,000 $2,214,000 Print 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,800 shares of its own common stock at $43 per share on October 11....
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 91,000 shares authorized, issued, and outstanding $ 910,000 Paid-in capital in excess of par value, common stock 311,000 Retained earnings 1,016,000 Total stockholders’ equity $ 2,237,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,900 shares of its own common stock at $44 per share on October 11. Sold 1,475 treasury shares on November 1 for $50 cash per...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 73,000 shares authorized, issued, and outstanding $ 730,000 Paid-in capital in excess of par value, common stock 221,000 Retained earnings 872,000 Total stockholders’ equity $ 1,823,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 5,100 shares of its own common stock at $26 per share on October 11. Sold 1,025 treasury shares on November 1 for $32 cash...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 95,000 shares authorized, issued, and outstanding $ 950,000 Paid-in capital in excess of par value, common stock 331,000 Retained earnings 1,048,000 Total stockholders’ equity $ 2,329,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,300 shares of its own common stock at $48 per share on October 11. Sold 1,575 treasury shares on November 1 for $54 cash...
On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 840,000 276,000 960, 000 $2,076,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,200 shares of its own common stock at $37 per share on October 11. b. Sold 1,300 treasury shares on November 1 for $43 cash...
On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 97,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 970,000 341,000 1,064,000 $2,375,000 Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. G. Purchased 7,500 shares of its own common stock at $50 per share on October 11 b. Sold 1,625 treasury shares on November 1 for $56 cash...