On October 10, the stockholders' equity of Sherman Systems appears as follows.
On October 10, the stockholders' equity of Sherman Systems appears as follows.
Common stock-$10 par value, 92,000 shares authorized, issued, and outstanding $ 920,000
Paid-in capital in excess of par value, common stock 316,000
Retained earnings 1,024
Total stockholders' equity, eee $ 2, 260,000
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 7,000 shares of its own common stock at $45 per share on October 11
b. Sold 1,500 treasury shares on November 1 for $51 cash per share.
c. Sold all remaining treasury shares on November 25 for $40 cash per share.
2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase
Homework Answers
| Balance Sheet (partial) | |
| Common Stock $10 par | 920,000 |
| Paid-in capital in excess of par value, common stock | 316,000 |
| total contributed capital | 1,236,000 |
| Retained earnings | 1,024,000 |
| total | 2,260,000 |
| Less:cost of treasury stock | -315,000 |
| Total stockholders' equity | 1,945,000 |
working:
| Oct-11 | Treasury Stock, Common(7000*45) | 315,000 | |
| Cash | 315,000 | ||
| Nov-01 | Cash(1500*51) | 76,500 | |
| Treasury Stock, Common(1500*45) | 67,500 | ||
| Paid in capital, Treasury Stock | 9,000 | ||
| Nov-25 | Cash((7000-1500)*40) | 137,500 | |
| Paid in capital, Treasury Stock | 9,000 | ||
| Retained Earnings | 101,000 | ||
| Treasury Stock, Common(5500*45) | 247,500 | ||
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On October 10, the stockholders' equity of Sherman Systems appears as follows.
On October 10, the stockholders' equity of Sherman Systems appears as follows.
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