Homework Answers
Answer :
| No. | Accounts Title | Debit ($) | Credit($) |
| 1 | Treasury stock (280*97) | 27160 | |
| Cash | 27160 | ||
| 2 | Retained earnings (Note 1) | 90400 | |
| Dividend payable | 90400 | ||
| 3 | Dividend payable | 90400 | |
| Cash | 90400 | ||
| 4 | Cash (280*102) | 28560 | |
| Treasury stock (280*97) | 27160 | ||
| Paid in capital for treasury stock | 1400 | ||
| 5 | Treasury stock (500*105) | 52500 | |
| Cash | 52500 | ||
| 6 | Cash (350*96) | 33600 | |
| Paid in capital from treasury stock | 1400 | ||
| Retained earnings | 1750 | ||
| Treasury stock (350*105) | 36750 |
Note 1
| Common stock issued (480000/100) | 4800 |
| (-) Treasury stock purchased | 280 |
| 4520 | |
| So, dividend paid 4520*$20 | $9040 |
|
Washington company Stockholder's Equity December 31.2020 |
|
| Common stock ($100 per value authorized 8000 shares) | $480000 |
| Retained earnings (Note 2) | $295850 |
| Total paid in capital and retained earnings | $775850 |
| Treasury stock [52500 - 36750] | $15750 |
| Stockholder's equity | $760100 |
Note 2
| Retained earnings opening | $294000 |
| (+) Net income | 94000 |
| $388000 | |
| (-) Dividend paid | 90400 |
| (-) Treasury stock | (1750) |
| $295850 |
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Do not indent manually. If no entry is required, select "No Entry"
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(1)
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Do not indent manually. If no entry is required, select "No Entry"
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