Refer to the following information for Tolan Corporation: bullet Common Stock, $1.00 par, 106,000 shares issued,...
Refer to the following information for Tolan Corporation: bullet Common Stock, $1.00 par, 106,000 shares issued, 100,000 shares outstanding bullet Paid-In Capital in Excess of Parlong dashCommon: $2,190,000 bullet Retained Earnings: $920,000 bullet Treasury Stock: 6,000 shares purchased at $21 per share If Tolan resold 2,500 shares of treasury stock for $22.50 per share, which of the following statements would be true?
A
The Treasury Stock account would decrease by $52,500.
B.
The Retained Earnings account would increase by $56,250.
C.The Paid-In Capital in Excess of
Parlong dash—Common
account would increase by $2,500.
D.
The Treasury Stock account would decrease by $26,250.
Homework Answers
Journal entry at time of selling treasury stock
Cash (2500*22.5) 56250
Treasury stock (2500*21) 52500
Paid in capital in excess of par (2500*1.5) 3750
Treasury stock will decrease by $ 52500
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Refer to the following information for Tolan Corporation:
bullet Common Stock, $1.00 par, 106,000 shares issued,...
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A corporation has 14.000 shares of 15% 5101.00 pat nonnulative pr ed stock outstanding and 25.000...
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The following information pertains to JAE Corp. at January 1, 2018: Common stock, $8 par, 10,000 shares authori...
The following information pertains to JAE Corp. at January 1,
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Paid-in capital in excess of par, common stock
13,200
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JAE Corp. completed the following transactions during 2018:
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Resold 50 shares of treasury stock for $25 per share.
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1.
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2.
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Common Stock (595,000 shares
issued)
$1,190,000
Paid-in Capital in Excess of
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Common Stock Dividends
Distributable
210,000
Retained Earnings
640,000
During 2020, the following transactions and events occurred.
1.
Issued 105,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 52,500 shares of common stock for cash at $4 per
share.
3.
Purchased 30,000...
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The following information pertains to JAE Corp. at January 1,
2018:
Common stock, $8 par, 10,000 shares authorized, 2,000 shares
issued and outstanding
$
16,000
Paid-in capital in excess of par, common stock
13,200
Retained earnings
60,800
JAE Corp. completed the following transactions during 2018:
Issued 850 shares of $8 par common stock for $27 per
share.
Repurchased 250 shares of its own common stock for $24 per
share.
Resold 50 shares of treasury stock for $25 per share.
Required:...
On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,190,000 530,000 210,000 640,000 During 2020, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per...
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Common Stock, $1 par (2,700,000
shares authorized, 705,000 shares issued and outstanding)
$705,000
Paid-in Capital in Excess of Par
Value
1,430,000
Retained Earnings
684,000
Accumulated Other Comprehensive Income
47,000
During 2022, the following transactions and events
occurred.
1.
Issued 45,500 shares of $1 par
value common stock for $2 per share.
2.
Issued 60,500 shares of common
stock for cash at $5 per share.
3.
Purchased 23,700 shares of common
stock for the treasury at $3.30 per share.
4.
Declared...
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On January 1, 2020, Oriole Inc. had the following stockholders'
equity balances.
Common Stock (595,000 shares
issued)
$1,190,000
Paid-in Capital in Excess of
Par-Common Stock
530,000
Common Stock Dividends
Distributable
210,000
Retained Earnings
640,000
During 2020, the following transactions and events occurred.
1.
Issued 105,000 shares of $2 par value common stock as a result
of 15% stock dividend declared on December 15, 2021.
2.
Issued 52,500 shares of common stock for cash at $4 per
share.
3.
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