Homework Answers
| Date | Accounts | Debit | Credit |
| Aug 19 | Treasury stock | 88000 | |
| Cash (5500*16) | 88000 | ||
| Oct 31 | cash (1650*24) | 39600 | |
| Treasury stock (1650*16) | 26400 | ||
| Additional paid in capital | 13200 | ||
| Nov 17 | cash (5500-1650)*12 | 46200 | |
| Additional paid in capital | 13200 | ||
| Loss on treasury stock | 2200 | ||
| Treasury stock (5500-1650)*16 | 61600 |
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On August 19, 2019, Portland Corporation repurchases 5,500 shares of its outstanding common stock for $16...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 4,450 shares of treasury stock for $20 per share. Any additional sales of treasury stock during the year were sold for $11 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700 shares of its outstanding common stock for $10 per share. On October 31, 2019, Portland sells 850 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $6 per share. On December 31, 2019 Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 820 shares of its outstanding...
Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 820 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 320 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 500 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 Treasury Stock Cash (Record purchase of treasury shares) Mar. 1 Cash Treasury Stock...
At the beginning of 2019, Hardin Company had 230,000 shares of $10 par common stock outstanding....
At the beginning of 2019, Hardin Company had 230,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 43,000 shares of stock at $20 per share. June 1 Issued a 10% stock dividend. July 1 Issued 8,000 shares of stock at $25 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired...
Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770...
Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 320 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 450 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 (Record purchase of treasury shares) Mar. 1 TO 1...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400,000, Paid-in capital in excess of par value, common stock with a balance of $2,400,000, and Retained Earnings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. ( 12 ) 7 Purchased 8,000 shares of...
On May 27, Mama Mia Inc. reacquired 6,700 shares of its common stock at $19 per share. On August ...
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On May 27, Mama Mia Inc. reacquired 6,700 shares of its common stock at $19 per share. On August 3, Mama Mia sold 2,800 of the reacquired shares at $22 per share November 14, Mama Mia sold the remaining shares at $18 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an...
The Alford Group had 340,000 shares of common stock outstanding at January 1, 2018. The following...
The Alford Group had 340,000 shares of common stock outstanding at January 1, 2018. The following activities affected common shares during the year. There are no potential common shares outstanding. 2018 Feb. 28 Purchased 30,000 shares of treasury stock. Oct. 31 Sold the treasury shares purchased on February 28. Nov. 30 Issued 120,000 new shares. Dec. 31 Net income for 2018 is $495,000. 2019 Jan. 15 Declared and issued a 2-for-1 stock split. Dec. 31 Net income for 2019...
Entries for Stock Dividends Madrid Corporation has 26,000 shares of $30 par common stock outstanding. On...
Entries for Stock Dividends Madrid Corporation has 26,000 shares of $30 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $36 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding...
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $175,000 135,000 340,000 $650,809 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $206,000 178,400 400,000 784,400 (60,000) $724,400 Less cost of treasury stock Total...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 4,450 shares of treasury stock for $20 per share. Any additional sales of treasury stock during the year were sold for $11 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700 shares of its outstanding common stock for $10 per share. On October 31, 2019, Portland sells 850 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $6 per share. On December 31, 2019 Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 320 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 450 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 (Record purchase of treasury shares) Mar. 1 TO 1...
Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400,000, Paid-in capital in excess of par value, common stock with a balance of $2,400,000, and Retained Earnings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. ( 12 ) 7 Purchased 8,000 shares of...
I will give thumbs up. please
answer all. Numbers and the blue arrows
On May 27, Mama Mia Inc. reacquired 6,700 shares of its common stock at $19 per share. On August 3, Mama Mia sold 2,800 of the reacquired shares at $22 per share November 14, Mama Mia sold the remaining shares at $18 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an...
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $175,000 135,000 340,000 $650,809 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $206,000 178,400 400,000 784,400 (60,000) $724,400 Less cost of treasury stock Total...
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