Homework Answers
Here the reselling of the shares will lead to cash inflow and reduction of treasury stock.
Cash inflow = 400 shares * $30 per share = $12,000
Thus cash account will be debited, additional paid in capital will be credited and treasury stock will be credited.
A reduction is treasury stock will lead to increase in equity.
Thus the answer is the last option “stockholder’s equity increases”.
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On December 2, Coley Corp. acquired 1,000 shares of its $2 par value common stock for...
On December 2, Coley Corp. acquired 1,000 shares of its $4 par value common stock for...
On December 2, Coley Corp. acquired 1,000 shares of its $4 par value common stock for $25 each. 1000 shar On December 20, Coley Corp. resold 600 shares for $12 each. Which of the following is correct regarding the journal entry for the resold shares? Coley Corp. resa Multiple Choice Credit Treasury Stock $7,200 Credit Additional Paid-in Capital $4,800 O Credit Treasury Stock $15,000
Question 22 3.75 pts On December 2, Coley Corp. acquired 1,000 shares of its $2 par...
Question 22 3.75 pts On December 2, Coley Corp. acquired 1,000 shares of its $2 par value common stock for $27 each. On December 20, Coley Corp. resold 400 shares for $15 each. Which of the following is correct regarding the journal entry for the resold shares? O Debit Cash $15,000. O Credit Additional Paid in Capital $4,800. o crt: Treasury Stock $10,800. o Credit Additional Paid in Capital $5,200. Credit Treasury Stock $6,000. 3.75 pts Question 23 Question 25...
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,
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:...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $9 par, 15,000...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $9 par, 15,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $27,000 15,800 51,100 JAE Corp. completed the following transactions during 2018: 1. Issued 900 shares of $9 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per...
Ayayai Corp. has these accounts at December 31: Common Stock, $10 par, 4,500 shares issued, $45,000;...
Ayayai Corp. has these accounts at December 31: Common Stock,
$10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of
Par Value $18,000; Retained Earnings $43,000; and Treasury Stock,
400 shares, $8,800.
Prepare the stockholders’ equity section of the balance
sheet.
Ayayai Corp. Balance Sheet (Partial) December 31
The following information pertains to JAE Corp. at January 1, Year 1 Common stock, $9 par,...
The following information pertains to JAE Corp. at January 1, Year 1 Common stock, $9 par, 11,000 shares authorized, 2,280 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $19,800 15,900 58,800 JAE Corp. completed the following transactions during Year 1: 1. Issued 800 shares of $9 par common stock for $30 per share. 2. Repurchased 180 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for...
At a total cost of $6,030,000, Herrera Corporation acquired 224,000 shares of Tran Corp. common stock...
At a total cost of $6,030,000, Herrera Corporation acquired 224,000 shares of Tran Corp. common stock as a long-term investment. Herrera Corporation uses the equity method of accounting for this investment. Tran Corp. has 800,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation. Required: A. Journalize the entries by Herrera Corporation on December 31 to record the following information (refer to the Chart of Accounts for exact wording of account titles): 1. Tran Corp. reports net...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $ 9 par,...
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The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorize...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during 2018: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per...
The following information pertains to JAE Corp. at January 1, Yeart Common stock, $12 par, 12,000...
The following information pertains to JAE Corp. at January 1, Yeart Common stock, $12 par, 12,000 shares authorized, 2,480 shares issued and outstanding Paid-in capital in excess of par, common stock Retoined earnings $28,800 18,000 67,200 JAE Corp. completed the following transactions during Year 1: 1. Issued 700 shares of $12 par common stock for $28 per share. 2. Repurchased 240 shares of its own common stock for $25 per share. 3. Resold 50 shares of treasury stock for $26...
On December 2, Coley Corp. acquired 1,000 shares of its $4 par value common stock for $25 each. 1000 shar On December 20, Coley Corp. resold 600 shares for $12 each. Which of the following is correct regarding the journal entry for the resold shares? Coley Corp. resa Multiple Choice Credit Treasury Stock $7,200 Credit Additional Paid-in Capital $4,800 O Credit Treasury Stock $15,000
Question 22 3.75 pts On December 2, Coley Corp. acquired 1,000 shares of its $2 par value common stock for $27 each. On December 20, Coley Corp. resold 400 shares for $15 each. Which of the following is correct regarding the journal entry for the resold shares? O Debit Cash $15,000. O Credit Additional Paid in Capital $4,800. o crt: Treasury Stock $10,800. o Credit Additional Paid in Capital $5,200. Credit Treasury Stock $6,000. 3.75 pts Question 23 Question 25...
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:...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $9 par, 15,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $27,000 15,800 51,100 JAE Corp. completed the following transactions during 2018: 1. Issued 900 shares of $9 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per...
Ayayai Corp. has these accounts at December 31: Common Stock,
$10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of
Par Value $18,000; Retained Earnings $43,000; and Treasury Stock,
400 shares, $8,800.
Prepare the stockholders’ equity section of the balance
sheet.
Ayayai Corp. Balance Sheet (Partial) December 31
The following information pertains to JAE Corp. at January 1, Year 1 Common stock, $9 par, 11,000 shares authorized, 2,280 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $19,800 15,900 58,800 JAE Corp. completed the following transactions during Year 1: 1. Issued 800 shares of $9 par common stock for $30 per share. 2. Repurchased 180 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $ 9 par, 15,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 27,000 15,800 51,100 JAE Corp. completed the following transactions during 2018: 1. Issued 900 shares of $9 par common stock for $30 per share 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during 2018: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per...
The following information pertains to JAE Corp. at January 1, Yeart Common stock, $12 par, 12,000 shares authorized, 2,480 shares issued and outstanding Paid-in capital in excess of par, common stock Retoined earnings $28,800 18,000 67,200 JAE Corp. completed the following transactions during Year 1: 1. Issued 700 shares of $12 par common stock for $28 per share. 2. Repurchased 240 shares of its own common stock for $25 per share. 3. Resold 50 shares of treasury stock for $26...
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