Homework Answers
| Part-1: Accounting Equation- World wide company | |||
| Particular | Asset= | Liability+ | Equity |
| a. Issue Stock | Cash | Common Stock & Additional Paid in Capital | |
| $720,000.00 | $720,000.00 | ||
| b. Treasury Stock Accuried | Cash | Treasury Stock | |
| -$30,000.00 | -$30,000.00 | ||
| c. Reissue Treasury Stock | Cash | Treasury Stock & Additional paid in Capital - Treasury Stock | |
| $18,000.00 | $18,000.00 | ||
| Part-2 Journal Entry | |||
| S. No. | Accoutn Tittle | Debit | Credit |
| a. | Cash ( 60000*12) | $720,000.00 | |
| Common Stock | $600,000.00 | ||
|
Additional paid in Capital- Common Stock ( 60000*2) |
$120,000.00 | ||
| b. | Treasury Stock | $30,000.00 | |
| Cash (2000*15) | $30,000.00 | ||
| c. | Cash (1000*18) | $18,000.00 | |
| Treasury Stock | $15,000.00 | ||
|
Additional paid in Capital- Treasuriy Stock ( 1000*3) |
$3,000.00 | ||
| Part-3 Stockholder Equity Section | |
| Common Stock | $600,000.00 |
| Additonal Capital in Excess of Par Common Stock | $120,000.00 |
| Additonal Capital in Excess of Par Treasury tock | $30,000.00 |
| Retained Earning | $38,200.00 |
| Less: Treasury Stock | -$15,000.00 |
| Ending Stock Holder Equity | $773,200.00 |
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*** Please record Journal entries for a-d below ***
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CP11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance, Purchase, and Reissuance Transactions [LO 11-2] The folowing information applies ho the questions displayed below Worldwide Company clbtained a charter from the stane n Jenuary that authortzed 200 000 sheres of common stock $10 par vnlue During the fest yes the company samed $3B,700 and tho following seected rensacsons occurred in the crder given a Iscued 65,000 shares of the common stock ot...
Why are these wrong???
Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order...
Check my work Part 2 of 2 Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions (LO 11-2] The following information applies to the questions displayed below) points Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $300,000 of net income, declared no dividends, and the following selected transactions...
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Required information The following information applies to the questions displayed below.) Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,900, declared no dividends, and the following selected transactions occurred in the order given: Part 2 of 3 points a. Issued 67,000 shares of the common stock at $11 cash per share. b. Reacquired 2,700 shares at $14 cash per share from...
Required information The following information applies to the questions displayed below.) Part 3 of 3 Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,900, declared no dividends, and the following selected transactions occurred in the order given: points a, Issued 67,000 shares of the common stock at $11 cash per share. b. Reacquired 2,700 shares at $14 cash per share from...
*** Please record Journal entries for a-d below ***
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $360,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $51 cash per share. b. Reacquired 21,000 shares at $46 cash per share. c. Reissued 8,000 shares from...
Required information The following information applies to the questions displayed below) Worldwide Company obtained a charter from the state in January that authorized 200.000 shares of common stock. $10 par value. During the first year, the company earned $37,900, declared no dividends, and the following selected transactions occurred in the order glven: a. Issued 57.000 shares of the common stock at $11 cash per share. b. Reacquired 1,700 shares at $14 cash per share from stockholders; the shares are now...
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