Homework Answers
| 1 | |||
| The entry for purchase is: | |||
| Debit | Credit | ||
| Treasury Stock | 100000 | =2000*50 | |
| Cash | 100000 | ||
| Option C Debit to Treasury Stock for $100,000 is correct option | |||
| 2 | |||
| A corporation may reacquire (purchase) its own stock for: | |||
| To provide shares for resale to employees | |||
| To reissue as bonuses to employees | |||
| To support the market price of the stock | |||
| Option D All of these choices are correct is the correct option | |||
Add Answer to:
1. On February 10, the corporation purchases back 2,000 shares of its own common stock for...
On May 3, Zibal Corporation purchased 3.000 shares of its own stock for $30,000 cash On...
On May 3, Zibal Corporation purchased 3.000 shares of its own stock for $30,000 cash On November 4, Zibal rescued 200 shares of this treasury stock for $13.200. Prepare the May 3 and November 4 journal entries to record Zibal's purchase and reissuance of treasury stock View bransaction list Journal entry worksheet Record the purchase of 3.000 shares of its own stock for $30.000 cash Note: Enter debts before credite Debit Credit General Journal Record Journal entry worksheet Record the...
On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $55,000 cash. On...
On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $55,000 cash. On November 4, Zirbal reissued 900 shares of this treasury stock for $9.900. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock Journal entry worksheet Print References Record the purchase of 5,500 shares of its own stock for $55,000 cash. Note: Enter deres before credits Date General Journal Debit Credit May 03 Journal entry worksheet Record...
On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On...
On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 shares of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. General Journal Credit Date May 03 Debit 93,500 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...
Subara Corporation purchases 1,000 shares of its own $10 par value stock for $15 per share....
Subara Corporation purchases 1,000 shares of its own $10 par value stock for $15 per share. The transaction is recorded using the cost method 15. Proper recording of this transaction will A) result in a decrease in stockholders’ equity B) result in a decrease in net income C) result in an increase in investments D) include a debit to an Additional Paid-In Capital for $5,000 16. Assume that Subara reissued the stock for $14 per share. Which of the following...
The cost method is almost always used to record treasury stock purchases. This means that the...
The cost method is almost always used to record treasury stock purchases. This means that the corporation has purchased its own stock -- either from a shareholder or on the open market -- and debited the full purchase price to Treasury Stock. Which of the following is a reason for a corporation to purchase its own shares and put them in the treasury? The cost of the treasury shares is a tax deductible item on the corporate income tax return....
4 Journal entries are required: 1. Record the issuance of 100,000 shares of common stock for...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Treasury Stock Coastal Corporation issued 25,000 shares of $8 par value common stock at $20 per...
Treasury Stock Coastal Corporation issued 25,000 shares of $8 par value common stock at $20 per share and 6,000 shares of $53 par value, eight percent preferred stock at $61 per share. Later, the company purchased 3,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $29 per share. Prepare...
Treasury Stock Coastal Corporation issued 25,000 shares of $6 par value common stock at $18 per...
Treasury Stock Coastal Corporation issued 25,000 shares of $6 par value common stock at $18 per share and 6,000 shares of $50 par value, eight percent preferred stock at $79 per share. Later, the company purchased 3,000 shares of its own common stock at $21 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $27 per share. Prepare...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per share, and finaly 1,650 shares for $44 per share Qutatien 12 Prepare jourmal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered Do not indent manually) Account Titles and Explanation...
On May 3, Zibal Corporation purchased 3.000 shares of its own stock for $30,000 cash On November 4, Zibal rescued 200 shares of this treasury stock for $13.200. Prepare the May 3 and November 4 journal entries to record Zibal's purchase and reissuance of treasury stock View bransaction list Journal entry worksheet Record the purchase of 3.000 shares of its own stock for $30.000 cash Note: Enter debts before credite Debit Credit General Journal Record Journal entry worksheet Record the...
On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $55,000 cash. On November 4, Zirbal reissued 900 shares of this treasury stock for $9.900. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock Journal entry worksheet Print References Record the purchase of 5,500 shares of its own stock for $55,000 cash. Note: Enter deres before credits Date General Journal Debit Credit May 03 Journal entry worksheet Record...
On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 shares of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. General Journal Credit Date May 03 Debit 93,500 Treasury stock...
The cost method is almost always used to record treasury stock purchases. This means that the corporation has purchased its own stock -- either from a shareholder or on the open market -- and debited the full purchase price to Treasury Stock. Which of the following is a reason for a corporation to purchase its own shares and put them in the treasury? The cost of the treasury shares is a tax deductible item on the corporate income tax return....
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Treasury Stock Coastal Corporation issued 25,000 shares of $8 par value common stock at $20 per share and 6,000 shares of $53 par value, eight percent preferred stock at $61 per share. Later, the company purchased 3,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $29 per share. Prepare...
Treasury Stock Coastal Corporation issued 25,000 shares of $6 par value common stock at $18 per share and 6,000 shares of $50 par value, eight percent preferred stock at $79 per share. Later, the company purchased 3,000 shares of its own common stock at $21 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $27 per share. Prepare...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per share, and finaly 1,650 shares for $44 per share Qutatien 12 Prepare jourmal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered Do not indent manually) Account Titles and Explanation...
Most questions answered within 3 hours.
-
When using a relational database what makes data
formatting so important and critical to the functions...
asked 2 minutes ago -
The following temperatures show the (fictional) daily low
measured at O'Hare airport every January 1st from...
asked 22 minutes ago -
Your friend is interested in the characteristics of fast tree
planters. He searched through the records...
asked 30 minutes ago -
. 0.67 g of Ag is deposited electrolytically from
AgNO3 after a certain period of time...
asked 31 minutes ago -
assuming that the boric acid, h3po3 present at the end of the
borax tritation has a...
asked 30 minutes ago -
When a carbonate solution is acidified, carbon dioxide is
produced.
2H+(aq) + CO32-(aq) → H2O(l) +...
asked 1 hour ago -
A reaction has the following rate law: Rate =
kr[A][B]2. In experiment 1, the
concentrations of...
asked 1 hour ago -
king owns a large number of public pay phones. as rhe use of
payphones decline deamatically,...
asked 1 hour ago -
3.7 - A book is sitting on a table. The mass of the book
is 1...
asked 1 hour ago -
Which term describes the process by which a single strand of DNA
serves as a template...
asked 1 hour ago -
LAB FOOD DRING
ANSWER THE QUESTIONS:
Q1. What value is the moisture content versus time and...
asked 1 hour ago -
You are told that an object has zero acceleration. Two forces on
the object are: F_1...
asked 1 hour ago