Homework Answers
Ans:
Journal Entry at the time of selling of treasury stock
| Date | Accounts and Explanations | Debit | Credit |
| Cash (370*31) | $ 11,470 | ||
| Paid in capital in excess of par | $ 1,850 | ||
| Treasury stock (370*26) | $ 9,620 |
Add Answer to:
Question 4 Sunland Company originally issued 3700 shares of $10 par value common stock for $129500...
Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per...
Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per share). Crane subsequently purchases 430 shares of treasury stock for $26 per share and resells the 430 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a credit to Common Stock for $11180. credit to Paid-In Capital from Treasury Stock for $2150. debit to Paid-In Capital in Excess of Par of...
A company originally issued 14,000 shares of $10 par value common stock at $11 per share....
A company originally issued 14,000 shares of $10 par value common stock at $11 per share. The board of directors declares a 15% stock dividend when the market price of the stock is $19 a share. Which of the following is included in the entry CC record the declaration of a stock dividend? co nt. ac O A. Stock Dividends is debited for $39,900. O B. Paid-In Capital in Excess of Par Common is credited for $23,100 O C. Stock...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
Sunland Company was organized on January 2, 2021, with 508000 authorized shares of $10 par value...
Sunland Company was organized on January 2, 2021, with 508000 authorized shares of $10 par value common stock. During 2021, Sunland had the following capital transactions: January 5-issued 381000 shares at $15 per share. July 27-purchased 25400 shares at $12 per share. November 25-sold 15240 shares of treasury stock at $14 per share. Sunland used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long...
Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired 16,000 shares of its own common stock at $15 per share. Three months later Long sold 8,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8,000 treasury shares, Long should credit a) treasury stock $152,000 b) Treasury stock for $80,000, and paid-in capital from treasury stock for...
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a.Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par...
Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800,000 256,000 928,000 $1,984,000 1. Prepare Journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for...
A corporation issued 5,000 shares of its no par common stock that was assigned a $1...
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000. Debit Cash $50,000; credit Common Stock $50,000. Debit Common Stock $50,000; credit Cash $50,000. Debit Treasury Stock $50,000; credit Cash $50,000. Debit Common Stock $25,000; debit Paid-in...
A company originally issued 14,000 shares of $10 par value common stock at $11 per share. The board of directors declares a 15% stock dividend when the market price of the stock is $19 a share. Which of the following is included in the entry CC record the declaration of a stock dividend? co nt. ac O A. Stock Dividends is debited for $39,900. O B. Paid-In Capital in Excess of Par Common is credited for $23,100 O C. Stock...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
Sunland Company was organized on January 2, 2021, with 508000 authorized shares of $10 par value common stock. During 2021, Sunland had the following capital transactions: January 5-issued 381000 shares at $15 per share. July 27-purchased 25400 shares at $12 per share. November 25-sold 15240 shares of treasury stock at $14 per share. Sunland used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800,000 256,000 928,000 $1,984,000 1. Prepare Journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for...
Most questions answered within 3 hours.
-
The Paradise Shoes Company has estimated its weekly TVC function
from data collected over the past...
asked 1 minute ago -
A researcher wishes to study the cumulative effects of several
combinations of HIV drugs. There are...
asked 1 minute ago -
Your task is to design the page table for the 32bit Pentium
microprocessor. Answer the following...
asked 2 minutes ago -
Although Epicurus advocates pursuing pleasure for the
good life, discuss a few reasons why he does...
asked 18 minutes ago -
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 25 minutes ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 25 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 30 minutes ago -
The three elements of Value Proposition, Key Customers, and
Capabilities operate within an environment. Which of...
asked 33 minutes ago -
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 40 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 45 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 45 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 1 hour ago