Homework Answers
| Debit | Credit | |||
| 8/1/17 | Treasury Stock | 14400 | =180*80 | |
| Cash | 14400 | |||
| 11/1/17 | Cash | 12780 | =180*71 | |
| Retained Earnings | 1620 | |||
| Treasury Stock | 14400 | =180*80 |
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ageport corporation as outstanding 2, snares or par value common stock. Un August 1, 2017, Windgeport...
Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020,...
Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Pina reacquired 220 shares at $86 per share. On November 1, Pina reissued the 220 shares at $77 per share. Pina had no previous treasury stock transactions. Prepare Pina's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017,...
Sprinkle Inc. has outstanding 10,000 shares of $10 par value
common stock. On July 1, 2017, Sprinkle reacquired 100 shares at
$87 per share. On September 1, Sprinkle reissued 60 shares at $90
per share. On November 1, Sprinkle reissued 40 shares at $83 per
share.
Prepare Sprinkle’s journal entries to record these transactions
using the cost method. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheridan Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020,...
Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020, Sage reacquired 100 shares at $86 per share. On September 1, Sage reissued 61 shares at $94 per share. On November 1, Sage reissued 39 shares at $83 per share. Prepare Sage’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017,...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Sarasota Corporation purchased 3,500 shares of its $12 par value common stock for $234,500 on August...
Sarasota Corporation purchased 3,500 shares of its $12 par value common stock for $234,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,100 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for...
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 2550 Cash 2550 Cash
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On...
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On July 1, 2017, Concord reacquired 105 shares at $87 per share. On September 1, Concord reissued 63 shares at $90 per share. On November 1, Concord reissued 42 shares at $85 per share. Prepare Concord's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Pina reacquired 220 shares at $86 per share. On November 1, Pina reissued the 220 shares at $77 per share. Pina had no previous treasury stock transactions. Prepare Pina's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Sprinkle Inc. has outstanding 10,000 shares of $10 par value
common stock. On July 1, 2017, Sprinkle reacquired 100 shares at
$87 per share. On September 1, Sprinkle reissued 60 shares at $90
per share. On November 1, Sprinkle reissued 40 shares at $83 per
share.
Prepare Sprinkle’s journal entries to record these transactions
using the cost method. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheridan Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 2550 Cash 2550 Cash
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On July 1, 2017, Concord reacquired 105 shares at $87 per share. On September 1, Concord reissued 63 shares at $90 per share. On November 1, Concord reissued 42 shares at $85 per share. Prepare Concord's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
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