Homework Answers
Answer:
| Date | Explanation | Debit($) | Credit($) |
| 01-Aug | Treasury Stock | $16,800 | |
| Cash | $16,800 | ||
| (Reacquired 210 shares at $ 80 each) | |||
| 01-Nov | Cash(210*$68) | $14,280 | |
| Retained Earnings | $2,520 | ||
| Treasury Stock | $16,800 | ||
| (Treasury stock sold at a loss of $ 2000) |
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CULATOR MESSAGE MY INSTR Brief Exercise 15-9 Skysong Corporation has outstanding 22,000 shares of $5 par...
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,...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Nash reacquired 105 shares at $87 per share. On September 1, Nash reissued 64 shares at $90 per share. On November 1, Nash reissued 41 shares at $85 per share. Prepare Nash'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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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...
Brief Exercise 11-5 On July 1, Raney Corporation purchases 520 shares of its $7 par value...
Brief Exercise 11-5
On July 1, Raney Corporation purchases 520 shares of its $7 par
value common stock for the treasury at a cash price of $9 per
share. On September 1, it sells 370 shares of the treasury stock
for cash at $13 per share.
Journalize the two 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. If no entry is...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land th...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
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
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"...
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...
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,...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Nash reacquired 105 shares at $87 per share. On September 1, Nash reissued 64 shares at $90 per share. On November 1, Nash reissued 41 shares at $85 per share. Prepare Nash'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,...
MESSAGE MY İNSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 15-8 Martinez Inc. has outstanding 14,300 shares of $10 par value common stock. On July 1, 2017, Martinez reacquired 102 sh artinez reissued 62 shares at $92 per share. On November 1, Martinez reissued 40 shares ares at $86 per share. On Prepare Martinez's journal entries to record these transactions using the cost method. (Credit account titles are automatically per share. ot indent manually. If no entry is required,...
Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, 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 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...
Brief Exercise 11-5
On July 1, Raney Corporation purchases 520 shares of its $7 par
value common stock for the treasury at a cash price of $9 per
share. On September 1, it sells 370 shares of the treasury stock
for cash at $13 per share.
Journalize the two 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. If no entry is...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
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
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...
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