Homework Answers
Treasury Stock is accounted at cost price under cost method and not by par value.
If treasury stock is sold at price above cost, difference between cash received and cost of shares is credited to Paid in Capital from Treasury Stock account.
If treasury stock is sold at price below cost, difference between cash received and cost of shares is debited to Paid in Capital from Treasury Stock account, if there is any balance in it already and remainder to Retained Earnings account.
Add Answer to:
Problem 15-5 Before Ayayai Corporation engages in the treasury stock transactions listed below, its general ledger...
Problem 15-5 Before Whispering Corporation engages in the treasury stock transactions listed below, its general ledger...
Problem 15-5 Before Whispering Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par- Common Stock Common Stock $265,200 Retained Earnings $87,300 $91,100 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do...
Question 6 --/1 View Policies Current Attempt in Progress Before Bonita Corporation engages in the following...
Question 6 --/1 View Policies Current Attempt in Progress Before Bonita Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $103,500 $260.700 $82,700 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented...
Problem 15-5 Vour answer is partially correct. Try again. Before Novak Corporation engages in the treesury...
Problem 15-5 Vour answer is partially correct. Try again. Before Novak Corporation engages in the treesury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share) Paid-in Capital in Excess of Par-Common Retained Earnings Common Stock Stock $96,800 $297,000 $76,200 Record the treasury stock transactions (given below) under the cost method of handling treasury stock use the FIFO method for purchase-sale purposes. (Credit account titles are automatically...
Problem 1 Before Cornell Corporation engaged in the 2017 treasury stock transactions listed below, its general...
Problem 1 Before Cornell Corporation engaged in the 2017 treasury stock transactions listed below, its general ledger reflected, among others, the following account balances. The company uses the FIFO method for treasury stock transactions. Assume no beginning balance in Paid in capital-Treasury stock. Common stock (54,000 shares outstanding, $5 par) $ 270,000 Paid-in capital in excess of par $ 540,000 Retained earnings $1,800,000 The company had the following treasury stock transactions (in chronological order): a. Bought 2,800 shares of treasury...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock,...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 18,200 shares issued Paid-in capital in excess of par-common stock Retained earnings $91,000 299,000 320,000 $710,000 Total stockholders' equity During 2017, the following transactions occurred. Feb.1 Ayayai repurchased 1,990 shares of treasury stock at a price of $17 per share. Mar. 1 850 shares of treasury stock repurchased above were reissued at $15 per share. Mar. 18 530 shares of treasury...
During its first year of operations, Ayayai Corp.had these transactions pertaining to its common st tions,...
During its first year of operations, Ayayai Corp.had these transactions pertaining to its common st tions, Ayayai Corp. had these transactions pertaining to its common stock Jan. 10 Issued 25,000 shares for cash at $ 4 per share July 1 Issued 50,000 shares for cash at $7 per share al journalize the transactions, assuming that the common stock has a par value of $ 4 per share b) Journalize the transactions, assuming that the common stock is no-par with a...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $3,200,000 1,010,000 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) Bought 7,800 shares of its common stock at $36 a share. Sold 4,100 treasury shares at $38 a share. Sold...
Culver Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par)...
Culver Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par—Common Stock $195,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $6 per share. Culver Corporation uses the cost...
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...
Chapter 18-5 In 2018, Western Transport Company entered into the treasury stock transactions described below. In...
Chapter 18-5 In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, type “No journal entry required” in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2018,...
Problem 15-5 Before Whispering Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par- Common Stock Common Stock $265,200 Retained Earnings $87,300 $91,100 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do...
Question 6 --/1 View Policies Current Attempt in Progress Before Bonita Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $103,500 $260.700 $82,700 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented...
Problem 15-5 Vour answer is partially correct. Try again. Before Novak Corporation engages in the treesury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share) Paid-in Capital in Excess of Par-Common Retained Earnings Common Stock Stock $96,800 $297,000 $76,200 Record the treasury stock transactions (given below) under the cost method of handling treasury stock use the FIFO method for purchase-sale purposes. (Credit account titles are automatically...
Problem 1 Before Cornell Corporation engaged in the 2017 treasury stock transactions listed below, its general ledger reflected, among others, the following account balances. The company uses the FIFO method for treasury stock transactions. Assume no beginning balance in Paid in capital-Treasury stock. Common stock (54,000 shares outstanding, $5 par) $ 270,000 Paid-in capital in excess of par $ 540,000 Retained earnings $1,800,000 The company had the following treasury stock transactions (in chronological order): a. Bought 2,800 shares of treasury...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 18,200 shares issued Paid-in capital in excess of par-common stock Retained earnings $91,000 299,000 320,000 $710,000 Total stockholders' equity During 2017, the following transactions occurred. Feb.1 Ayayai repurchased 1,990 shares of treasury stock at a price of $17 per share. Mar. 1 850 shares of treasury stock repurchased above were reissued at $15 per share. Mar. 18 530 shares of treasury...
During its first year of operations, Ayayai Corp.had these transactions pertaining to its common st tions, Ayayai Corp. had these transactions pertaining to its common stock Jan. 10 Issued 25,000 shares for cash at $ 4 per share July 1 Issued 50,000 shares for cash at $7 per share al journalize the transactions, assuming that the common stock has a par value of $ 4 per share b) Journalize the transactions, assuming that the common stock is no-par with a...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $3,200,000 1,010,000 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) Bought 7,800 shares of its common stock at $36 a share. Sold 4,100 treasury shares at $38 a share. Sold...
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...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 34 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago