Homework Answers
Ans. False
350 Treasury Stock of $12 sold for $1 each so total loss is $3850. Here Paid in capital credit balance is $1500 Hence Following Entries will be done
Bank A/c Dr $350
Paid in capital from treasury stock Dr $1500
Retained Earnings A/c Dr $2350
To Treasury stock A/C Cr $4200
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The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation...
Problem 15-5 Before Ayayai Corporation engages in the treasury stock transactions listed below, its general ledger...
Problem 15-5 Before Ayayai 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 Retained Earnings $108,600 $282,900 $75,300 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 indente amount is entered. Do not indent...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000 shares, par value $15 Paid-in capital in excess of par Retained earnings $150,000 40,000 60,000 Prepare the journal entry for the following transactions under the cost method of accounting for treasury stock 1. Purchased 1,000 shares of common stock to be held as treasury stock, paying $25 per share. 2. Sold 300 of these shares of at $30 per share. eno vol blog stolz...
Problem 11-24A Analyzing journal entries for treasury stock transactions LO 11-4, 11-5 The following correctly prepared entries without explanations pertain to Corners Corporation: Account Title D...
Problem 11-24A Analyzing journal entries for treasury
stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations
pertain to Corners Corporation:
Account Title
Debit
Credit
1.
Cash
1,800,000
Common Stock
1,000,000
Paid-in Capital in Excess of Par Value
800,000
2.
Treasury Stock
44,800
Cash
44,800
3.
Cash
38,000
Treasury Stock
35,200
Paid-in Capital in Excess of Cost of Treasury Stock
2,800
The original sale (Entry 1) was for 400,000 shares, and the
treasury stock was acquired for $8...
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...
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased...
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased 1,000 shares of its $2 par common stock on September 30 for $20 per share. On October 2, it reissued 400 of these shares at $21 per share. On October 12, it reissued the remaining 600 shares at $19 per share. The journal entry to record the reissuance of the shares on October 12 would be: a) Debit Cash, $11,400; Credit Treasury Stock, $800;...
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...
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...
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...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash...
Problem 15-5 Before Ayayai 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 Retained Earnings $108,600 $282,900 $75,300 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 indente amount is entered. Do not indent...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000 shares, par value $15 Paid-in capital in excess of par Retained earnings $150,000 40,000 60,000 Prepare the journal entry for the following transactions under the cost method of accounting for treasury stock 1. Purchased 1,000 shares of common stock to be held as treasury stock, paying $25 per share. 2. Sold 300 of these shares of at $30 per share. eno vol blog stolz...
Problem 11-24A Analyzing journal entries for treasury
stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations
pertain to Corners Corporation:
Account Title
Debit
Credit
1.
Cash
1,800,000
Common Stock
1,000,000
Paid-in Capital in Excess of Par Value
800,000
2.
Treasury Stock
44,800
Cash
44,800
3.
Cash
38,000
Treasury Stock
35,200
Paid-in Capital in Excess of Cost of Treasury Stock
2,800
The original sale (Entry 1) was for 400,000 shares, and the
treasury stock was acquired for $8...
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...
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...
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...
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...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash...
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