Homework Answers
| July 1,2020 | Treeaury Stock Dr | 9,135 | |
| To Cash (105*87) | 9,135 | ||
| September 1,2020 | Cash Dr (64*90) | 5,760 | |
| To Additional Paid in capital - Treasury Stock (Balancing Figure) | 192 | ||
| To Treasury Stock (64*87) | 5,568 | ||
| November 1, 2020 | Cash Dr (85*41) | 3,485 | |
| Additional Paid in capital-Treasury Stock Dr | 82 | ||
| To Cash | 3,567 | ||
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Brief Exercise 15-08 Nash Inc. has outstanding 10,600 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...
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 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On...
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,...
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...
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"...
Brief Exercise 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion...
Brief Exercise 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred stock. The preferred stock was originally issued at $61 per share. The common stock is trading at $26 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
CULATOR MESSAGE MY INSTR Brief Exercise 15-9 Skysong Corporation has outstanding 22,000 shares of $5 par...
CULATOR MESSAGE MY INSTR Brief Exercise 15-9 Skysong Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2017, Skysong reacquired 210 shares at $80 per share. On November 1, Skysong reissued the 210 shares at $68 per share. Skysong had no previous treasury stock transactions Prepare Skysong'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...
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 15-14 Sheffield Corporation has outstanding 323,000 shares of $10 par value common stock. The...
Brief Exercise 15-14
Sheffield Corporation has outstanding 323,000 shares of $10 par
value common stock. The corporation declares a 100% stock dividend
when the fair value of the stock is $67 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 0 for the amounts.)...
Brief Exercise 15-13 Tamarisk Corporation has outstanding 446,000 shares of $10 par value common stock. The...
Brief Exercise 15-13
Tamarisk Corporation has outstanding 446,000 shares of $10 par
value common stock. The corporation declares a 5% stock dividend
when the fair value of the stock is $66 per share.
Prepare the journal entries for Tamarisk 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 0...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 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.)...
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 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,...
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 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred stock. The preferred stock was originally issued at $61 per share. The common stock is trading at $26 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
CULATOR MESSAGE MY INSTR Brief Exercise 15-9 Skysong Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2017, Skysong reacquired 210 shares at $80 per share. On November 1, Skysong reissued the 210 shares at $68 per share. Skysong had no previous treasury stock transactions Prepare Skysong'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...
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 15-14
Sheffield Corporation has outstanding 323,000 shares of $10 par
value common stock. The corporation declares a 100% stock dividend
when the fair value of the stock is $67 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 0 for the amounts.)...
Brief Exercise 15-13
Tamarisk Corporation has outstanding 446,000 shares of $10 par
value common stock. The corporation declares a 5% stock dividend
when the fair value of the stock is $66 per share.
Prepare the journal entries for Tamarisk 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 0...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 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.)...
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