Homework Answers
| Average price of common stock | Value of common stock/No of shares issued | ||||
| Average price of common stock | 750000/50000 | ||||
| Average price of common stock | $15 | ||||
| Record journal entry to retire 1000 shares at $12 per share | |||||
| Date | Account | PR | Debit | Credit | |
| 20-Feb-19 | Common shares (1000*15) | $15,000 | |||
| Retained earnings (15,000-12,000) | $3,000 | ||||
| Cash (1000*12) | $12,000 | ||||
| (To record shares repurchased and retired) | |||||
| Record journal entry to retire 1000 shares at $18 per share | |||||
| Date | Account | PR | Debit | Credit | |
| 14-Oct-19 | Common shares (1000*15) | $15,000 | |||
| Retained earnings (18,000-15,000) | $3,000 | ||||
| Cash (1000*18) | $18,000 | ||||
| (To record shares repurchased and retired) | |||||
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Repurchase of shares:
the shareholders' equity section of Pretty Ornament, Inc's,
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Problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis...
Problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 1210 Shareholders' Equity Common stock, 200 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained Earnings On March 11, 2019. Genesis purchased back 3 million shares at $14 per share In millions $200 1,800 13 60,000 On July 29, 2019. Genesis sold 1 million shares at $15 per share. Required: a. Prepare journal entries to record the above...
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis...
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 12/31/2018: Shareholders' Equity Common stock, 200 million shares at $1 par In millions $200 Paid-in capital-excess of par 1.800 Paid-in capital-share repurchase 13 Retained Earnings 60,000 On March 11, 2019. Genesis purchased back 3 million shares at $14 per share. On July 29, 2019. Genesis sold 1 million shares at $15 per share Required: a. Prepare journal entries to record the above...
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question 18 The shareholders' equity section of the balance sheet of TNL Systems Inc. included the...
question 18
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020. Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 240 1,689 1 1,100 Required: 1. During 2021. TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 290 million shares at $l par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 290 2,030 1,900 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 270 million shares at $1 par Paid-in capital-excess of par Paid in capital-share repurchase Retained earnings (s in millions) $ 270 1,890 2 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the...
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 270 million shares at $1 par $ 270 Paid-in capital—excess of par 1,890 Paid-in capital—share repurchase 2 Retained earnings 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...
Issuing shares and preparing the shareholders' equity section of the balance sheet Problem 13-3A Riverbend Inc....
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The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts...
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Problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 1210 Shareholders' Equity Common stock, 200 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained Earnings On March 11, 2019. Genesis purchased back 3 million shares at $14 per share In millions $200 1,800 13 60,000 On July 29, 2019. Genesis sold 1 million shares at $15 per share. Required: a. Prepare journal entries to record the above...
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 12/31/2018: Shareholders' Equity Common stock, 200 million shares at $1 par In millions $200 Paid-in capital-excess of par 1.800 Paid-in capital-share repurchase 13 Retained Earnings 60,000 On March 11, 2019. Genesis purchased back 3 million shares at $14 per share. On July 29, 2019. Genesis sold 1 million shares at $15 per share Required: a. Prepare journal entries to record the above...
question 18
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020. Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 240 1,689 1 1,100 Required: 1. During 2021. TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 290 million shares at $l par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 290 2,030 1,900 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 270 million shares at $1 par Paid-in capital-excess of par Paid in capital-share repurchase Retained earnings (s in millions) $ 270 1,890 2 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the...
Issuing shares and preparing the shareholders' equity section of the balance sheet Problem 13-3A Riverbend Inc. was organized in 2016. At December 31, 2016, Riverbend Inc.'s balance sheet reported the following shareholders' equity: Preferred shares, $4.00, 200,000 shares authorized, none issued $ 0 Common shares, 1,000,000 shares authorized, 150,000 shares issued and outstanding 225,000 Retained earnings (Deficit) (50,000) Total shareholders' equity $175,000 5. Total shareholders' equity, 5613,750 768 Part 3 Accounting for Partnerships and Corporate Transactions Required Answer the following...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31,2017: (in millions) $ 280 1,680 Shareholders' Equity Common stock, 280 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings 1,800 Required During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are...
SECTION-V Raymond Textiles Limited Shareholders Equity section as on December 31, 2019 appears as after one year of business operations: Raymond Textiles, Shareholders' Equity Section, December 31, 2019 Preferred stock, $5 par, authorized 1,000,000 shares, Issued and outstanding 1,000,000 shares 5,000,000 Common stock, S1 par, authorized 5,000,000 shares, Issued and outstanding 3,000,000 shares 3,000,000 Paid-in capital excess of par, Common stock (89 per share) 27,000,000 Paid-in capital-excess of par, preferred stock 15,000,000 Retained earnings 1,000,000 Total shareholders' equity $51,000,000 The...
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