Homework Answers
| Journal Entries | |||
| Date | Account Titles and Explanations | Debit | Credit |
| 2019 | |||
| Feb. 1 | Treasury Stock (770 shares * $9 per share) | $6,930 | |
| Cash | $6,930 | ||
| (To record the purchase of treasury shares) | |||
| Mar. 1 | Cash (320 shares * $12 per share) | $3,840 | |
| Treasury Stock (320 shares * $9 per share) | $2,880 | ||
| Additional Paid in Capital - Treasury Stock ($12 - $9 = $3 * 320 shares) | $960 | ||
| (To record the reissue of treasury shares) | |||
| May. 1 | Cash (450 shares * $6 per share) | $2,700 | |
| Additional Paid I Capital - Treasury Stock | $960 | ||
| Retained Earnings ($4,050 - $2,700 - $960) | $390 | ||
| Treasury Stock (450 shares * $9 per share) | $4,050 | ||
| (To record the reissue of treasury shares) | |||
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Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770...
Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 820 shares of its outstanding...
Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 820 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 320 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 500 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 Treasury Stock Cash (Record purchase of treasury shares) Mar. 1 Cash Treasury Stock...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 4,450 shares of treasury stock for $20 per share. Any additional sales of treasury stock during the year were sold for $11 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700...
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700 shares of its outstanding common stock for $10 per share. On October 31, 2019, Portland sells 850 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $6 per share. On December 31, 2019 Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
On August 19, 2019, Portland Corporation repurchases 5,500 shares of its outstanding common stock for $16...
On August 19, 2019, Portland Corporation repurchases 5,500 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 1,650 shares of treasury stock for $24 per share. Any additional sales of treasury stock during the year were sold for $12 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock. 2019 Aug. 19 Oct. 31 1111 111 HII...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the following equity accounts and balances: Common stock, $10 par $800,000 Additional paid-in capital-common stock 200,000 Retained earnings 279,000 During 2020, Jeffco engaged in the following transactions involving its equity accounts: a. Sold 8,000 shares of common stock for $35 per share. b. Sold 1,000 shares of 9%, $120 par preferred stock at $125 per share. c. Declared and paid cash dividends of $14,000. d....
CengageNOWV2 Online teaching and learning resource from Cengage Lean eBook Calculator Cornerstone Exercise 10-30 (Algorithmic) Treasury...
CengageNOWV2 Online teaching and learning resource from Cengage Lean eBook Calculator Cornerstone Exercise 10-30 (Algorithmic) Treasury Stock A corporation purchases 2,020 shares of treasury stock for $5 per share. Enter your answers as positive numbers. Required: 1. How will this transaction affect stockholders' equity? If there is no effect, choose "No effect" and enter zero ("0"). Increase by $ 2. How will this transaction affect net income? If there is no effect, choose "No effect and enter zero ("0"). Increase...
and how to solve for this? Exercise 11-10 Recording and reporting treasury stock transactions LO P3...
and how to solve for this?
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. points Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800.000 256.000 928,000 $1,984,000 Print 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock...
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued...
Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued and outstanding $10 par common shares. During 2019, Pumpkin entered into the following transactions: Declared a $0.40 per-share cash dividend on March 10. Paid the $0.40 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $24 each on May 2. Sold 3,000 unissued common shares for $26 per share on June 9. Declared a $0.55 per-share cash dividend on August...
1. On February 10, the corporation purchases back 2,000 shares of its own common stock for...
1. On February 10, the corporation purchases back 2,000 shares of its own common stock for $50 per share. The entry to record the purchase would indlude a a. debit to Cash for $100,000 b. credit to Treasury Stock for $100,000 c. debit to Treasury Stock for $100,00 d. debit to Common Stock for $100,000 2. A corporation may reacquire (purchase) its own stock for which of the following reasons? a. To provide shares for resale to employees b. To...
Exercise 21.11 Purchasing treasury stock. LO 21-10 On March 31, 2019. Elephant Corporation had outstanding 100,000...
Exercise 21.11 Purchasing treasury stock. LO 21-10 On March 31, 2019. Elephant Corporation had outstanding 100,000 shares of 7 percent preferred stock with a par value of $10. The stock was originally issued for $13.50 per share. On that date, the corporation repurchased 15,000 shares of the preferred stock. paying cash of $13.30 per share for the stock. Give the general journal entry to record repurchase of the treasury stock. ences View transaction list Journal entry worksheet 1
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 4,450 shares of treasury stock for $20 per share. Any additional sales of treasury stock during the year were sold for $11 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
Brief Exercise 10-43 (Algorithmic) Accounting for Treasury Stock Onn August 19, 2019, Portland Corporation repurchases 1,700 shares of its outstanding common stock for $10 per share. On October 31, 2019, Portland sells 850 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $6 per share. On December 31, 2019 Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock....
On August 19, 2019, Portland Corporation repurchases 5,500 shares of its outstanding common stock for $16 per share. On October 31, 2019, Portland sells 1,650 shares of treasury stock for $24 per share. Any additional sales of treasury stock during the year were sold for $12 per share. On December 31, 2019, Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock. 2019 Aug. 19 Oct. 31 1111 111 HII...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the following equity accounts and balances: Common stock, $10 par $800,000 Additional paid-in capital-common stock 200,000 Retained earnings 279,000 During 2020, Jeffco engaged in the following transactions involving its equity accounts: a. Sold 8,000 shares of common stock for $35 per share. b. Sold 1,000 shares of 9%, $120 par preferred stock at $125 per share. c. Declared and paid cash dividends of $14,000. d....
CengageNOWV2 Online teaching and learning resource from Cengage Lean eBook Calculator Cornerstone Exercise 10-30 (Algorithmic) Treasury Stock A corporation purchases 2,020 shares of treasury stock for $5 per share. Enter your answers as positive numbers. Required: 1. How will this transaction affect stockholders' equity? If there is no effect, choose "No effect" and enter zero ("0"). Increase by $ 2. How will this transaction affect net income? If there is no effect, choose "No effect and enter zero ("0"). Increase...
and how to solve for this?
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. points Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 800.000 256.000 928,000 $1,984,000 Print 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock...
1. On February 10, the corporation purchases back 2,000 shares of its own common stock for $50 per share. The entry to record the purchase would indlude a a. debit to Cash for $100,000 b. credit to Treasury Stock for $100,000 c. debit to Treasury Stock for $100,00 d. debit to Common Stock for $100,000 2. A corporation may reacquire (purchase) its own stock for which of the following reasons? a. To provide shares for resale to employees b. To...
Exercise 21.11 Purchasing treasury stock. LO 21-10 On March 31, 2019. Elephant Corporation had outstanding 100,000 shares of 7 percent preferred stock with a par value of $10. The stock was originally issued for $13.50 per share. On that date, the corporation repurchased 15,000 shares of the preferred stock. paying cash of $13.30 per share for the stock. Give the general journal entry to record repurchase of the treasury stock. ences View transaction list Journal entry worksheet 1
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