Homework Answers
| Common stock ( 19000 * 1 ) | 19000 | |
| Additional PIC ( 570000 - 19000 ) | 551000 | |
| Treasury stock | 570000 |
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On December 31, 2020, Rebel Corporation's balance sheet reported the following Common stock, $1 par Paid-in...
National Supply's shareholders' equity included the following accounts at December 31, 2020: 1 Shareholders' Equity Common...
National Supply's shareholders' equity included the following accounts at December 31, 2020: 1 Shareholders' Equity Common stock, 7 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 7,000,000 49,000,000 77,500,000 00:37:23 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15,...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 9 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 9,000,000 63,000,000 92,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 February...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 3,000,000 21, eee, eee 83,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock February 15,...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity ($ in millions) Common stock, 70 million shares at $1 par $ 70 Paid-in capital-excess of par Retained earnings 610 500 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the Hollowing transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts Shareholders' Equity Common stock, 55 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 55 points 390 500 Skipped Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required in the first...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 14% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 101 ($40.4 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $25 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($25.5 million) before their scheduled maturity. Required:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity Common stock, 70 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 70 500 610 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders’ Equity ($ in millions) Common stock, 90 million shares at $1 par $ 90 Paid-in capital—excess of par 360 Retained earnings 470 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
Caltomia Surt Clothing Company Issues 1,000 shares of $1 par value common stock at $22 per...
Caltomia Surt Clothing Company Issues 1,000 shares of $1 par value common stock at $22 per share. Laler in the year, the company decides to repurchase 100 shares at a cost of $25 per share 1. Required indomation Record the purchase of treasury stock (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field) Vew transaction ist Journal entry worksheet > Record the purchase of treasury stock Note: Cnter debits before credits...
National Supply's shareholders' equity included the following accounts at December 31, 2020: 1 Shareholders' Equity Common stock, 7 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 7,000,000 49,000,000 77,500,000 00:37:23 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15,...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 9 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 9,000,000 63,000,000 92,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 February...
National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 3,000,000 21, eee, eee 83,500,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock February 15,...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity ($ in millions) Common stock, 70 million shares at $1 par $ 70 Paid-in capital-excess of par Retained earnings 610 500 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the Hollowing transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts Shareholders' Equity Common stock, 55 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 55 points 390 500 Skipped Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required in the first...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 14% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 101 ($40.4 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $25 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($25.5 million) before their scheduled maturity. Required:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity Common stock, 70 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 70 500 610 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
Caltomia Surt Clothing Company Issues 1,000 shares of $1 par value common stock at $22 per share. Laler in the year, the company decides to repurchase 100 shares at a cost of $25 per share 1. Required indomation Record the purchase of treasury stock (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field) Vew transaction ist Journal entry worksheet > Record the purchase of treasury stock Note: Cnter debits before credits...
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