Question

ice 13............. i need 5b, 6b, 7b solved only please

PE 11-5B On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54,000 of the reacquired shares at $11 per share. On November 14, Hydro Clothing sold the remaining shares at $7 per share Entries for treasury stock EE 11-5 p S12 OBJ.4 Journalize the transactions of May 27, August 3, and November 14 EE11-6 p.514 PE 11-6A Reporting stockholders' equity OBJ.5 Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Two hundred fifty thousand shares of common stock are authorized, and 17,500 shares have been reacquired. Common Stock, $60 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock $12,000,0000 320,000 3,200,000 18,500,000 ,137,500 PE 1 1-6B Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired. Reporting stockholders' equity EE 1 1-6 p S14 OBJ.S Common Stock, $120 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par Common Stock Retained Earnings Treasury Stock 4,500,000 6400,000 63,680,000 5,200,000 PE 1 1-7A Rockwell Inc. reported the following results for the year ended June 30, 2016: Retained earnings statement EE 11-7 p $15 OBJ, 5 Retained earnings, July 1, 2015 Net income Cash dividends declared Stock dividends declared $3,900,000 714,000 100,000 0,000 Prepare a retained earnings statement for the fiscal year ended June 30, 2016. PE 11-7B Retained earnings statement Noric Cruises Inc. reported the following results for the year ended October 31, 2016: OBJ.5 EE 11-7 p S15 Retained earnings, November 1, 2015 Net income Cash dividends declared Stock dividends declared $12.400,000 75,000 Prepare a retained earnings statement for the fiscal year ended October 31, 2016

Answer 1

5b)

Journal

Date	Account title	Debit	Credit
May 27	Treasury stock	600,000
	Cash		600,000
August 3	Cash	594,000
	Treasury stock		432,000
	Paid in capital from treasury stock		162,000
Nov. 14	Cash	147,000
	Paid in capital from Treasury stock	21,000
	Treasury stock		168,000

6b)

Stockholders' equity
Common stock, par	48,000,000
Paid in capital in excess of par, common stock	6,400,000
Paid in capital from sale of Treasury stock	4,500,000
Retained earnings	63,680,000
Treasury stock	- 5,200,000
Total stockholders' equity	117,380,000

7b)

Retained earnings statement

Retained earnings, beginning	12,400,000
Net income	2,350,000
Cash dividend	- 175,000
Stock dividend	- 300,000
Retained earnings, ending	14,275,000

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