Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Mar. 1 | Treasury Stock (6950*9) | $ 62,550 | |
| Cash | $ 62,550 | ||
| Jun. 1 | Cash (1160*13) | $ 15,080 | |
| Treasury Stock (1160*9) | $ 10,440 | ||
| Paid-in Capital - Treasury Stock | $ 4,640 | ||
| Sept. 1 | Cash (1930*11) | $ 21,230 | |
| Treasury Stock (1930*9) | $ 17,370 | ||
| Paid-in Capital - Treasury Stock | $ 3,860 | ||
| Dec. 1 | Cash (1170*6) | $ 7,020 | |
| Paid-in Capital - Treasury Stock | $ 3,510 | ||
| Treasury Stock (1170*9) | $ 10,530 | ||
| Dec. 31 | Income Summary | $ 29,380 | |
| Retained Earnings | $ 29,380 |
| Paid-in Capital - Treasury Stock | |||
| Dec. 1 | $ 3,510 | Jun. 1 | $ 4,640 |
| Sept. 1 | $ 3,860 | ||
| Dec. 31 | $ 4,990 | ||
| Treasury Stock | |||
| Mar. 1 | $ 62,550 | Jun. 1 | $ 10,440 |
| Sept. 1 | $ 17,370 | ||
| Dec. 1 | $ 10,530 | ||
| Dec. 31 | $ 24,210 | ||
| Retained Earnings | |||
| Beg.Bal | $ 118,890 | ||
| Dec. 31 | $ 29,380 | ||
| Dec. 31 | $ 148,270 | ||
| Cheyenne Corporation | |||
| Balance sheet (partial) | |||
| December 31,2020 | |||
| Stockholders Equity | |||
| Common stock | $ 426,360 | ||
| Paid-in Capital in Excess of Par—Common Stock | $ 178,770 | ||
| Paid-in Capital from Treasury Stock | $ 4,990 | ||
| Total Contributed Capital | $ 610,120 | ||
| Retained Earnings | $ 118,890 | ||
| Add : Net Income of 2020 | $ 29,380 | $ 148,270 | |
| Less : Treasury Stock | $ 24,210 | ||
| Total Stockholders Equity | $ 734,180 | ||
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Cheyenne Corp. had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $426,360...
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Culver Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par—Common Stock $195,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $6 per share. Culver Corporation uses the cost...
*Problem 13-02A a-c Pronghorn Corporation had the following stockholders' equity accounts on January 1, 2020: Common...
*Problem 13-02A a-c Pronghorn Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock (55 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $180,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock trensactions, Mar. 1 Purchased 7,000 shares at $8 per share une Sold 1,500 shares at $13 per share. Sept.1 Sold 1,500 shares at $10 per share Dec. 1 Sold 1,000 shares at $7 per share. Pronghorn Corporetion uses the...
Problem 11-2A Pina Colada Corp. had the following stockholders' equity accounts on January 1, 2019: Common Stock ($4 par) $415,880, Paid-in Capital in Excess of Par-Common Stock $180,250, an...
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On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par...
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On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $500,000 502,000 605,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. Apr. 15 May 15 Reacquired 2,000 common shares at a...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 70,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $700,000 500,000 617,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Declared and paid a 10% stock dividend. The market price of the stock was $14 per share. Reacquired 1,800 common shares at a market price of $16...
On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi
Corporation had the following stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
493,000
Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 1,800 common shares at a...
Fechter Corporation had the following stockholders' equity accounts on January 1, 2015: Common Stock ($4 par) $421,200, Paid-in Capital in Excess of Par-Common Stock $177,810, and Retained Earnin...
Fechter Corporation had the following stockholders' equity accounts on January 1, 2015: Common Stock ($4 par) $421,200, Paid-in Capital in Excess of Par-Common Stock $177,810, and Retained Earnings $105,810. In 2015, the company had the following treasury stock transactions Mar. 1 Purchased 6,690 shares at $8 per share. June 1 Sold 1,240 shares at $12 per share. Sept.1 Sold 1,870 shares at $10 per share Dec. 1 Sold 1,060 shares at $6 per share Fechter Corporation uses the cost method...
On January 1, 2020, the stockholders’ equity section of Blue Spruce Corporation shows common stock ($4...
On January 1, 2020, the stockholders’
equity section of Blue Spruce Corporation shows common stock ($4
par value) $1,200,000; paid-in capital in excess of par $1,030,000;
and retained earnings $1,190,000. During the year, the following
treasury stock transactions occurred.
Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions...
The stockholders’ equity accounts of Monty Corp. on January 1, 2020, were as follows. Preferred Stock...
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*Problem 13-02A a-c Pronghorn Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock (55 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $180,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock trensactions, Mar. 1 Purchased 7,000 shares at $8 per share une Sold 1,500 shares at $13 per share. Sept.1 Sold 1,500 shares at $10 per share Dec. 1 Sold 1,000 shares at $7 per share. Pronghorn Corporetion uses the...
Problem 11-2A Pina Colada Corp. had the following stockholders' equity accounts on January 1, 2019: Common Stock ($4 par) $415,880, Paid-in Capital in Excess of Par-Common Stock $180,250, and Retained Earnings $113,550. In 2019, the company had the following treasury stock transactions. Mar. 1 Purchased 5,840 shares at $8 per share June 1 Sold 1,030 shares at $13 per share. Sept. 1 Sold 1,370 shares at $11 per share Dec. 1 Sold 1,330 shares at $7 per share. Pina Colada...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $500,000 502,000 605,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. Apr. 15 May 15 Reacquired 2,000 common shares at a...
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 70,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $700,000 500,000 617,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Declared and paid a 10% stock dividend. The market price of the stock was $14 per share. Reacquired 1,800 common shares at a market price of $16...
On January 1, 2020, Agassi
Corporation had the following stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
493,000
Retained Earnings
616,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 1,800 common shares at a...
Fechter Corporation had the following stockholders' equity accounts on January 1, 2015: Common Stock ($4 par) $421,200, Paid-in Capital in Excess of Par-Common Stock $177,810, and Retained Earnings $105,810. In 2015, the company had the following treasury stock transactions Mar. 1 Purchased 6,690 shares at $8 per share. June 1 Sold 1,240 shares at $12 per share. Sept.1 Sold 1,870 shares at $10 per share Dec. 1 Sold 1,060 shares at $6 per share Fechter Corporation uses the cost method...
On January 1, 2020, the stockholders’
equity section of Blue Spruce Corporation shows common stock ($4
par value) $1,200,000; paid-in capital in excess of par $1,030,000;
and retained earnings $1,190,000. During the year, the following
treasury stock transactions occurred.
Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Blue Spruce Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions...
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