Homework Answers
Journal entry
| No | Date | General journal | Debit | Credit |
| a | May 4 | Treasury stock (850*18.50) | 15725 | |
| cash | 15725 | |||
| b | June 15 | Cash dividend (35000-850)*.45 | 15367.50 | |
| Dividend payable | 15367.50 | |||
| Dividend payable | 15367.50 | |||
| Cash | 15367.50 | |||
| c | Sep 19 | Cash (450*20.80) | 9360 | |
| Treasury stock (450*18.50) | 8325 | |||
| Paid in capital from sale of treasury stock | 1035 | |||
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Required information Problem 8-25 (Algo) Treasury stock transactions LO 6 (The following information applies to the...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own common stock in the market at a pri...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own
common stock in the market at a price of $18.00 per share. On
September 19, 2016, 450 of these shares were sold in the open
market at a price of $21.20 per share. There were 34,000 shares of
Docker common stock outstanding prior to the May 4 purchase of
treasury stock. A $0.25 per share cash dividend on the common stock
was declared and paid on June 15,...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: 1 Repurchased 350 shares of the company's own common stock at $25 cash per share. Sold 110 of the shares purchased on April 1 for $30 cash per share. Sold 100 of the shares purchased on April 1 for $20 cash per share. Apr а. b. Jun. 14 с. Sept. 1 Required: 1. Prepare journal entries for...
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler...
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-$15 par value, 100,000 shares authorized 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 80,000 400,00 $1.230,000 During 2019, the following transactions affected its stockholders' equity accounts Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2. Purchased 6,000...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 59,000 additional shares of $1 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per...
Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity...
Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows Common stock-$10 par value, 86,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings 860,000 286,000 976,000 $2,122,000 Total stockholders equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,400 shares of its own common stock at $39 per share on October 11 b. Sold...
Required information Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation...
Required information Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [The following information applies to the questions displayed below.) Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 150 shares of preferred stock and 1,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,300 additional shares of common...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3,...
Problem 10-2B Record equity transactions and indicate the effect
on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)
Nautical has two
classes of stock authorized: $10 par preferred, and $1 par value
common. As of the beginning of 2021, 100 shares of preferred stock
and 1,500 shares of common stock have been issued. The following
transactions affect stockholders’ equity during 2021:
March
1
Issue 1,500
additional shares of common stock for $20 per share.
April
1
Issue 200
additional shares...
5 required entries: 1. Record the issuance of 46,000 additional shares of $1 par value common...
5 required entries:
1. Record the issuance of 46,000 additional shares of $1 par
value common stock for $43 per share.
2. Record the purchase of 4,100 shares of treasury stock for $46
per share.
3. Record the declaration of a cash dividend of $1.05 per share
to all stockholders of record on June 15.
4. Record payment of the cash dividend declared on June 1.
5. Record the resale of 2,050 shares of treasury stock purchased
on May 10...
Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler...
Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 100,000 shares authorized, mon stock-$25 pued and outstanding common stock Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,375.000 70.000 370.000 $1,815,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stoct at...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own
common stock in the market at a price of $18.00 per share. On
September 19, 2016, 450 of these shares were sold in the open
market at a price of $21.20 per share. There were 34,000 shares of
Docker common stock outstanding prior to the May 4 purchase of
treasury stock. A $0.25 per share cash dividend on the common stock
was declared and paid on June 15,...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: 1 Repurchased 350 shares of the company's own common stock at $25 cash per share. Sold 110 of the shares purchased on April 1 for $30 cash per share. Sold 100 of the shares purchased on April 1 for $20 cash per share. Apr а. b. Jun. 14 с. Sept. 1 Required: 1. Prepare journal entries for...
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-$15 par value, 100,000 shares authorized 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 80,000 400,00 $1.230,000 During 2019, the following transactions affected its stockholders' equity accounts Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2. Purchased 6,000...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 59,000 additional shares of $1 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per...
Exercise 11-12 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows Common stock-$10 par value, 86,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings 860,000 286,000 976,000 $2,122,000 Total stockholders equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,400 shares of its own common stock at $39 per share on October 11 b. Sold...
Required information Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [The following information applies to the questions displayed below.) Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 150 shares of preferred stock and 1,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,300 additional shares of common...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Problem 10-2B Record equity transactions and indicate the effect
on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)
Nautical has two
classes of stock authorized: $10 par preferred, and $1 par value
common. As of the beginning of 2021, 100 shares of preferred stock
and 1,500 shares of common stock have been issued. The following
transactions affect stockholders’ equity during 2021:
March
1
Issue 1,500
additional shares of common stock for $20 per share.
April
1
Issue 200
additional shares...
5 required entries:
1. Record the issuance of 46,000 additional shares of $1 par
value common stock for $43 per share.
2. Record the purchase of 4,100 shares of treasury stock for $46
per share.
3. Record the declaration of a cash dividend of $1.05 per share
to all stockholders of record on June 15.
4. Record payment of the cash dividend declared on June 1.
5. Record the resale of 2,050 shares of treasury stock purchased
on May 10...
Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 100,000 shares authorized, mon stock-$25 pued and outstanding common stock Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,375.000 70.000 370.000 $1,815,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stoct at...
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