Homework Help is Here – Start Your Trial Now!
Business
Accounting
30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year

30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please Fast Answering Please And Do Not Give Solution In Image Format And Thanks In Advance ?

a. Provide entries to record the treasury stock transactions. Date Jan. 15 Mar. 1 Oct. 15 Cash To record acquisition of common stock Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Cash Account Name Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Dec. 31 Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Less: Treasury stock Total stockholders' equity Stockholders' Equity Section As of December 31 Preferred stock, par $10, 30,000 shares issued and outstanding $ Common stock, nopar, 30,000 shares issued Additional paid-in capital Retained earnings Dr. $ 45000 0 OOO 0 0 0 OOO OOO Cr. 0 45000 0 0 0 0 0 0 0 OOO 0 0 b. Prepare the stockholders' equity section of the balance sheet after these transactions are recorded. • Note: Use a negative sign with contra account(s). Ooo 0 0 OOO
Transcribed Image Text:a. Provide entries to record the treasury stock transactions. Date Jan. 15 Mar. 1 Oct. 15 Cash To record acquisition of common stock Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Cash Account Name Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Dec. 31 Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Less: Treasury stock Total stockholders' equity Stockholders' Equity Section As of December 31 Preferred stock, par $10, 30,000 shares issued and outstanding $ Common stock, nopar, 30,000 shares issued Additional paid-in capital Retained earnings Dr. $ 45000 0 OOO 0 0 0 OOO OOO Cr. 0 45000 0 0 0 0 0 0 0 OOO 0 0 b. Prepare the stockholders' equity section of the balance sheet after these transactions are recorded. • Note: Use a negative sign with contra account(s). Ooo 0 0 OOO
Han Tire Corporation has outstanding 30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year. Jan. 15: Purchased 1,500 shares of its common stock at $30 per share for the treasury. Mar. 1: Sold 300 shares of the common treasury stock for $26 per share. Oct. 15: Sold 150 shares of the common treasury stock for $32 per share. Dec. 31: Sold 150 shares of the common treasury stock for $29 per share.
Transcribed Image Text:Han Tire Corporation has outstanding 30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year. Jan. 15: Purchased 1,500 shares of its common stock at $30 per share for the treasury. Mar. 1: Sold 300 shares of the common treasury stock for $26 per share. Oct. 15: Sold 150 shares of the common treasury stock for $32 per share. Dec. 31: Sold 150 shares of the common treasury stock for $29 per share.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS