ccumulated Profits (Losses) he Corporation reacquires 100 shares at P55.00 per share, and later sold these sha r: P55.00 per share (at cost) P60.00 per share (above cost) P50.00 per share (below cost) equired: Journal Entry to record the acquisition of the treasury shares. Journal entry to record the sale of the treasury shares under the three given cases. 10,000

ccumulated Profits (Losses) he Corporation reacquires 100 shares at P55.00 per share, and later sold these sha r: P55.00 per share (at cost) P60.00 per share (above cost) P50.00 per share (below cost) equired: Journal Entry to record the acquisition of the treasury shares. Journal entry to record the sale of the treasury shares under the three given cases. 10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Instructions ait of AC Journal On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of Edwards Co. common stock at $42 plus commission charges of $170. On June 1, a cash dividend of $1.85 per share was received. On November 12, 3,100 shares were sold at $49 less commission charges of $165. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,100 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
I wanna know the transaction of dt ct sides . 1.The company sold assets previously revalued by 150 through revaluation reserve. dt asset 150 ct revaluation reserve 150 2.the company issued to shareholders 100 shares at a nominal value of 1 and issue price of 4. I do not know this transaction. 3.The company purchased on deferred payment shares of X company for immediate sale 50 shares at a value of 5 per share and commission of 1 per share. dt short term investment 300 ct liabilities 300 ( I am considering if ct : deferred cost)
(b) The owners' equity account for Rantuil Utilities Berhad are shown below: Common Share (RM2 par) Capital Surplus Retained earnings Total shareholder's equity RM30,000 RM285,000 RM648,100 RM963,100 If Rantuil Utilities Berhad currently sells for RM30 per share and a 10 percent share dividend is declared, i. Determine the number of new shares that will be distributed. ii. Reconstruct new owners' equity account for Rantuil Utilities Berhad.
FVPL vs. FVOCI (election) Fact pattern for the next three items: Elements Co. had the following investment transactions: Dec. 3, 20x1 Acquired 12,000 shares of Buffet Corp. at P3.00 per share. Elements incurred P1,800 brokerage commission. Buffet Corp.'s shares have a quoted price of P5.00 per share. Dec. 31, 20x1 Jan. 16, 20x2 Elements Co. sold all the shares at P8.00 per share. Elements incurred sale transaction costs of P4,800. Prepare the journal entries assuming Elements Co. irrevocably elected to measure the investment at FVOCI. Elements Co. does not use a fair value adjustment account.
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answer in text form please (without image), Note: .Every entry should have narration please
Kirk Hammet Co. holds 20,000, P10 par value, shares of 4Horsemen, INc. as investment in unquoted equity securities measured at cost. On April 1, 20x1, Kirk received 5% share dividends from 4Horsement. The carrying amount of the investment on this date is P2,310,000 equal to the original acquisition cost. Kirk sold the share dividends for P224 on April 30, 20x1. Requirements: Provide the journal entries.
Avenues bought land, buildings and equipment by issuing shares. The estimated fair value of the assets are: land: $1,200,000; buildings, $1,500,000 and equipment $300,000. Avenues issues 200,000 shares fora price of $5 each. The par value of each share is $2. The amount of the Share Premium Is Select one: O a. $1,200,000 O b. $600,000 Oc. $800,000 O d. None of the these answers Oe. $900,000
Fair Value Journal Entries, Available-for-Sale Investments The investments of Steelers Inc. include a single investment: 8,900 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $8 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, Year 1, balance sheet date, the share price declined to $6 per share. a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1. Year 1 Sept. 12 Year 1 Dec. 31 b. How is the unrealized gain or loss for available-for-sale investments disclosed on the financial statements? Unrealized Gain (Loss) on Available-for-Sale Investments is reported in the of the
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ABC SAOG acquired land worth OMR 80,000 from CPD LLC and issued 70,000 equity shares of OMR1 as fully paid up. Which one of the following journal entry will be correct? a. Debit Share capital 80,000, Credit Land OMR 70,000 Credit Share Premium OMR 10,000 b. Debit Land OMR 80,000 Credit Share Capital OMR 80,000 c. Debit Land OMR 80,000 Credit Share capital OMR 70,000 Credit Share premium OMR 10,000 d. Debit Land OMR 70,000, Debit Share Premium OMR 10,000 Credit Share Capital OMR 80,000 The total Sales revenue of XYZ SAOG in Oman was OMR 3 million opening inventory was OMR 500,000, Its Purchase cost is OMR 1,500,000, Distribution cost was OMR 500,000 and General and Administration expense was OMR 200,000, Closing inventory was OMR 300,000. The value of Gross Profit was a. OMR 1,700,000 b. OMR 1,800,000 c. OMR 600,000 d. OMR 1,300,000