Corp. purchased it's own “already-issueď” (publicly traded in the open market - WallStreet) stock through a broker.Aug01... bought 2,000 shares of its $10 par value common stock for $130,000. It willhold these shares in the corporate treasury until resold.Dec01 ... corp. sold 1,200 shares of treasury stock for cash at $72 per share.Journalize the treasury stock transactions.Aug 01Dec 01"Treasury Stock" is a special accounting designation. It only exists IF a corp buys back its' ownstock (on Wall street paying the going "market" rate). Since the corp now "owns" itself (TreasuryStock), those specific shares no longer vote or "count" as outstanding. If corp sells its' "TreasuryStock" to others (via the open market - Wall Street) the stock reverts to regular common stock.

Treasury stock: Shares which are bought back by the company from the open market but not retired…

Answered: Corp. purchased it's own…

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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MC Qu. 11-74 Anthem Inc. issues... Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years later, it repurchases these shares for $90 per share. Anthem records the repurchase in which of the following ways? Multiple Choice Debit Common Stock for $22,000, debit Additional Paid-in Capital for $31,978,000 and credit Cash for $32.00 million. Debit Treasury Stock for $18.00 million and credit Cash for $18.00 million. Debit Common Stock for $22,000, debit Additional Paid-in Capital for $17,978,000 and credit Cash for $18.00 million. Debit Stockholders' Equity for $32.00 million, credit Additional Paid-in Capital for $18.00 million and credit Cash for $18.00 million.
On January 1, 2021, Nichols Corporation had 500,000 shares of common stock outstanding. During 2021 there were the following changes: Mar 1 Issued 150,000 shares Apr 1 Issued a 15% stock dividend May 1 Acquired 50,000 shares of treasury stock July 1 Issued a 2-1 stock split Oct 1 Reissued 60,000 shares of treasury stock Instructions: Compute the weighted average shares outstanding for 2021 in the excel file.
Subject: acounting
On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as treasury stock at a cost of $10 per share. On September 1, Z Company resold 5,000 shares of its treasury stock when the market prices was $15 per share. What is the ending balance in Treasury Stock? What is the ending balance in in the Paid-In Treasury Stock?
Can you please help with journal entries on question 5. Thank you!
The shareholders' equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $5 cumulative preferred shares (18,000 issued) Common shares (460,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan Mar. 31 31 $1,440,000 4,600,000 1,600,000 $7,640,000 Reacquired 12.000 common shares for $11 per share. Issued 51,000 common shares for $12 per share. Reacquired 8,000 common shares for $11.50 per share. Issued 54,000 common shares in exchange for land. The land's fair value was $648,000. Profit for the year ended March 31, 2021, was $1,025,000.
On January 1, 2010, the accounts of Mac Corporation showed the following: Common stock, par SI, authorized 100.000 shares Capital in excess of par value ($2 per share) Retained carnings 60,000 140,000 During 2010, the following transactions occurred affecting stockholders' equity (in the order given) A B. C. D. Issued a 100° stock dividend when the market price was at $5 per share. Purchased treasury stock, 1.000 shares at a total cost of $8.000. Declared and paid cash dividends. SI5.000. Net income for 2010. S25.000
10000 111 Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 2,200 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water sold 1,800 of the reacquired shares at $63 per share. The remaining 400 shares were sold at $55 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $4 c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
H1.
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Subject: acounting

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