eBook4Show Me HowCalculatorPrint ItemEntries for treasury stockInstructionsChart of AdccountsJournalInstructionsX.On January 31, Wilderness Resorts Inc. reacquired 24,400 shares of its common stock at $30 per share. On April 20, Wilderness Resorts sold 12,000 of the reacquiredshares at $39 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share,Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titdes.PreviousNextCheck My Work 3 more Check My Work uses remaining10:55

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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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Comprehensive Problem 4 (Part A) Instructions Chart of Accounts Journal Instructions Record on journal page 11: Oct. 1 Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are a held-to-maturity investment. Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8. 14 Received interest of $6,000 from the Solstice Corp. investment on Jun. 1. 29 Sold Solstice Corp. bonds with a face value of $40,020 for $45,000, realizing a gain of $4,980. 31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for 6 months. The amortization is determined using the straight-line method. Dec. 31 Accrued interest for 3 months on the Dream Inc. bonds purchased on Oct. 1. 31 Pinkberry Co. reported total earnings of $240,000. Equinox Products recorded its share of Pinkberry Co. net income using the equity method. 31 The Solstice Corp.…
QUESTION 4 Emma Consulting had previously purchased 2838 shares of treasury stock for $7 per share. Emma then sold 1381 shares of the treasury stock for $13 per share. The credit to treasury stock to record the sale would be $
Question 2 Acme Co. issued 500 shares of $100 par Preferred Stock for $101 per share. Record this transaction. Edit View Insert Format Tools Table 12pt v Paragraph v В I U O words Question 3 Acme Co. bought 50 shares of its stock for $7 per share to be held as Treasury Stock.
tings Store M Gmail YouTube Maps Home MOH - Immigration ht At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 100,000 of which were issued on October 1, 2021. Net income for the year ended December 31, 2021, was $1,700,000 and preferred stock dividends were $40,000. What should be Hancock's 2021 earnings per common share, rounded to the nearest penny? $3.91 $4.00 $3.78 O$4.25
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $70 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $78 per share. The remaining 1,800 shares were sold at $67 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Chapter 10 Homework A Saved Help Save & Exit Submit Check my work 7 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 78 preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. 2 points In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding. eBook Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Hint FINISHING…
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eBook Show Me How Question Content Area Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company’s common stock are acquired at a price of $40 per share plus a $300 brokerage commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 shares of the Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 1,400 shares of Denver Company’s stock was $35 per share. Denver Company has 400,000 shares of common stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount box does not require an entry, leave it blank. Sep. 12 Investments-Denver Company Stock Investments-Denver Company Stock Cash Cash Oct. 15 Cash Cash Dividend Revenue Dividend Revenue Nov. 10…
eBook Question Content Area Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock…
Problem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership…
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