ABCDEFE11.9 (LO 2), APOn January 1, 2022, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value)$1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the followingtreasury stock transactions occurred.Mar. 1Purchased 50,000 shares for cash at $15 per share.July 1Sold 10,000 treasury shares for cash at $17 per share.Sept. 1Sold 8,000 treasury shares for cash at $14 per share.Instructionsa. Journalize the treasury stock transactions.b.Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.DateAccountDebitCredit3/1/227/1/229/1/229/1/22D12 a.B4557B9D123 b.4557

Treasury Stock is stock repurchased and held by the company. It is an contra equity account that is…

Answered: ed. 300 shares for cash at $15 per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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A company has 360,000 shares authorized, 120,000 shares issued, and 80,000 shares outstanding. It declares cash dividends of $1 per share. How much cash will the company pay for dividends? $80,000 $240,000 $120,000 $360,000 $40,000 Adjust Draw
Kk.348. Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: Issued 5,300 shares of common stock for cash at $23 per share. Issued 1,300 shares of common stock for cash at $26 per share. Required: Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a
H. Below is a partial list of account titles and balances for the TNT Corporation as of December 31, 2018. Cash P 320,000 Notes Receivable 24,000 400,000 Preference Share Capital, P 100 par, 10,000 shares authorized Ordinary Share Capital, P 20 par, 100,000 shares authorized Preference share premium 1,000,000 150,000 Ordinary share premium 200,000 Retained Earnings 250,000 150,000 Accounts Payable Sales 950,000 Compute for the following: 1) How many shares were issued for the Preference Share Capital? How many shares were issued for the Ordinary Share Capital? 2) 3) How much is the premium per share for the Preference Share Capital? 4) How much is the premium per share for the Ordinary Share Capital? 5) How much is the issuance price for the Preference Share Capital? 6) How much is the issuance price for the Ordinary Share Capital? 7) How much is the total Share Capital? 8) How much is the total Additional Paid In Capital? 9) How much is the total Contributed Capital? 10) How much is…
Bridgeport Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
C D B A Evon, a limited liability company, issued 1,000,000 ordinary shares each with a nominal value of 25 cents at a price of $1.10 per share, all received in cash. What should be the accounting entries to record this issue of shares? $1,100,000 $250,000 $850,000 Debit Cash Credit Share Capital Credit Share Premium Debit Share Capital Debit Share Premium Credit Cash Debit Cash Credit Share Capital Debit Cash Credit Share Capital Credit Retained Earnings $250,000 $850,000 $1,100,000 $1,100,000 $1,100,000 $1,100,000 $250,000 $850,000
paws recieved 30,000 cash and issued common shares to shareholders
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.
Prepare the journal entry to record Jevonte Company’s issuance of 41,000 shares of its common stock assuming the shares have a: $3 par value and sell for $19 cash per share. $3 stated value and sell for $19 cash per share
During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stock Jan. 10 Issued 75,000 shares for cash at $7 per share. July 1 Issued 35,000 shares for cash at $9 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Your answer is correct. Date Jan 10 July 1 Account Titles and Explanation Cash Common Stock Cash Paid-in Capital in Excess of Par-Common Stock Common Stock Debit 525000 315000 Credit WI 525000 70000 245000
The shareholders' equity of XYZ Corporation is presented as follows: 10% Preference Share, 2,000 shares outstanding P200,000; Ordinary Shares, 5,000 shares outstanding P100,000, Preference share premium P20,000; Ordinary share premium P25,000; Retained Earnings P450,000. If 350 shares of Preference Shares were retired at P125/share, how much will be credited to Cash?
Larkspur, Inc. began operations on April 1 by issuing 66.100 shares of $5 par value common stock for cash at $17 per share. On April 19, it issued 1.750 shares of common stock to attorneys in settlement of their bill of $28,200 for organization costs. In addition, Larkspur issued 1,500 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record issuance of common stock for attorney's fees)
Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?

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ed. 300 shares for cash at $15 per share. easury shares for cash at $17 per share. asury shares for cash at $14 per share.