5oktExercise 11-12A (Algo) Treasury stock transactions LO 11-5Elroy Corporation repurchased 3,400 shares of its own stock for $35 per share. The stock has a par of $15 per share. A month later,Elroy resold 850 shares of the treasury stock for $43 per share.RequiredWhat is the balance of the Treasury Stock account after these transactions?Balance of treasury stockNext

When a company repurchases the shares already issued are called the treasury stock. Treasury stock…

Answered: Exercise 11-12A (Algo) Treasury stock…

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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Exercise 10-6 (Algo) Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion has the following transactions during the year related to stockholders’ equity. February 1 Issues 4,900 shares of no-par common stock for $14 per share. May 15 Issues 700 shares of $10 par value, 7% preferred stock for $11 per share. October 1 Declares a cash dividend of $0.70 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
QUESTION 1 Ava Consulting issued 1180 shares of previously unissued common stock with a par value of $1. The selling price for the stock was $5 share The credit to Additional Paid in Capital - Common Stock would be $ per
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Exercise 10-13 (Algo) Record stock dividends and stock splits (LO10-6) On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 11,000, $2 par, common shares. The market price of the common stock is $31 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next >
Sheffield Corp. provides financial consulting and has collected the following data for the next year’s budgeted activity for a lead consultant. Consultants’ wages $100000 Fringe benefits $32500 Related overhead $27500 Supply clerk’s wages $17500 Fringe benefits $3000 Related overhead $19000 Profit margin per hour $20 Profit margin on materials 18% Total estimated consulting hours 5000 Total estimated material costs $158000 The material loading charge is?
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51,200 4 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below.…
ces Exercise 11-6A (Static) Accounting for cumulative preferred dividends LO 11-3 When Crossett Corporation was organized in January Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Complete this question by entering your answers in the tabs below. Required A Required B Assume that the Board of directors declares a $25,000 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are…
ACCT2110 Financial Accounting Chapter 11 Stockholders' Equity Homework Problem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31 is presented here. MAISTYLE CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $900,000 Common stock, no par; 750,000 shares authorized, 600,000 shares issued 1,800,000 Total paid-in capital 2,700,000 Retained earnings 1,158,000 Total paid-in capital and retained earnings 3,858,000 Less: Treasury stock (8,000 common shares) (32,000) Total stockholders' equity $3,826,000 Instructions From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? (b) Assuming there is a stated value, what is the stated value of the common stock? (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $36,000,…
PROBLEM 12-3B The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Selected stock transactions Objectives 4, 5, 7 Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock . Retained Earnings $ 600,000 ..... 100,000 RAS.S. 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred…
Exercise 11-16A (Algo) Determining the effects of stock splits on the accounting records LO 11-7 The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $270 per share. To reduce the market price of the common stock, Yeates declared a 3-for-1 stock split for the 310,000 outstanding shares of its $12 par value common stock. Required b. Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.) Number of common shares outstanding Par value per share after the split

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