Faceoff, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024: (Click the icon to view the transactions) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. (If box is not used in the table, leave the box empty; do not select a label or enter a zero) Faceoff, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Non-cash Investing and Financing Activities Total Non-cash Investing and Financing Activities COND

Faceoff, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024: (Click the icon to view the transactions) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. (If box is not used in the table, leave the box empty; do not select a label or enter a zero) Faceoff, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Non-cash Investing and Financing Activities Total Non-cash Investing and Financing Activities COND

Name: More infoa. Issued 1200 shares of $2 par common stock for cash of $27
Uploaded: 2024-03-05T11:47:04.000Z
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Description: More infoa. Issued 1200 shares of $2 par common stock for cash of $27,000.b. Issued 5,200 shares of $2 par common stock for a building with a fair market value of $98,000.c. Purchased new truck with a fair market value of $33,000. Financed it 100% w

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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Present entries to record the following: Issued 1,000 shares of $15 par common stock at $52 for cash. Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $21,000. Purchase 100 shares of treasury stock at $25. Sold 100 shares of treasury stock at $28.
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
Dec. 1 Purchased 1,300 shares of the company's $1 par value common stock as treasury stock, paying cash of $8 per share. Dec. 15 Sold 400 shares of the treasury stock for cash of $11 per share. Dec. 20 Sold 700 shares of the treasury stock for cash of $4 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,500.) Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,300 shares of the company's $1 par value common stock as treasury stock, paying cash of $8 per share. Date Accounts Debit Credit Dec. 1 Treasury Stock—Common 10,400 Cash 10,400 Part 2 Dec. 15: Sold 400 shares of the treasury stock for cash of $11 per share. Date Accounts Debit Credit Dec. 15 Cash 4,400…
A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…
On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December 23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure? O a. Debit Cash $15,000. O b. Credit Additional Paid in Capital $5,200. c. Credit Treasury Stock $6,000. O d. Credit Treasury Stock $10,800.
The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 cash for this year’s wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore…
1. Journalize the following transactions: (a) Issued 1,000 shares of $10 par common stock at $59 for cash. (b) Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $60,000. (c) Purchased 100 shares of treasury stock at $32. (d) Sold the 100 shares of treasury stock purchased in (c) at $42.
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on April 22 for the receipt of the divided on the Gilbert Co. Stock? DATE DESCRIPTION PREF DEBIT CREDIT Apr. 22 (?) $2,520 (?) $2,520 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue O000
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Prepare journal entries for the transactions listed below and post them to the T-accounts. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash.b. Purchased a short-term investment for $10,000 cash.c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.d. Bought $900 of supplies on account.e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year.f. Purchased $10,000 of equipment in cash.g. Paid $500 on account for supplies purchased in transaction (d).