Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $26 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $41 per share. Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share. a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31.

Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $26 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $41 per share. Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share. a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Feb 25 Declared a 2.50 per share cash dividend on 20,000 shares of common stock outstanding Mar. 20 Paid the cash dividends declared on Feb. 25, Dec. 31 Closed the 72,000 credit balance in Income Summary that reflects net income to Retained Earnings (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a 155,000 credit balance on January 1, calculate its year-end balance as of December 31
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °
D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
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Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler Co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per 31 Received a $4.40 per General Journal Requirement share cash dividend on the remaining Kohler Co. shares. share cash dividend on the JCW Co. shares. General Ledger Trial Balance Fair Value Adj For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr. 16) Purchased 6,000 shares of…
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Feb.	10	Purchased for cash 17,000 shares of treasury stock at a price of $26 per share.
June	4	Reissued 6,000 shares of treasury stock at a price of $41 per share.
Dec.	22	Reissued 4,000 shares of treasury stock at a price of $22 per share.