#1 - The following transactions were made by Shap Company.a. Prepare journal entries for the following transactions:1. Issued 60,000 shares of common stock, $8 par value for $1,200,000.2. Issued 10,000 shares of common stock, $8 par value for $$22 per share.3. Purchased 10,000 shares of its common stock for the treasury, at $14 per share.4. Sold 4,000 shares of its treasury stock for $18 per share.5. Sold 2,000 shares of its treasury stock for $13 per share.b. Calculate the number of shares of treasury stock still held by Shapand the dollar amount in the Treasury StockShow calculations.CompanyaccountC.Calculate the number of shares of common stock issuedoutstandingand

Treasury stock which can commonly referred to as the reacquired stock, is the stock which has been…

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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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Bandit, Inc., issued for $19 per share 5,000 shares of $10 par value common stock. The entry to record this transaction includes: Select one: a. Increase Cash for 95,000; and increase Common Stock for 95,000 b. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Paid-in Capital in Excess of Par Value for 45,000 c. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Retained Earnings for 45,000 d. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Gain on Sale of Stock for 45,000 e. None of the above
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 Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
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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Newly formed S&J Iron Corporation has 143,000 shares of $7 par common stock authorized. On March 1, Year 1, S&J Iron issued 12,000 shares of the stock for $10 per share. On May 2, the company issued an additional 23,500 shares for $22 per share. S&J Iron was not affected by other events during Year 1. Required a. Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. b. Determine the amount S&J Iron would report for common stock on the December 31, Year 1, balance sheet. c. Determine the amount S&J Iron would report for paid-in capital in excess of par. d. What is the total amount of capital contributed by the owners? e. What amount of total assets would S&J Iron report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A…
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Hh1.
Please answer A and B
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $28 per share. It sold 3,000 of the treasury shares at $31 per share on June 10. The remaining 2,000 shares were sold on November 10 for $24 per share. Question Content Area a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 Question Content Area b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10
Required information [The following information applies the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 400 shares of the company's own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. September 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends Therefore, the total amount of paid on treasury stock. paid is when treasury stock is purchased.

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