Hever Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Hever Rainbow acquired 22,000 shares of common stock in the open market at a price of $18 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year Data table Stockholders' Equity Common stock, $2 par value, 495,000 shares authorized, 177,500 shares issued and outstanding $ 355,000 Additional paid-in capital in excess of par - common 887,500 Additional paid-in capital - retired shares Retained earnings 214,500 1,743,000 $ 3,200,000 Total stockholders' equity

Hever Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Hever Rainbow acquired 22,000 shares of common stock in the open market at a price of $18 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year Data table Stockholders' Equity Common stock, $2 par value, 495,000 shares authorized, 177,500 shares issued and outstanding $ 355,000 Additional paid-in capital in excess of par - common 887,500 Additional paid-in capital - retired shares Retained earnings 214,500 1,743,000 $ 3,200,000 Total stockholders' equity

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:...

See similar textbooks

Similar questions

Wyatt Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Wyatt Rainbow acquired 26,000 shares of common stock in the open market at a price of $19 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Common Stock Current Year 78,000 Additional Paid-in Capital in Excess of Par - Common Retained Earnings Additional Paid-in Capital - Retired Shares Cash Data table Stockholders' Equity Common stock, $3 par value, 626,500 shares authorized, 175,500 shares issued and outstanding $ 526,500 283,500 Additional paid-in capital in excess of par - common Additional paid-in capital - retired shares 702,000 283,500 494,000 988,000 Retained earnings $ 2,500,000 Total stockholders' equity
Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Stevie Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. Journal Entry Date Jun More info Jun Jul 19 11 Accounts *** Print Debit 19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. 3 Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash. Received inventory with a market value of $28,000 and equipment with market value of $11,000. Issued 3,000 shares of the $3 par common stock in exchange. Credit Done
The following transactions were taken from the records of Marimar Company for you to prepare a statement of changes in equity for the year ended December 31, 2019. After preparing the statement of changes in equity, provide a paragraph explaining the importance of providing this information to the varied users of financial statements. On January 1, 2019, Marimar company had 3,000,000 authorized ordinary shares of P5 par, of which 1,000,000 shares were issued and outstanding on that date. Account balances appear for the shareholders’ equity items of Marimar company on January 1, 2019:Ordinary share capital 5,000,000Share Premium 3,750,000Retained Earnings 1,625,000 The following transactions transpired during the year:January 6 Iissued at P54 per share, 50,000 shares of P50 par, 9% cumulative, convertible preference share capital. Marimar had 125,000 authorized preference shares. Feb. 3…
ore Info re info May 19 Jun. 3 Jun. 11 Issued 1,300 shares of $1 par value common stock for cash of $11.50 per share. Isssued 240 shares of $5, no-par preferred stock for $12,000 cash. Received equipment with a market value of $68,000 in exchange for 11,000 shares of the $1 par value common stock.
Record the appropriate journal entry to reflect the following: The investments that Veggies-R-Us. Inc. currently has in their investment account (current asset) represents investments that were purchased recently. Based upon stock market auotes obtained for December 31, 20XX, the market value of these investments = $112,000. (It is management's intent to actively manage these shares for profit.) You have been provided with the partial Trail Balance for this company below: Veggies-R-Us. Trial Balance (Partial) December 31, 20XX Cash $26,750 (Debit) Accounts Receivable $47,630 (Debit) Allowance for doubtful accounts $250 (Debit) Prepaid rent $1,680 (Debit) Supplies $8,700 (Debit) Investments $113,520 (Debit) Furniture $15,350 (Debit)
Subject - account Please help me. Thankyou.
Journalize the entries for these transactions. If required, round the final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.
can you please journalize the transactions and indicate the amount to be reported shares and for common shares at the end of the year
At the end of its frrst year of operations, Leo Company lists the following accounts and ending account balances related to stock transactions and dividends: On the basis of the preceding information, reconstruct all the journal entries that the company made to record the stock transactions, net income, and dividends. It may be helpful to begin by using T-accounts and entering the ending balances.
Prepare the journal entry. Post to the T account .
Can you please check my work
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)