In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 61,000 shares at $11.10. 17: Sold 11, 000 shares at $13.55. 17: Sold 16, 000 shares at $7.55. March May Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Required: Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 61,000 shares at $11.10. 17: Sold 11, 000 shares at $13.55. 17: Sold 16, 000 shares at $7.55. March May Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Required: Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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The following transactions occurred for Rothman Corp. during 2024, its first quarter of operations (fiscal year ending Dec. 31): 1. 2. On Oct. 5, Rothman issued 2000 shares of $10 par common stock in an IPO and 400 shares of $40 par preferred stock for a lump sum of $85,000 cash. The values of the common and preferred stock were appraised separately at $30 and $50 per share, respectively. On Oct. 20, Rothman declared an 80% common stock dividend, when the market value per share of the common stock was $32. 3. On Dec. 5, the common stock dividend was issued. 4. On Dec. 20, a 3-for-1 stock split occurred for common stock. 5. On Dec. 30, Rothman purchased 100 shares of its own common stock for $14 per share. Instructions: A. Prepare the general journal entries to record each of the above transactions. B. Determine the number of common shares (1) issued and (2) outstanding at Dec. 31, 2024.
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During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: 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 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding. During the year, engaged in the following transactions related to its common stock: march 1 issued 50,000 shares of stock at $24 per share. June 1 issued a 10% stock dividend. July 1 issue 12,000 shares of stock at $29 per share. August 31 issued a two for one stock split on outstanding shares, reducing the par value to five dollars per share. October 31 required 100,000 shares is treasury stock at a cost of $32 per share. November 30 re-issued 42,000 in treasury shares at a price of $35 per share determine the weighted average number of shares outstanding for computing The current earnings per share. Shares? determine the number of common shares outstanding at December 31, 2019. Shares?
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