March 11: Sold 20 shares of treasury stock for $50 cash per share. This treasury stock was purchased in the transaction on January 25 for $62. Dr. [Select] [Select] Dr. [Select] [Select] Cr. [Select] [Select]

March 11: Sold 20 shares of treasury stock for $50 cash per share. This treasury stock was purchased in the transaction on January 25 for $62. Dr. [Select] [Select] Dr. [Select] [Select] Cr. [Select] [Select]

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Feb. 2 Purchased for cash 500 shares of Braxter Co. stock for $34 per share plus a $250 brokerage commission. Apr. 16 Received dividends of $0.35 per share on Braxter Co. stock. June 17 Sold 100 shares of Braxter Co. stock for $40 per share less a $100 brokerage commission. Required: Journalize the entries to record the above selected equity investment transactions completed by Flurry Company during the current year. Flurry’s purchase represents less than 20% of the total outstanding Braxter Co. stock. Refer to the Chart of Accounts for exact wording of account titles.
Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 50 shares of RPI stock for $15 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. Note: Enter debits before credits. Transaction General Journal Debit Credit a. ▸
On February 11, Year 1, an individual 100 shares of stock at $10 per share. On June 11, Year 2, the individual sold the same 100 shares at $7 per share. What is the character of gain or loss on the sale? $300 long-term capital gain. $300 long-term capital loss. $300 short-term capital gain. $300 short-term capital loss
Aug. 1 Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100. 1 Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted the equity method. Sept. 1 Received a cash dividend of $1 per share on the Dankin Corporation stock acquired on August 1. 1 Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1. Dec. 31 Sold 100 shares of the Dankin Corporation shares acquired on August 1 for $2,100. 31 Dankin Corporation reported net income of $30,000 and Ramon Company’s reported net income was $50,000. If an amount box does not require an entry, leave it blank. Aug. 1 fill in the blank 2 fill in the blank 4 Aug. 1 fill in the blank 6 fill in the blank 8 Sept. 1 fill in the blank 10 fill in the blank 12 Sept. 1 fill in the blank 14 fill in the blank 16 Dec. 31 fill in…
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Year 1 January 5 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,500,000. Kildaire declared and paid a cash dividend of $2.40 per share. October 23 December 31 Kildaire's net income for the year is $1,112, eee, and the fair value of its stock at December 31 is $34 per share. Year 2 No 1 October 15 Kildaire declared and paid a cash dividend of $3.30 per share. December 31 Kildaire's net income for the year is $1,166,00e, and the fair value of its stock at December 31 is $37 per share. Problem 15-6A (Algo) Accounting for long-term investments in stock without significant influence LO P4 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant Influence over the investee. 2 Year 3 Required: Prepare Journal entries to record the preceding transactions and events for Selk. January 2 Selk sold 2 % (equal to 1,000 shares) of its investment in Kildaire for $68,000 cash. Answer is not complete.…
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On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 per share. 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 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 DOL
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On April 2 a corporation purchased for cash 6,000 shares of its own $11 par common stock at $29 per share. It sold 4,000 of the treasury shares at $32 per share on June 10. The remaining 2,000 shares were sold on November 10 for $25 per share. 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 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 (Previous Next 3:26 PM a 53°F Sunny 12/14/2021 | 甲五 delete 144 0. 6. asned 1shift USE YOUR SMARTPHONE FOR
Foley Co. bought 50 shares of its stock for $8 per share to be held as Treasury Stock. Record this transaction. Edit View Insert Format Tools Table
On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 a share. It sold 3,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10 M Y ▼ ♥