National Insurance LLC repurchased 200 shares of its outstanding common stock for OMR 55 each on March 28, 2020. On 2020 March 28, the River Side LLC reacquired 200 shares of its outstanding common stock for OMR 55 each. a. Pass the necessary journal entries to record the said information. Dr. Treasury stock OMR 11,000 Cr. Share premium OMR 11,000 Dr. Cash OMR 11,000 Cr. Treasury stock 11,000 None of the listed choices Dr. Treasury stock OMR 11,000 Cr. Cash OMR 11,000

National Insurance LLC repurchased 200 shares of its outstanding common stock for OMR 55 each on March 28, 2020. On 2020 March 28, the River Side LLC reacquired 200 shares of its outstanding common stock for OMR 55 each. a. Pass the necessary journal entries to record the said information. Dr. Treasury stock OMR 11,000 Cr. Share premium OMR 11,000 Dr. Cash OMR 11,000 Cr. Treasury stock 11,000 None of the listed choices Dr. Treasury stock OMR 11,000 Cr. Cash OMR 11,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

See similar textbooks

Related questions

Q: how did u get that answer in the table? the present value? please solve

A: Here, First Cost is $8,914,223 Annual Operating Cost id 4281,740 Salvage Value at the end of 6 year…

Q: answer to h

A: Manufacturing overhead is the cost incurred by the company that is not directly involved in the…

Q: 8. If money is worth (.06, m = 4), find the present value of a perpetuity $1000, paid semi-annually,…

A: Present value of perpetuity is the value of an asset whose cash flow is received forever.

Q: How about the Question 3

A: The present value of growth opportunity is defined as the value of stock attributed to the earnings…

Q: supposed S= 9 + 9/1.07 + 9/1.07^2 + ...+ 9/1.07^961, Find Value of S. (please break down in step by…

A: This is a problem of finding the present value of $ 9 received for 962 periods (i.e. 1+961) periods…

Q: How to determine the appropriate signs (i.e., + or -) for the values of PV, FV, and PMT when…

A: Present Value is the value of an investment in present terms i.e. value today. Future Value is the…

Q: (d) On what basis should management select from these two methods to depreciate the machine? Justify…

A: The management should opt for reducing balance method of depreciation for the above scenario: This…

Q: Final T&SC PP = $ ? where answer for this.?

A: Final taxes and charges and service fess is the cost of the taxes and charges which has been charged…

Q: 3. [ True / False ] At any given time t, if r(t,T;) > r(t,T2) for T, <T2, there is always arbitrage…

A: False

Q: <Listen A Using the graph below, state the value of (a+b)(0). Two Polynomial Graphs A 9 2 10 b(x) 8…

A: Step 1: Step 2: Step 3: Step 4:

Q: Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost…

A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…

Q: D,E,F

A: This financial ratio known as return on assets (ROA) measures a company's profitability in relation…

Q: ne NPV of go ərket..(Do nc ID

A: Formula to calculate the NPV is: NPV = Cash flows/(1+i)^n - Initial investment

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Plz solve for A and B it’s timed!!

National Insurance LLC repurchased 200 shares of its outstanding common stock for OMR 55 each on March 28, 2020.
On 2020 March 28, the River Side LLC reacquired 200 shares of its outstanding common stock for OMR 55 each.
a. Pass the necessary journal entries to record the said information.
Dr. Treasury stock OMR 11,00 Cr. Share premium OMR 11,000
Dr. Cash OMR 11,000 Cr. Treasury stock 11,000
None of the listed choices
Dr. Treasury stock OMR 11,000 Cr. Cash OMR 11,000

Show the journal entries if the company reissued an additional 30 shares at OMR 52 per share on July 22, 2020.
Dr. Cash OMR 1,560 Cr. Treasury stock OMR 390 Dr. Share premium OMR 1,950
Dr. Cash OMR 1,560 Dr. Share premium OMR 390 Cr. Treasury stock OMR 1,950
Dr. Cash OMR 1,560 Cr. Treasury stock OMR 1,950 Dr. Retained earnings OMR 390
None of the listed choices

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?
Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Haley engaged in the following transactions involving its equity accounts: Sold 5,000 shares of common stock for $19 per share. Sold 1.200 shares of 12%, $50 par preferred stock at $75 per share. Declared and paid cash dividends of $22,000. Repurchased 1,000 shares of treasury stock (common) for $24 per share. Sold 300 of the treasury shares for $26 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $123,700. Prepare a statement of stockholders equity at December 31, 2020.
Trading Securities Pear Investments began operations in 2020 and invests in securities classified as trading securities. During 2020, it entered into the following trading security transactions: Purchased 20,000 shares of ABC common stock at $38 per share Purchased 32,000 shares of XYZ common stock at $17 per share At December 31, 2020, ABC common stock was trading at $39.50 per share and XYZ common stock was trading at $16.50 per share. Required: 1. Prepare the necessary adjusting entry to value the trading securities at fair market value. 2. CONCEPTUAL CONNECTION What is the income statement effect of this adjusting entry?
Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?
Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.
Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.