On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per share. Starbar Corp. then reissued 500 of those shares for $11 per share on July 1. The required journal for July 1 includes what debit(s) and credit(s)? Assume no treasury stock transactions.

Q: On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3,…

A: Gain or loss on sale of Treasury stock is adjusted to Paid-in Capital from sale of Treasury stock

Q: On November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare the entries for the declaration and distribution of the stock dividend. Breconted in the…

A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…

Q: Pina Colada Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the…

A: The common shares refer to the shares issued to investors and business owners and the share is proof…

Q: Monty Inc. issues 4,550 shares of $100 par value preferred stock for cash at $140 per share.…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: During its first year of operations, Skysong Corporation had the following transactions pertaining…

A: Issuance of Common Stock -When the company issues shares to the ordinary shareholders, the amounts…

Q: Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and…

A: Dividend is amount of cash, shares and rewards that a company gives to its shareholders. A company's…

Q: Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100…

A: Shares repurchased=Number of shares×Per share=100×$40=$4,000

Q: On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Splish Brothers Inc. Issues 8,200 shares of $104 par value preferred stock for cash at $118 per…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On May 10, Martinez Corp. issues 1,800 shares of $4 par value common stock for cash at $15 per…

A: The details regarding transaction is given. Required  Journal Entry.

Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company…

A: Treasury stock is the stock of the entity which is repurchased by it from the market. It is done…

Q: Treasury stock that had been purchased for $4,166 last month was reissued this month for $5,455. The…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Dividends declared = Number of shares Outstanding ×Cash dividend per share  = 74000×$2 =$148,000

Q: Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $30 per share. Later…

A: When a company purchases its own stock, it is referred to as treasury stock. This repurchase can…

Q: On July 1, Martinez Corporation purchases 550 shares of its $5 par value common stock for the…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Elroy Corporation repurchased 2,100 shares of its own stock for $55 per share. The stock has a par…

A: The treasury stock includes the own shares of the company repurchased from the sharesholders. The…

Q: 1. Journalize the entry to record the January 6 issuance of common stock. If an amount box does not…

A: Journal is a book of original entry in which all the financial transactions of the business are…

Q: Treasury stock that had been purchased for $3,908 last month was reissued this month for $5,262. The…

A: Introduction: A journal entry is a record of a business deal in the accounting system of the…

Q: On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November…

A: Journal Entry :— It is act of recording transaction in books of account when transaction occurred.…

Q: Crane Corporation issued 250 shares of $10 par value common stock for $3,750. Prepare Crane’s…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: during the current period. June 12 Issued 82,500 shares of $1 par value common stock for cash of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: rior to June 30, a company has never had any treasury stock transactions. A company repurchased 100…

A: Treasury stock refers to shares of a company's own stock that it has repurchased or bought back from…

Q: Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the…

A: Solution: Journal entry : Date                                General Journal Debit $ Credit $…

Q: On June 1, Sage Hill Inc. Issues 2.500 shares of no-par common stock at a cash price of $7 per…

A: Lets understand the basics. As per balance sheet equation, total asset is always equal to total…

Q: i (Click the icon to view the transactions.) Requirements 1. Journalize these transactions.…

A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Q: Skylar Systems completed the following stock issuance transactions: i (Click the icon to view the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the…

A: S.No.      Particulars.           Debit($)     Credit($) A).           Cash.…

Q: (a) The stock had a par value of $5.25 per share and was issued for a total of $46,500. (b) The…

A: A journal entry is a record of a company's business activity that is retained in the company's…

Q: Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record…

A: Answer:-  Common stock meaning:- A security that symbolizes ownership in a firm is known as common…

Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…

A: Financial statements are the recording of business transactions in the various statements which are…

Q: A recent annual report for Malestrom Incorporated disclosed that the company declared and paid…

A: The dividend is a method of distributing profits among the shareholders. It can be distributed by…

Q: On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the…

A: Paid-in capital refers to the amount of money a company has acquired through the sale of shares to…

Q: Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a S2 per share cash…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Flounder Limited issued 1,930 common shares for $61,760. (a) Prepare Flounder's journal entry if the…

A: Common Stock (Credit): Represents the equity generated from the sale of the common shares. The total…

Q: On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share.…

A: Cash value will be = Number of shares * Cash price Cash value will be = 1,300 *8 Cash value will be…

Q: The equity accounts of Mandevilla Bhd. on January 1, 2021, were as follows. RM Share Capital…

A: Closing entry for net income is the journal entry passed at the end of the reporting period to…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.