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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 87,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings. Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 870,000 291,000 984,000 $ 2,145,000

On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 87,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings. Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 870,000 291,000 984,000 $ 2,145,000

FINANCIAL ACCOUNTING
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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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 87,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 870,000 291,000 984,000 $ 2,145,000
Transcribed Image Text:On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 87,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 870,000 291,000 984,000 $ 2,145,000
Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity $ 0 0
Transcribed Image Text:Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $35 cash per share. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity $ 0 0
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