Question:Stock transactions for Careful Driving School, Inc:March 4May 22Sep. 22Oct. 14Issued 22,000 shares of $1 par value common stock at$18 per share.Purchased 1,400 shares of treasury stock-common at$11 per share.Sold 500 shares of treasury stock-common at $24 pershare.Sold 900 shares of treasury stock-common at $9 pershare.Journalize the transactions. Computer Graphics has announced a rightsoffering for its shareholders. Carol Stevens owns 1,400 shares ofComputer Graphics stock. Four rights plus $54 cash are needed to buyone of the new shares. The stock is currently selling for $66 rights-on.How many of the new shares could Carol buy if she exercised all herrights? How much cash would this require?

The journal entries and the amounts, mentioned in the answer, are recorded in the accounts, such as…

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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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Stock Investment Transactions On September 12, 3,300 shares of Aspen Company are acquired at a price of $65.00 per share plus a $165 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 1,320.00 shares of the Aspen Company stock were sold for $59 per share less a $66 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Oct. 15 Nov. 10
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 fill in the blank a5807602402bfa1_2 fill in the blank a5807602402bfa1_4 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 fill in the blank 2f1ded0c8043f90_2 fill in the blank 2f1ded0c8043f90_3 fill in the blank 2f1ded0c8043f90_5 fill in the blank 2f1ded0c8043f90_6 fill in the blank 2f1ded0c8043f90_8 fill in the blank 2f1ded0c8043f90_9 Nov. 10 fill in the blank 2f1ded0c8043f90_11 fill in the blank 2f1ded0c8043f90_12 fill in the blank 2f1ded0c8043f90_14 fill in the blank 2f1ded0c8043f90_15 fill in the blank…
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January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79 per share.March 5: Walgreens reissues 1,200 of the above-mentioned shares for $90 per share. Using the above information, the journal entry to record the March 5th transaction will be: Select one: a. Debit Credit Cash 108,000 Treasury Stock 108,000 b. Debit Credit Cash 108,000 Treasury Stock 94,800 APIC – TS 13,200 c. Debit Credit Cash 108,000 Treasury Stock 21,600 APIC – TS 86,400 d. Debit Credit Cash 108,000 Treasury Stock 94,800 Gain on Sale of TS 13,200 e. Debit Credit Cash 108,000 Treasury Stock 94,800 Investment Income 13,200
Journalizing issuance of stock and preparing the stockholders’ equity section of the balance sheet The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. During its start-up phase, ASAP- TV completed the following transactions: Requirements Record the transactions in the general journal. Prepare the stockholders’ equity section of the ASARTV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month.
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Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $55 par and 400,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 130,000 shares of common stock at par for cash. July. 1 July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 20,000 shares of preferred stock at…
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Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $70 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $78 per share. The remaining 1,800 shares were sold at $67 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
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