Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 550 shares of the company's own common stock at $35 cash per share; the stock is now held in treasury. July 15 Issued 175 of the shares purchased on February 1 for $45 cash per share. September 1 Issued 135 more of the shares purchased on February 1 for $30 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets = Liabilities + Stockholders' Equity February 1 Cash + Treasury Stock 19,250 7,875 = July 15 Cash + Treasury Stock July 15 + Additional Paid-In Capital, Treasury Stock September 1 Cash 4,050 = + Treasury Stock September 1 + Additional Paid-In Capital, Treasury Stock 19,250 6,125 1,750 4,725 (675)

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 450 shares of the company's own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. September 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts.
Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury. July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share. Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends paid on treasury stock.Therefore, the total amount of paid is hen treasury stock is purchased.
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required information [The following information applies the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 400 shares of the company's own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. September 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends Therefore, the total amount of paid on treasury stock. paid is when treasury stock is purchased.
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During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
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On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)