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 pershare; 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 pershare.3. What impact does the purchase of treasury stock have on dividends paid?Dividendspaid on treasury stock.Therefore, the total amount ofpaid ishen treasury stock is purchased.

Showing the effect of each transactions on the accounting equations. We have,

Answered: Required information [The following…

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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The charter of a corporation provides for the issuance of 114,964 shares of common stock. Assume that 44,309 shares were originally issued and 3,848 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared?
0 Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 350 shares of RPI stock for $32 per share. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each transaction. k Assets Liabilities + a. 8 CO M I K ( 9 ; I option { [ ? I Equity + 11 "1 C } ] Save & Ext Check delete
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity
D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
On June 5, Belen Corporation reacquired 3,300 shares of its own common stock at $45 per share. On July 15, Belen sold 2,000 of the reacquired shares at $48 per share. On August 30, Belen sold the remaining shares at $42 per share. Journalize the transactions of June 5, July 15, and August 30. Refer to the Chart of Accounts for exact wording of account titles.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Jun. 10 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Aug. 3 fill in the blank fill in the blank fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank ________shares
Prepare journal entries to record the following investment-related transactions of a company for its first year of operations: On May 4, the company purchased 600 shares of Orbital Company Stock at $140 per share as a short-term investment in an available-for-sale security. On July 1, received a $2.50 per share cash dividend on the Orbital Company stock purchased in transaction (a). On September 15, sold 250 shares of Orbital Company stock purchased in transaction (a) for $85 per share On October 15, sold 100 shares of Orbital Company stock purchased in transaction (a) for $185 per share
On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 General Journal Debit Credit <
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Please answer A and B
On January 1, Vermont Corporation had 36,300 shares of $9 par common stock issued and outstanding. All 36,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $21 per share on March 1. The entry to journalize the purchase of the treasury shares on February 1 would include a O a. debit to a loss account for $5,000. b. credit to Treasury Stock for $27,000. c. credit to a gain account for $5,000. d. debit to Treasury Stock for $27,000.

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