Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock for $275,600. It later resold 1,900 shares for $55 per share, then 1,900 more shares for $50 per share, and finally 1,500 shares for $44 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock

Q: provide detailed solution..

A: The corporation purchased 6,000 shares of its own stock at $27 per share. To calculate the total…

Q: Account Titles and Explanation Debit Credit Choose a transaction date…

A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms.…

Q: On January 23, 16,000 shares of Tolle Company are acquired at a price of $24 per share plus a $160…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: recording of journal entry of above transaction are as follows

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A:

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

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

Q: Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock…

A: >Treasury stock are the shares that have been purchased by the original issuing company from its…

Q: Indicate the effect each of the three transactions has on the financial statement categories listed…

A: Double entry system: In accounting every entry has dual effect, that means, if some entry is passed…

Q: e entries

A: a. Date Account titles and explanation Debit Credit Apr. 2 Treasury stock(7000 * $26) $182,000…

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A: Treasury stock means the stock in which the company purchases its own stock from the market. The…

Q: On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a…

A: 1. CALCULATION FOR PURCHASE OF INVESTMENT : = (2,600 X $48) + $130  = $124,930   2. CALCULATION OF…

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price…

A: To create a journal entry, you enter transaction details into ones company's books. Your journal…

Q: Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock…

A: When the shares are bought back from the existing shareholders they are referred to as treasury…

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: Prepare journal entries to record the following selected transactions. January 10 Issued 121,000…

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

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A: Stock repurchase, also known as buying back shares or repurchasing treasury stock, is when a company…

Q: Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid…

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

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

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A: The journal entry is the format under which the business entity identifies, evaluates, and analyses…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

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: Rodriguez Corporation issues 19,000 shares of its common stock for $125,800 cash on February 20.…

A: A par stock is a stock that has a par value that determines the minimum capital amount. A no-par…

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: Elroy Corporation repurchased 3,300 shares of its own stock for $55 per share. The stock has a par…

A: Solution Given Number of repurchased shares 3300 Repurchase price $55 Number of…

Q: Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000…

A: Preferred stock are those shares who enjoys the priority over annual dividends payment and payment…

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Q: On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November…

A: Buy back of share means buying our own share from the open marked, these share are technically…

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A: An audit trail that may be examined during internal or external audits is created when treasury…

Q: On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145…

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A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

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Q: On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November…

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A: Shares are a mean of raising capital from the shareholders. Shares can be ordinary shares or…

Q: On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per…

A: Apr, 2 Treasury Stock $196,000               Cash   $196,000

Q: Prepare the appropriate general journal entries for the following treasury stock transactions of…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share.…

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

Q: On April 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $27 a…

A: Treasury stock are the shares bought back by the company and are shown as deduction from the…

Q: On July 1, Pina Colada Corp. purchases 610 shares of its $5 par value common stock for the treasury…

A:

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.