SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 V June 9 Cash 399,900 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300 of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock 606,800 V Cash 606,800 V June 9 Cash 399,900 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash 158,400 V Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help solve missing parts on equations
Transcribed Image Text:SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 14,800 shares of its common stock at $41 per share. On June 9, 9,300
of the reacquired shares were sold at $43 per share, and on November 13, 3,600 of the reacquired shares were sold at $44.
a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank.
Mar. 9
Treasury Stock
606,800 V
Cash
606,800
June 9
Cash
399,900
Treasury Stock
Paid-In Capital from Sale of Treasury Stock
Nov. 13 Cash
158,400
Treasury Stock - v
Paid-In Capital from Sale of Treasury Stock
Feedback
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
Credit
c. What is the balance in Treasury Stock on December 31 of the current year?
Debit
d. How will the balance in Treasury Stock be reported on the balance sheet?
Transcribed Image Text:Entries for Treasury Stock
On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $8 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $11 per share. On November
14, Kick Off sold the remaining shares at $6 per share.
Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank.
May 27 Treasury Stock
76,000 x
Cash
76,000
Aug. 3 Cash
594,000 V
Treasury Stock
54,000
Paid-In Capital from Sale of Treasury Stock
Nov. 14 Cash
132,000 V
Paid-In Capital from Sale of Treasury Stock
Treasury Stock
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