Swifty Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Swifty reacquired 190 shares at$79 per share. On November 1, Swifty reissued the 140 shares at $70 per share. Swifty had no previous treasury stock transactions.Prepare Swifty's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)Date8/1/2511/1/25Account Titles and ExplanationTreasury StockCashCashPaid-in Capital from Treasury StockTreasury StockDebit1501098001005210Credit1501015010

Treasury Stock is an own share purchased by the organization from the open market. They can either…

Answered: Swifty Corporation has outstanding…

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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Freebird Inc. had a net income of $387,400 for the year ended August 31, 2019. The company does not have any preferred stock and has 127,000 shares of common stock outstanding for the entire year. During the year, they paid out $50,600 in dividends. Assume the market price of each common share at the company’s year end is $11 per share. Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.a) Calculate earnings per share.Earnings per share = $Answer b) Calculate the dividend yield.Dividend Yield = Answer %c) Calculate the price earnings ratio.Price Earnings Ratio
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On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter o for the amounts.)
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Kingbird Corporation has outstanding 21,000 shares of $5 par value common stock. On August 1, 2025, Kingbird reacquired 210 shares at $87 per share. On November 1, Kingbird reissued the 160 shares at $75 per share. Kingbird had no previous treasury stock transactions. Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Debit Treasury Stock Date 8/1/25 11/1/25 Cash Cash Retained Earnings Treasury Stock 18270 1000 18270 6270 Credit 18271 1200X
Flounder Limited issued 1,930 common shares for $61,760. (a) Prepare Flounder's journal entry if the shares have no par value. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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Gibson Corporation’s balance sheet indicates that the company has $580,000 invested in operating assets. During the year, Gibson earned operating income of $67,280 on $1,160,000 of sales. Required Compute Gibson’s profit margin for the year. Compute Gibson’s turnover for the year. Compute Gibson’s return on investment for the year. Recompute Gibson’s ROI under each of the following independent assumptions:(1) Sales increase from $1,160,000 to $1,392,000, thereby resulting in an increase in operating income from $67,280 to $76,560.(2) Sales remain constant, but Gibson reduces expenses, resulting in an increase in operating income from $67,280 to $69,600.(3) Gibson is able to reduce its invested capital from $580,000 to $464,000 without affecting operating income.
Riverbed Inc's $10 par value common stock is actively traded at a market price of $16 per share. Riverbed issues 6,000 shares to purchase land advertised for sale at $77,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
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