Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was $25. The entry to record the sale will include a A) debit to Paid-in Capital in Excess of Par for $3100. B) credit to Treasury Stock for $10850. C) credit to Gain on Sale of Treasury Stock for $7750. D) credit to Paid-in Capital from Treasury Stock for $3100.

Q: January 10, 2022, Michael Roberts Design Services purchased treasury stock at a cost of $24 million.…

A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Q: Oriole Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump…

A: Common stock and Preference stock are two types of stock or shares that is being issued by the…

Q: Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: On February 22, Stewart Corporation acquired 6,000 shares of the 210,000 outstanding shares of…

A: Common stock investing is an important way for individuals and organizations to invest in a company…

Q: On June 8, Cullumber Ltd. was incorporated and issued 31,800 common shares for $318,000. On August…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: A company issues  1 million shares of common stock with a par value of $0.18 for $16.60 a share. The…

A: Issue share capital at a premium: The journal entry for the issue of the share capital at a premium…

Q: On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November…

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

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

Q: Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is…

A: The objective of the question is to determine the correct accounting entry for Jarvis Corporation's…

Q: Advance Medical Imaging, Inc. reacquired 2,000 shares of its $5 par common stock at $15 a share. The…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The following picture is correctly prepared entries without explanations that pertain to Corners…

A: Treasury stock represent purchase of own stock by a company. The shares so acquire may be reissued…

Q: Blue Spruce Inc.'s $10 par value common stock is actively traded at a market price of $16 per share.…

A: Common stock is a type of tradeable assets, or security, that equates to ownership in  company.Per…

Q: Baur Company acquired 20,000 ordinary shares on October 1 for P1,344,000 to be held for trading. On…

A: Purchase of Shares= 20000  Price paid for the shares= P1344000 Therefore, Price paid for each share=…

Q: Culver Inc.’s $10 par value common stock is actively traded at a market price of $16 per share.…

A: Value of Land = No. of shares issued x  market price per share = 6,000 shares x $16 per share =…

Q: A corporation originally issued $6 par value common stock for $11 per share. It purchased the stock…

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

Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

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: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…

A: Given information is: Long Co. issued 100,000 shares of  P10 par ordinary shares  for P1,200,000.…

Q: Emma Consulting had previously purchased 2,439 shares of treasury stock for $8 per share.  Emma then…

A: Solution: Cost of treasury stock sold = 935*$8 = $7,480

Q: The original sale of the $50 par value common shares of Blue Company was recorded as follows: Cash…

A: The treasury stock transactions under the cost method are shown below:

Q: Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction…

A: Common stock can be issued at more price than the par value of the shares. The premium on in excess…

Q: Centex, Inc. issued 47,000 shares of its $1 par value common stock for $30 per share. The journal…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock…

A: Journal entries are the primary means of recording transactions in the accounting system. They…

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: Ayayai Corporation purchased 300 common shares of Sigma Inc. for trading purposes for $9,300 on…

A: Purchases of 300 shares for $9300 i.e.$31per share

Q: 20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On…

A: Treasury stocks are issued when a company repurchases /buyback it's own shares.  When a company…

Q: Badger Corporation issued 5,000 shares of its $5 par value common stock in payment for attorney…

A: The journal entries are prepared to record the transactions on regular basis. The shares issued at…

Q: The securities owned by Miratloces Company were held as a long-term investment. During the current…

A: S.No Particulars Amount in Dr. Amount in Cr. 1-Jan     Investment in ABC company A/c    To Bank…

Q: A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to…

A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…

Q: Iris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The…

A: If an investment is purchased then there are two methods to record the investments namely, the cost…

Q: Segmental Manufacturing owns 35% of Glesson Corporation stock. Glesson pays a total of $47,000 in…

A: Introduction:-. Journal entry used to record business transactions. Dividend income means any…

Q: Received interest of $6,000 from the Solstice Corp. investment in (f). Description Debit Sold…

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

Q: Sheridan Roofing Company originally issued 7800 shares of $10 par value common stock for $234000…

A: Treasury stock is reacquired shares by the company. The required share can be the issued in future.…

Q: ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal,…

A: The answer is as fallows

Q: Q9: Kato Manufacturing issued 45,000 shares of common stock in exchange for land with a fair market…

A:

Q: Alma Corp. issues 2,150 shares of $9 par common stock at $15 per share. When the transaction is…

A: When the share is issued at an excess price than a par value of a share, it is recorded to the…

Q: The market price of a share of common stock at the time of issuance was $18.00, while the market…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: WW Corp. resells 500 shares of its own common stock for $22 per share. WW had acquired these shares…

A: When a company issue shares in the market and due to any reasons company has the option to…

Q: Prepare the journal entry required on 17 March 20X6 by Thanushan: Prepare the journal entry required…

A: When a company purchase stocks of other company that represents 20%-50% of total stockholding of…

Q: Baur Company acquired 20,000 ordinary shares on October 1 for P1,344,000 to be held for trading. On…

A: Stock: Stock is a share that describes the ownership of an individual in the corporation. These…

Q: Seawall Corporation purchased 3,600 shares of its own $1.10 par value common stock for $125,000. As…

A: Share buyback refers to the corporate action in which the company decides to buy its own shares back…

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: Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00…

A: The asset shall be recorded at fair value of the asset itself or fair value of the shares, whichever…

Q: Coronado Industries has issued 1,500 shares of common stock and 300 shares of preferred stock for a…

A: The issue price of the stock could be issued at par, premium or discount. If the proceed from…

Q: Bonita Corporation began business by issuing 633600 shares of $5 par value common stock for $30 per…

A: A balance sheet depicts a company's assets, liabilities, and shareholder's equity at a given point…

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: Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

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.