Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The journal entry to record the reissuance would include a credit to
Q: In the month of May, Fredricksburg Company Inc. wrote checks in the amount of $64,750. In June,…
A: Outstanding checks (May)=Checks written in May-Checks presented=$64,750-$59,276=$5,474
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: Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of…
A: Bank reconciliation is the process of comparing bank statement with books of records to detect…
Q: On July 1, Ayayai Corporation purchases 650 shares of its $5 par value common stock for the treasury…
A: Let's us know about the Treasury Stock & stockholders equity: Treasury stocks are the stocks…
Q: Treasury stock that had been purchased for $4,760 last month was reissued this month for $5,640. The…
A: Treasury stock: The shares which were reacquired or bought back by the company, but not formally…
Q: For the month of July, Adam Company had the following information: bank service charge for July,…
A: Deductions from cash book=Bank service charge+NSF check=P 16,500+P 40,000=P 56,500
Q: Foster Corporation issued 48,000 shares of $2 par value common stock in exchange for a building with…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: An invoice dated March 12 in the amount of $50,000 is received by Reliance Corporation on March 16.…
A: 3/10 indicates that if the payment is made within 10 days, then a cash discount of 3% is allowed.…
Q: Treasury stock that had been purchased for $4,506 last month was reissued this month for $5,127.…
A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…
Q: The Shoe Exchange issues 4,000 shares of its $1 par value common stock to provide funds for further…
A: Step 1: Journal entry:TransactionGeneral JournalDebit Credit1cash$72,000 Common stock $4,000…
Q: Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Securities…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…
A: Given, Par value = $100 Issue price = $1,000 Number of shares issued = 10
Q: Monty Inc. issues 4,550 shares of $100 par value preferred stock for cash at $140 per share.…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: On October 31, 2024, Crowe Company’s general ledger shows a cash account balance of $8,409. The…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: On July 1, Novak Corporation purchases 570 shares of its $5 par value common stock for the treasury…
A: The question is based on the concept of Financial Accounting. When the company buyback its own…
Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…
A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800
Q: On a typical day, a company writes 48 checks worth a total of $8,925 that clear in 3 days. The…
A: given, write check = $8925 clear days = 3 collects check = $9940 clear days = 2.5 days
Q: On November 1, Lee Corporation borrowed 10,000 by signing a six-month 5% bank loan payable. On this…
A: When a loan is borrowed which is a liability, Loan Payable A/c will be credited by the amount of the…
Q: On 2/1, Curly's Hair Supply purchased 11,000 shares of treasury stock at $4 per share. On 11/1,…
A: Treasury stock is stock repurchased by the issuer and intended for retirement or resale to the…
Q: On May 10, Whispering Winds Corporation issues 2,950 shares of $10 par value common stock for cash…
A: Face value of the share is the stock value given to the shares and printed in the share certificate.…
Q: On December 29, Adams Apples purchased 1,000 shares of General Electric common stock for $19,000 and…
A: As investment place in active trading account for immediate resale, therefore appropriate reporting…
Q: Presented below Is Information related to Scuba Dive Company. The balance according to the books at…
A: Introduction: Bank reconciliation statement: To reconcile the difference between bank book and pass…
Q: On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Ace Distributors has the following transactions related to notes receivable during the last month of…
A: Step 1:The required journal entries for the given transactions are presented hereunder: DateAccount…
Q: During its first year of operations, Wildhorse Corporation had the following transactions pertaining…
A: Issuance of Common Stock - Common Stock is a shares issued by the organization to raise fund for the…
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: Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Treasury stock that had been purchased for $4,166 last month was reissued this month for $5,455. The…
A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…
Q: On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The…
A: Bank reconcilation (Bank's Cash balance) As per bank statement 11727 Add: Deposits outstanding…
Q: Current Attempt in Progress Crane Company is planning to produce 1,400 units of product in 2022.…
A: Budgeted amount of direct material = Number of units planned to produce × Pounds required per unit ×…
Q: On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the following…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: On March 8, Blossom inc., a publicly traded company, issued 5,700 preferred shares for cash of $31…
A: March 8 - The Preferred Stock does not have a par value or stated value. In this case, we record the…
Q: On July 1, Martinez Corporation purchases 550 shares of its $5 par value common stock for the…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $33 per share. Later…
A: Stock repurchase, also known as buying back shares or repurchasing treasury stock, is when a company…
Q: What is the amount of outstanding checks at the end of November? At the end of December?
A: Outstanding checks: The checks which are written but not presented for the payment in the bank are…
Q: Southeast Bank invests in equity securities and prepares quarterly financial statements. At the…
A: Working: 1.) Unrealized gain on Investment in trading securities = [340 X ($38 - $34)] + [390 X ($42…
Q: Blue Spruce Inc. issues 5,050 shares of $100 par value preferred stock for cash at $150 per share.…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Fair Value…
A: Journal Entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: The following information is available about Friends Company: a) Friends Company borrowed cash from…
A: It is pertinent to note that for discounted note interest payment is made upfront on the date of…
Q: The following data relates to Trading Securities: Please Journalize all of the entries required for…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Treasury stock that had been purchased for $3,908 last month was reissued this month for $5,262. The journal entry to record the reissuance would include a credit to a.Paid-In Capital from Sale of Treasury Stock for $3,908 b.Paid-In Capital in Excess of Par - Common Stock for $3,908 c.Treasury Stock for $1,354 d.Paid-In Capital from Sale of Treasury Stock for $1,354Cadux Candy Company's income statement for the year ended December 31, 2024, reported interest expense of $3 million and income tax expense of $20 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the company's only noncurrent asset. Financial ratios for 2024 are listed below. Profitability and turnover ratios with balance sheet items in the denominator were calculated using year-end balances rather than averages. Debt to equity ratio Current ratio 0.8 2.0 Acid-test ratio 1.0 Times interest earned ratio 16 times Return on assets 20% Return on equity 36% Profit margin on sales 10% Gross profit margin (gross profit divided by net sales) 20% Inventory turnover 8 times Receivables turnover 21 times Required: Prepare a December 31, 2024, balance sheet for the Cadux Candy Company. Note: Enter your answers in millions. Round your intermediate calculations and final answer to the nearest whole million. CADUX…On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock what is the date ? what is the title and explantion ? Is it debit or credit ?
- First National Bank buys and sells securities. The company's fiscal year ends on December 31. The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. Required: How will each of these transactions affect the financial statements? bok nt Complete this question by entering your answers in the tabs below. December 20 December 28 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Revenues & Common Stock Retained Earnings >On a typical day, a company writes 85 checks worth a total of $10,800 that clear in 3.75 days. The company also collects 98 checks worth a total of $14,830 that clear in 3.25 days. Is this a collection or disbursement float? What is the float value?Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and check #601 for $420 were both outstanding. Also, a $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected a $5,000 notes receivable on August 1 that was issued March 1. Accrued interest is $250. Northern Regional Bank charged a $35 fee for the collection service. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Prepare a bank/account reconciliation and any necessary journal entries for the reconciliation
- 1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total bank credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount t P350,000. Deposit in transit at the beginning and end of the month tota P200,000 and P350,000, respectively. The bank also returned P30,00C which it incorrectly charged against the HIRO bank account during May What is the correct cash receipts amount for the month? * Your answerOn May 10, Pronghorn Corporation issues 2,700 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Creditabardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent annual rate of interest and matured on march 31, year 2. interest and principal were paid in cash on the maturity date. d. what total amount of cash was paid to the bank on march 31, year 2, for principle and interest? e. what amount of interest expense was reported on the year 2 income statement?
- Aggie Company received its bank statement for the month of January with an ending balance of $1,740.00. Aggie Company determined that check #3 for $155.00 and check #6 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. First Bank also collected a $5,000.00 notes receivable plus $250 of interest revenue. No interest revenue has been accrued on this note and First Bank charged a $35.00 fee for the collections. The bank statement showed a service charge of $40.00. A customer’s check for $48.00 was returned with the bank statement marked “NSF”. The ending balance of the cash account is $2,938.00. Complete a bank/account reconciliation and prepare any necessary journal entries for the reconciliation. Bank Bal. Company Bal. Adjusted Bank Bal Adjusted Company Bal.Please helpOn June 1, Bramble Inc. issues 3,600 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit
