Treasury Stock TransactionsBiscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $52per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 per share onNovember 30.a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank.May 14Sept. 6Nov. 3036b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?

Treasury stock refers to those stocks that a company bought back by the company from its…

Answered: Treasury Stock Transactions Biscayne…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Treasury Stock Transactions Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 14,000 shares of its common stock at $34 per share. On June 14, 8,800 of the reacquired shares were sold at $37 per share, and on November 23, 3,400 of the reacquired shares were sold at $39. a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank. Jan. 31 June. 14. Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $ c. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet?
Subject: acounting
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,800 shares of its common stock at $91 per share. On September 22, Mystic Lake sold 2,700 of the reacquired shares at $101 per share. The remaining 1,100 shares were sold at $86 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 UD b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Nov. 23 c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 400 shares of Tett Co. stock for $157 per share plus a $124 brokerage commission. May 16 Acquired 1,600 shares of Issacson Co. stock for $35 per share plus a $160 commission. July 14 Sold 200 shares of Tett Co. stock for $174 per share less a $113 brokerage commission. Aug. 12 Sold 600 shares of Issacson Co. stock for $28 per share less a $87 brokerage commission. Oct. 31 Received dividends of $0.42 per share on Tett Co. stock. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 Aug. 12
Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3, Hydro Clothing sold 48,000 of the reacquired shares at $9 per share. On November 14, Hydro Clothing sold the remaining shares at $5 per share.
Entries for stock dividends Zurich Corporation has 30,000 shares of $90 par common stock outstanding. On August 2, Zurich Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $136 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Entries for Stock Dividends Advanced Life Co. is an HMO for businesses in the Albuquerque area. The following account balances appear on the balance sheet of Advanced Life Co.: Common stock (600,000 shares authorized; 400,000 shares issued), $8 par, $3,200,000; Paid-in capital in excess of par-common stock, $800.000; and Retained earnings, $25,600,000. The board of directors declared a 2% stock dividend when the market price of the stock was $19 a share. Advanced Life Co. reported no income or loss for the current year. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. If an amount box does not require an entry, leave it blank. Retained Earnings Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock a2. Journalize the entry to record the issuance of the stock certificates. If an amount box does not require an entry, leave it blank. Stock Dividends Distributable Common Stock b. Determine the following…
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission. May 16 Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission. July 14 Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission. Aug. 12 Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.30 per share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Investments-Tett Co. Stock fill in the blank 2 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 May 16 Investments-Issacson Co. Stock fill…
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 500 shares of Tett Co.'s stock for $163 per share plus a $145 brokerage commission. May 16 Acquired 1,200 shares of Issacson Co.'s stock for $45 per share plus a $192 commission. July 14 Sold 200 shares of Tett Co. stock for $181 per share less a $118 brokerage commission. Aug. 12 Sold 400 shares of Issacson Co. stock for $36 per share less a $112 brokerage commission. Oct. 31 Received dividends of $0.42 per share on Tett Co. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 300 shares of Tett Co.'s stock was $163.49 per share. The fair value of the remaining 800 shares of Isaacson Co.'s stock was equal to its cost of $45.16 per share. Journalize the entries for these transactions. In your…
Treasury Stock Transactions Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 13,600 shares of its common stock at $44 per share. On June 14, 8,600 of the reacquired shares were sold at $47 per share, and on November 23, 3,300 of the reacquired shares were sold at $50. Question Content Area a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank. Jan. 31 June. 14 Nov. 23 Feedback Area Feedback Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 7b5b77fd706903b_1 c. What is the balance in Treasury Stock on December 31 of the current year?$fill in the blank 7b5b77fd706903b_3 d.…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS