Treasury Stock TransactionsSprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.On March 9 of the current year, SprayCo reacquired 10,400 shares of its common stock at $33 pershare. On June 9, 6,600 of the reacquired shares were sold at $35 per share, and on November 13,2,500 of the reacquired shares were sold at $38.a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does notrequire an entry, leave it blank.Mar. 9June 9Nov. 13b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of thecurrent year?%24 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of thecurrent 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?

a) When treasury stock is reissued at price more than cost, then premium is credited to paid-in…

Answered: Treasury Stock Transactions SprayCo…

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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Subject : Accounting
Required Information Williamson Corporation's Board authorized 81,000 shares of common stock with $3 par value. During the first year, Williamson: a. Sold 59,000 shares of common stock for cash at $44 per share. b. Repurchased 6,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Vww transaction lat Journal entry worksheet 2 Sold 59,000 shares of common stock for cash at $44 per share. Note: Enter debts before ads Transaction Macord entry General Journal Clear entry Debit Credit View general journal
Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 17,200 shares of its common stock at $43 per share. On June 9, 10,800 of the reacquired shares were sold at $46 per share, and on November 13, 4,100 of the reacquired shares were sold at $46. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 - Select - - Select - - Select - - Select - June 9 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 13 - Select - - Select - - Select - - Select - - Select - - Select - b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank f49e5d019fce04b_1 c. What is the balance in Treasury Stock on December 31 of the current year?$fill…
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 17,000 shares of its common stock at $26 per share. On June 14, 10,700 of the reacquired shares were sold at $28 per share, and on November 23, 4,100 of the reacquired shares were sold at $29. Question Content Area a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank. Jan. 31 - Select - - Select - - Select - - Select - June. 14 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 23 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 7d4c5e016fddfda_1 c. What is…
Accounting for Shares Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019.
Treasury Stock On February 28, 2020 Clock Clocky Corporation issued 150,000 shares of $10.00 Par Value stock for $12.00 per share. On April 15, 2020 Clock Clocky purchased 60% of the shares from shareholders at $8.00 each to hold as treasury stock. On November 25, 2020, Clock Clocky reissued the shares held in treasury at $12.00 per share. Instruction:- Record all transactions using the (i) Cost Method, and (ii) Par Value Method.
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
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
The shareholders' equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $5 cumulative preferred shares (18,000 issued) Common shares (460,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: 2020 June 1 July 1 Sept. 30 2021 Jan Mar. 31 31 $1,440,000 4,600,000 1,600,000 $7,640,000 Reacquired 12.000 common shares for $11 per share. Issued 51,000 common shares for $12 per share. Reacquired 8,000 common shares for $11.50 per share. Issued 54,000 common shares in exchange for land. The land's fair value was $648,000. Profit for the year ended March 31, 2021, was $1,025,000.
Cash Dividends Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019, Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.
Entries for Selected Corporate Transactions Bacalso Enterprises, Inc. manufactures bathroom fixtures. The shareholders' equity accounts with balances as of Jan. 1, 2018 are as follows: Ordinary Shares, P25 stated value, 100,000 shares authorized, 50,000 shares issued P1,250,000 250,000 150,000 80,000 725,000 80,000 Share Premium Appropriation for Plant Expansion Appropriation for Treasury Stock Retained Earnings Treasury Stock, 2,500 shares, at cost The following selected transactions occurred during the year: Received donated land with a fair market value of P100,000, Paid cash dividends of P1 per share on the ordinary shares. The dividend had been properly recorded when declared on Dec. 30 of the preceding fiscal year for P47,500. Sold all of the treasury stock for P95,000. Issued 6,000 ordinary shares for P240,000. Declared a 2% share dividend on ordinary shares, to be capitalized at the market price of the stock, which is P40 a share. Issued the certificates for the dividend…

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