Using the following information, the journal entry to record the March5, 2016 transaction will be:January 1, Pacific Corporation reacquires 2,0002016:shares of its $10 par common stock for$44 per share.March 5,2016:A)B)CashCashCashCashPacific reissues 1,000 of the abovementioned shares for $50 per share.Treasury StockInvestment income ontreasury stockTreasury StockPaid in capital, treasurystockTreasury StockPaid in capital, treasurystockTreasury StockGain on sale of treasurystock50,00050,00050,00050,00044,0006,00010,00040,00044,0006,00044,0006,000

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

Answered: Using the following information, the…

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

1. Compute for the share capital to be reported in the 2020 Statement of Financial Position.2. Compute for the share premium related with the 2020 transactions.3. Determine the balance of the treasury shares for the year 2020.
Record Pasica Corporation’s following stock transactions, which represent all the company’s treasury stock transactions during 2014, using T accounts: May 5 Purchased 1,600 shares of its own $2 par value common stock for $40 per share, the current market price. 17 Sold 600 shares of treasury stock purchased on May 5 for $44 per share. 21 Sold 400 shares of treasury stock purchased on May 5 for $40 per share. 28 Sold the remaining 600 shares of treasury stock purchased on May 5 for $38 per share.
The Sirap Corp. issued 20000 shares of Common Stock $1 Par at $25 on 1/3/17. The following transactions occurred in 2018. Reacquired 2000 shares of Treasury Stock $40 per share. The Co, then sold 800 shares of the Treasury Stock at $50 per share. C) The Co. then sold 500 shares of the Treasury Stock at $36 per share. How do you Journalize the above 4 Transactions in good form?
can you fix the Additional Paid-in Capital-PS and treasure stocks?
Journalize transactions, post, and prepare a stockholders' equity section; calculate ratios. P11-2B The stockholders' equity accounts of Warden Corporation on January 1, 2014, were as follows. Preferred Stock (9%, $50 par cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (8,000 common shares) $ 200,000 1,000,000 16,000 1,400,000 1,716,000 20,000 (LO 2, 3, 5, 7, 8), AP GLS During 2014 the corporation had these transactions and events pertaining to its stock- holders' equity. Feb. Issued 20,000 shares of common stock for $160,000. Purchased 4,000 shares of common stock for the treasury at a cost of $16,000. Declared a 9% cash dividend on preferred stock, payable December 15. Declared a $0.30 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Nov. 10…
Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold for cash at par. The journal entry to record this transaction would O a. Debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. O b. Debit Paid-in capital $9,900, and credit Common stock $9,900 O c. Credit Cash $10,000 and debit Common stock $10,000 O d. Debit Cash $100 and credit Common stock $100.
Additional information for the year:1. Dividends declared and paid totaled $700.2. On January 1, 2020, convertible preferred stock that had originally been issued at par value was converted into 500 shares of common stock. The book value method was used to account for the conversion.3. Long-term nonmarketable investments that cost $1,600 were sold for $2,300.4. The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the year.5. Equipment with a cost of $2,000 and a book value of $300 was sold for $100. The company uses one Accumulated Depreciation account for all depreciable assets.6. Equipment was purchased at a cost of $16,200.7. The 12% bonds payable were issued on August 31, 2020, at 97. They mature on August 31, 2025. The company uses the straight-line method to amortize the discount.8. Taxable income was less than pretax accounting income, resulting in a $696 increase in deferred taxes payable. Required: Prepare the complete statement of cash…
(Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital in excess of par—common stock 300,000 Retained earnings 320,000 Total stockholders’ equity $720,000 During 2017, the following transactions occurred.Feb. 1 Clemson repurchased 2,000 shares of treasury stock at a price of $19 per share.Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share.Mar. 18 500 shares of treasury stock repurchased above were reissued at $14 per share.Apr. 22 600 shares of treasury stock repurchased above were reissued at $20 per share.Instructions(a) Prepare the journal entries to record the treasury stock transactions in 2017, assuming Clemson uses the cost method.(b) Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $130,000.
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. Requirements1. Journalize for FV:2. Declaring the cash dividends on December 15, 2012.3. Paying the cash dividends on January 4, 2013.
The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
Dillion Company is authorized to issue 1,000,000 shares of $40 par value common stock. By November 15, 2016, the company had issued 50,000 shares at $50 per share. On November 15, 2016, the company declared a 30% stock dividend when the market price was $52 per share. What amount is transferred from retained earnings to paid-in capital as a result of the stock dividend? A) $3,120,000 B) $ 600,000 C) $ 780,000 OD) $2,400,000
Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.

SEE MORE QUESTIONS

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