Please do not give solution in image format thanku Vaughn Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for theamounts.)(a)(b)(c)$2,900,0001,040,000730,000(b)No. Account Titles and Explanation(c)Bought 7,800 shares of its common stock at $30 a share.Sold 4,100 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.DebitCredit

Treasury stocks are repurchased shares of the company. The company has the power to reissue these…

Answered: Vaughn Company's balance sheet shows:…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Sheffield Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 670 shares of treasury stock at $18 per share) Debit 204,000 600,000 12,000 12,060 Credit 204,000 600,000 12,000 6,700 5,360
converted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media
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The following items are reported on a company's balance sheet: $212,700 90,200 252,800 196,700 278,400 Cash Marketable securities Accounts receivable Inventory Accounts payable Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
In January 2022, the management of Blossom Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 1 Oct. 1 Purchased 700 shares of Muninger common stock for $35,000. Purchased 900 shares of Tatman common stock for $22.500. Purchased 60 of $1,000,8% Yoakem bonds for $60,000. Interest is payable semiannually on April 1 and October 1. Received a cash dividend of $0.70 per share on the Muninger common stock. Sold 233 shares of Muninger common stock at $65 per share. Received a $2 per share cash dividend on the Tatman common stock. Received the semiannual interest on the Yoakem bonds. Sold the Yoakem bonds for $58,000. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Blossom Company provide less than a 20% ownership interest.
A company has the following account balances. Which statement is correct concerning these balances? Beginning Ending Balance. Balance $ 16,400 Account Accounts receivable Accounts payable Inventory Long-term debt Common stock Multiple Choice 20,300 63,600 127,500 125,800 212,400 215,900 Accounts receivable is a $1,400 source of cash. $ 17,800 24,400 60,100 O Common stock is a $3.500 source of cash. Net working capital, excluding cash, is a $6,100 use of cash.
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C
Consider the following accounts: aClick the icon to view the accounts.) Identify the financial statement (or statements) that each account would appear on. Use I for Income Statement, OE for Statement of Owner's Equity, B for Balance Sheet, and C for Statement of Cash Flows. (If an input field is not used in the table leave the input field empty; do not select a label.) Financial statement(s) account appears on Accounts Payable а. b. Cash c. Owner, Capital d. Accounts Receivable e. Rent Expense f. Service Revenue g. Office Supplies h. Owner, Withdrawals i. Land j. Salaries Expense
Use the information given to fill out the missing boxes correctly
View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for the month of March 2020. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,460 6,860 5,900 58,280 Rent expense Sales discounts Sales returns and allowances Sales revenue $30,380 Blue Spruce Corp. Income Statement 7,680 13,120 393,970 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a n e.g.-45 or parentheses e.g. (45).)
Fill in the Balance Sheet. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Sales $6544 Total Assets Turnover Current Ratio Quick Ratio 0.36 Current Liabilities to Stockholders Equity Average Collection Period (Use End of Year 10 0.8 AR) Total Debt Ratio Cash Accounts Receivables Inventory Assets Total Current Asset Total Net Fixed Assets Total Assets 000 4.6 3.7 3 1422.61 Balance Sheet Liabilities & Equity Accounts Payable Total Current Liabilities Long-Term Debt Total Liabilities Total Shareholders Equity Total Liabilities and Equity 102.43 1035.66 1138.09 284.52

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