FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
4th Edition
ISBN: 9781259934773
Author: SPICELAND
Publisher: MCG
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Chapter 10, Problem 10.9BE
To determine
To record: The reissuance of
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The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75. The company decides to sell 5,000 of the treasury stock shares on April 30 for $9.00 per share. What is the amount of the gain recognized as a result of the transaction?
Group of answer choices
A)$40,000
b)$0
c)$45,000
d)$1,250
e)None of the above
California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the company
decides to repurchase 100 shares at a cost of $38 per share.
Determine the financial statement effects of the transaction if California Surf resells the 100 shares of treasury stock at $35 per share.
Note: Amounts to be deducted should be indicated by a minus sign. If there are no effects for a particular transaction/event,
select "There are no financial statement effects" in the first account field.
Assets
Revenues
Liabilities
Income Statement
Expenses
Balance Sheet
Contributed Capital
Net Income
Stockholders' Equity
Retained Earnings
Treasur
Stock
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Oregon Outfitters issues 1,700 shares of $1 par value common stock at $19 per share. Later in the year, the company decides to
purchase 160 shares at a cost of $18 per share. (1) Record the original issue of the 1,700 shares, (2) Record the purchase of 160 shares,
and (3) Record the entry if Oregon Outfitters resells the 160 shares of treasury stock at $27 per share. (If no entry is required for a
particular transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Chapter 10 Solutions
FINANCIAL ACCOUNTINGLL W/CONNECT >IC<
Ch. 10 - Corporations typically do not first raise capital...Ch. 10 - What is the difference between a public and a...Ch. 10 - Prob. 3RQCh. 10 - Which form of business organization is most...Ch. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - 7.Explain the difference between authorized,...Ch. 10 - Prob. 8RQCh. 10 - Prob. 9RQCh. 10 - What are the three potential features of preferred...
Ch. 10 - Prob. 11RQCh. 10 - Prob. 12RQCh. 10 - How is the accounting for a repurchase of a...Ch. 10 - Prob. 14RQCh. 10 - Prob. 15RQCh. 10 - Prob. 16RQCh. 10 - Prob. 17RQCh. 10 - 18.What happens to the par value, the shares...Ch. 10 - Prob. 19RQCh. 10 - Prob. 20RQCh. 10 - Prob. 21RQCh. 10 - Prob. 22RQCh. 10 - Prob. 23RQCh. 10 - Prob. 10.1BECh. 10 - Prob. 10.2BECh. 10 - Record issuance of common stock (LO102) Western...Ch. 10 - Prob. 10.4BECh. 10 - Prob. 10.5BECh. 10 - Recognize preferred stock features (LO103) Match...Ch. 10 - Determine the amount of preferred Stock dividends...Ch. 10 - Prob. 10.8BECh. 10 - Prob. 10.9BECh. 10 - Record cash dividends (LO105) Divine Apparel has...Ch. 10 - Prob. 10.11BECh. 10 - Prob. 10.12BECh. 10 - Indicate effects on total stockholders equity...Ch. 10 - Prepare the stockholders equity section (LO107)...Ch. 10 - Prob. 10.15BECh. 10 - Prob. 10.1ECh. 10 - Prob. 10.2ECh. 10 - Prob. 10.3ECh. 10 - Prob. 10.4ECh. 10 - Record common stock, preferred stock, and dividend...Ch. 10 - Prob. 10.6ECh. 10 - Prob. 10.7ECh. 10 - Record cash dividends (LO105) On March 15,...Ch. 10 - Prob. 10.9ECh. 10 - Record stock dividends and stock splits (LO106) On...Ch. 10 - Prob. 10.11ECh. 10 - Prob. 10.12ECh. 10 - Indicate effects on total stockholders equity...Ch. 10 - Prob. 10.14ECh. 10 - Prob. 10.15ECh. 10 - Calculate and analyze ratios (LO108) Financial...Ch. 10 - (LO 102, 104, 105, 108) On January 1, 2018, the...Ch. 10 - Prob. 10.1APCh. 10 - Prob. 10.2APCh. 10 - Indicate effect of stock dividends and stock...Ch. 10 - Prob. 10.4APCh. 10 - Understand stockholders equity and the statement...Ch. 10 - Record equity transactions and prepare the...Ch. 10 - Prob. 10.7APCh. 10 - Match terms with their definitions (LO101 to 108)...Ch. 10 - Record equity transactions and indicate the effect...Ch. 10 - Prob. 10.3BPCh. 10 - Prob. 10.4BPCh. 10 - Prob. 10.5BPCh. 10 - Record equity transactions and prepare the...Ch. 10 - Prob. 10.7BPCh. 10 - Prob. 10.1APCPCh. 10 - Financial Analysis American Eagle Outfitters, Inc....Ch. 10 - Prob. 10.3APFACh. 10 - Comparative Analysis Buckle American Eagle...Ch. 10 - Ethics Put yourself in the shoes of a company...Ch. 10 - Written Communication Preferred stock has...Ch. 10 - Earnings Management Renegade Clothing is...
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Similar questions
- California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 100 shares at a cost of $23 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $25 per share. Record the sale of treasury stock.arrow_forwardQuestion 1.) 10.000 non-par value share were issued at P4. The journal entry includes a credit of? A. APIC P4000 B. Share Capital P40.000 C. Share Capital P10.000 D. Cash P40.000 Question 2.) When Marlou Corp. was formed on January 2020, the corporate charter provided for 100,000 share of P10 par Value stock. The corporation issues 9,000 shares at a price of P23 per share. The entry to record the above transaction would include a? A. credit Additional paid in capital for P117,000 B. credit Share Capital for P207.000 C. debit Share Capital for P90,000 D. debit Cash for P90.000 Question 3.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share. The journal entry to record the stock issuance would include a credit to Additional Paid in Capital of? A. P45,000 B. P25.000 C. P20,000 D. P5.000 Question 4.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share . The journal entry to…arrow_forwardOn March 22, 2023, Amelia, Inc., purchased 500 shares of its own common stock in the market for $21 per share. On May 19, 2023, the company sold 300 of these shares in the open market at a price of $24 per share. Required: Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.'s financial statements of: a). The purchase of the treasury stock on March 22, 2023. The sale of the treasury stock on May 19, 2023. b).arrow_forward
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- ATC Company issued all of its outstanding shares for P150 in 2008. On January 10, 2009, ATC acquired 100,000 treasury shares at P120 per share. ATC reissued 50,000 treasury shares for P7,500,000 on June 30, 2010 and retired the rest on December 31, 2010. ATC’s equity accounts as at December 31, 2009 follow: Share capital, P100 par value P150,000,000 Share premium 75,000,000 Retained earnings 25,000,000 Total P250,000,000 What shall be the balance of share capital account on December 31, 2010? 2. The capital accounts of Kamprad, Inc. on December 31, 2009, were as follows: Preference share capital, 20,000 shares, P20 par P 400,000 Share premium - preference 160,000 Ordinary share capital, 50,000 shares, P80 par 4,000,000 Share premium – ordinary 600,000 Retained earnings 360,000 During the year ending December 31, 2010, the following summarizes the transactions affecting the shareholders’ equity April 30 - 1,000 preference shares were retired at P25 per share. June 15 - 2,000…arrow_forwardhelp!arrow_forwardOn March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July 17, Jerald Corporation reissued 900 shares of this treasury stock for $6,300. Prepare the March 5 journal entry and the July 17 entry to record the purchase and reissuance of Jerald's treasury stock. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt V Ix % 0 as darrow_forward
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