Treasury Stock : It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement. To journalize: The transactions of February 11, April 30, and August 22.

Question

Data for the two departments of Gurley Industries for September of the current fiscal year are as follows: Drawing Department Winding Department Work in process, September 1 4,900 units, 20% completed 3,000 units, 65% completed Completed and transferred to next processing department during September 67,100 units 66,000 units Work in process, September 30 3,700 units, 55% completed 4,100 units, 20% completed Production begins in the Drawing Department and finishes in the Winding Department. Question Content Area a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for September for the Drawing Department. If an amount is zero, enter in "0". Drawing DepartmentDirect Materials and Conversion Equivalent Units of ProductionFor September Line Item Description Whole Units Direct MaterialsEquivalent Units ConversionEquivalent Units Inventory in process,…

Answer 1

Question

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

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Data for the two departments of Gurley Industries for September of the current fiscal year are as follows: Drawing Department Winding Department Work in process, September 1 4,900 units, 20% completed 3,000 units, 65% completed Completed and transferred to next processing department during September 67,100 units 66,000 units Work in process, September 30 3,700 units, 55% completed 4,100 units, 20% completed Production begins in the Drawing Department and finishes in the Winding Department. Question Content Area a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for September for the Drawing Department. If an amount is zero, enter in "0". Drawing DepartmentDirect Materials and Conversion Equivalent Units of ProductionFor September Line Item Description Whole Units Direct MaterialsEquivalent Units ConversionEquivalent Units Inventory in process,…

The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Transaction Debit amount Transaction Credit amount Bal., 3,000 units, 45% completed 6,900 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.4 99,400 Direct labor 106,400 Factory overhead 41,440 Bal., ? units, 55% completed ? Cost per equivalent units of $1.40 for Direct Materials and $2.10 for Conversion Costs. a. Based on the above data, determine the different costs listed below. Line Item Description Amount 1. Cost of beginning work in process inventory completed this period fill in the blank 1 of 4$ 2. Cost of units transferred to finished goods during the period fill in the blank 2 of 4$ 3. Cost of ending work in process inventory fill in the blank 3 of 4$ 4. Cost per unit of…

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Answer 2

Question

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

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Answer 3

Question

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

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Answer 4

Question

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

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Answer 5

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

Answer 6

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

Answer 7

Chapter 13, Problem 13.14EX

a.

To determine

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

Answer 8

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

Answer 9

b.

To determine

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

Answer 10

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

Answer 11

c.

To determine

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

Answer 12

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Ch. 13 - Of two corporations organized at approximately the...Ch. 13 - Prob. 2DQ Ch. 13 - A corporation with both preferred stock and common...Ch. 13 - An owner of 2,500 shares of Simmons Company common...Ch. 13 - Prob. 5DQ Ch. 13 - What is the primary purpose of a stock split?Ch. 13 - Prob. 7DQ Ch. 13 - The treasury stock in Discussion Question 7 is...Ch. 13 - What are the three classifications of restrictions...Ch. 13 - Indicate how prior period adjustments should he...

Treasury Stock : It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement. To journalize: The transactions of February 11, April 30, and August 22.

Solution Summary: The author explains that Treasury Stock refers to the shares that are reacquired by the corporation, but reacquisition does not signify retirement.

Concept explainers

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

Chapter 13 Solutions

Treasury Stock : It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement. To journalize: The transactions of February 11, April 30, and August 22.

Solution Summary: The author explains that Treasury Stock refers to the shares that are reacquired by the corporation, but reacquisition does not signify retirement.

Concept explainers

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement. To journalize: The transactions of February 11, April 30, and August 22.

The balance in paid in capital from sale of treasury stock on December 31 of the current year.

To discuss: The reason, for which Incorporation L has purchased the treasury stock.

Chapter 13 Solutions

Treasury Stock: It refers to the shares that are reacquired by the corporation that are already issued to the stockholders, but reacquisition does not signify retirement.

To journalize: The transactions of February 11, April 30, and August 22.