Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 15, Problem 15.3MC
To determine
To identify: The correct option.
Given information:
5,000 shares of common stock are issued at $15 per share and at no par.
1,500 shares are issued at $10 par value and $25 issue price.
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On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
1. Prepare journal entries to record the following transactions for Sherman Systems.
Purchased 5,000 shares of its own common stock at $25 per share on October 11.
Sold 1,000 treasury shares on November 1 for $31 cash per share.
Sold all remaining treasury shares on November 25 for $24 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 5,000 shares of its own common stock at $25 per share on October 11.
b. Sold 1,000 treasury shares on November 1 for $31 cash per share.
c. Sold all remaining…
On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 4,300 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 5,400 shares of its own common stock at $29 per share on October 11.
b. Sold 1,100 treasury shares on November 1 for $35 cash per share.
c. Sold all remaining treasury shares on November 25 for $28 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
$760,000
236,000
896,000
$ 1,892,000
On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 4,225 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 5,300 shares of its own common stock at $28 per share on October 11.
b. Sold 1,075 treasury shares on November 1 for $34 cash per share.
c. Sold all remaining treasury shares on November 25 for $27 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 5,300 shares of its own common stock at $28 per share on October 11.
b. Sold 1,075 treasury shares on November 1 for $34 cash per share.
c. Sold all…
Chapter 15 Solutions
Intermediate Accounting (2nd Edition)
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Treasury Stock Transactions, Disclosure. The...Ch. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Common Stock Issuance, Treasury Stock, Dividends,...Ch. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Surfing the Standards Cases Surfing the Standards...Ch. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License