Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 8, Problem 22P
To determine
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Quèstion 15
On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400,000; paid-in (contributed) capital in excess of par value $200,000, and retained earnings $150,000. During th
year, the following treasury stock transactions occurred.
March 5: Purchased 5,000 shares for cash at $28 per share.
April 25: Sold 2,000 treasury shares for cash at $30 per share.
June 25: Sold 3,000 treasury shares for cash at $22 per share
Required: Prepare journal entries to record the above treasury stock transactions.
Problem #9
Issuance of Shares
A Sorima Corporation began operations on Jan. 1, 2018. The following transactions
relating to shareholders' equity occurred in the first two years of the corporation's
operations:
2018
Jan. 1 Authorized the issuance of 2 million shares of P5 par value ordinary
shares and 100,000 shares of P100 par value, 10% cumulative
preference shares.
Jan. 2
Issued 200,000 shares of ordinary shares for P12 cash per share.
Issued 100,000 shares of ordinary shares in exchange for a building
valued at P820,000 and merchandise inventory valued at P380,000.
Jan. 4 Paid P10,000 cash to the corporation's founders for organization
Jan. 3
activities.
Jan. 5
Issued 12,000 shares of preference shares for P110 cash per share.
2019
June 4
Issued 100,000 shares of ordinary shares for P15 cash per share.
Required:
1. Prepare the journal entries to record these transactions.
2. Prepare the share capital section of the shareholders' equity as at Dec. 31, 2018 and
Dec. 31, 2019.
3.…
Chapter 8 Solutions
Survey Of Accounting
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - Prob. 4QCh. 8 - 5. What is the purpose of the articles of...Ch. 8 - 6. What is the function of the stock certificate?Ch. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - 9. What is a limited liability company? Discuss...Ch. 8 - Prob. 10Q
Ch. 8 - 11. What is the difference between contributed...Ch. 8 - Prob. 12QCh. 8 - Prob. 13QCh. 8 - 14. What is the meaning of each of the following...Ch. 8 - 15. What is the difference between cumulative...Ch. 8 - 16. What is no-par stock? How is it recorded in...Ch. 8 - 17. Assume that Best Co. has issued and...Ch. 8 - 18. If Best Co. issued 10,000 shares of 20 par...Ch. 8 - 19. What is the difference between par value stock...Ch. 8 - 20. Why might a company repurchase its own stock?Ch. 8 - 21. What effect does the purchase of treasury...Ch. 8 - 22. Assume that Day Company repurchased 1,000 of...Ch. 8 - 23. What is the importance of the declaration...Ch. 8 - 24. What is the difference between a stock...Ch. 8 - 25. Why would a company choose to distribute a...Ch. 8 - 26. What is the primary reason that a company...Ch. 8 - 27. If Best Co. had 10,000 shares of 20 par value...Ch. 8 - 28. When a company appropriates retained earnings,...Ch. 8 - Prob. 29QCh. 8 - Prob. 30QCh. 8 - Prob. 31QCh. 8 - 32. What are some reasons that a corporation might...Ch. 8 - Prob. 1ECh. 8 - Exercise 8-2 Effect of accounting events on the...Ch. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Exercise 8-5 Characteristics of capital stock The...Ch. 8 - Exercise 8-6 Effect of issuing common stock on the...Ch. 8 - Exercise 8-7 Recording and reporting common and...Ch. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Exercise 8-13 Recording and reporting treasury...Ch. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19PCh. 8 - Problem 8-20 Effect of business structure on...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Problem 8-23 Recording and reporting stock...Ch. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Problem 8-26 Treasury stock transactions and...Ch. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 1ATCCh. 8 - ATC 8-3 Research Assignment Analyzing Skecherss...Ch. 8 - Prob. 4ATCCh. 8 - ATC 11-7 Ethical Dilemma Bad news versus very bad...
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License