Please do not give solution in image format ? And Fast Answering Please And please explain proper steps by Step ? Prior to June 30, a company has neverhad any treasury stock transactions. Acompany repurchased 130 shares of its$1 par common stock on June 30 for$43 per share. On July 20, it reissued65 of these shares at $49 per share. OnAugust 1, it reissued 29 of the shares at$41 per share. What is the journal entrynecessary to record the reissuance oftreasury stock on August 1 using thecost method?

Treasury stock means where the own stock has been repurchased by company from open market and can be…

Answered: Prior to June 30, a company has never…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30? Mutiple Choice Debit Common Stock $4,000; credit Cash $4,000. Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000. Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000. Debit Treasury Stock, Common $4,000; credit Cash $4,000. Debit Cash $4,000; credit Treasury Stock $4,000.
Tulip Corporation uses the cost method to account for treasury stock transactions on December 31. Required: 1. What journal entry would Tulip make to record the reacquisition of 2,000 shares of its common stock at $12 per share? After the treasury stock transaction, Tulip made the following journal entry when it reissued the treasury shares:
On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per share. Starbar Corp. then reissued 500 of those shares for $11 per share on July 1. The required journal for July 1 includes what debit(s) and credit(s)? Assume no treasury stock transactions.
On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?
At December 31, the records of Nortech Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the current year). Shares authorized, 500,000. Shares issued, 2; issue price $15 per share. Common Stock account, $130,000. Shares held as treasury stock, 2,300 shares, cost $13 per share. Net income for the current year. $51,080. Dividends declared and paid during the current year, $22,986. Retained Earnings balance, beginning of the year, $148,000. Required: Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share. (Round "per share" answers to 2 decimal places.) 1-a. Shares authorized 1-b. Shares issued 1-c. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Dividends paid per share of common stock is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the…
Concordia Corporation has 96,900 common shares that have been issued. It declares a 4% stock dividend on December 1 to shareholders of record on December 20. The shares are issued on January 10. The share price is $15 on December 1, $14.50 on December 20, and $14.75 on January 10. b) Provide the required journal entries on the appropriate dates to record the stock dividend. Only provide account names as the dollar amount has already been calculated in part a). (If no entry is required, select "No Entry" for the account titles.) December 1 Dividends Declared Dividends Payable Stock Dividends Distributable Common Shares Preferred Shares Retained Earnings Cash No Entry
At December 31, the records of Nortech Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the current year). Shares authorized, 500,000. Shares issued, 2; issue price $15 per share. Common Stock account, $130,000. Shares held as treasury stock, 2,300 shares, cost $13 per share. Net income for the current year, $51,080. Dividends declared and paid during the current year, $22,986. Retained Earnings balance, beginning of the year, $148,000. Required: Complete the following: TIP: To determine the number of shares issued, divide the balance in the Common Stock account by the par value per share. (Round "per share answers to 2 decimal places.) 1-a. Shares authorized 1-b. Shares issued 1-c. Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Dividends paid per share of common stock is 5. Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount…
Underwood Company's only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $38 per share. Prepare the journal entries required to record these transactions. Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero. Show calculations
Underwood Company's only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $38 per share. Prepare the journal entries required to record these transactions. Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero. Show steps on calculations.
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the balance in the Treasury Stock account on August 2? O $2,600 Credit. O $1,200 Debit. O $5,050 Debit. O $1,200 Credit. O $100 Credit.
Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company paid $5,000 to purchase 100 shares of its common stock on the open market. On July 1, the company sold 50 of these shares at $52 per share. Then, on August 1, the company sold the remaining 50 shares at $46 per share. Complete the journal entry for the sale of the treasury stock on July 1 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.

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