Enterprises issued 50,000 shares of $5 par value common stock at $13 per share. Prepare journal entries for the following transactions:   4/8/22: Heifitz Enterprises bought 80 shares of its own stock for $14 per share.         5/9/22: Heifitz Enterprises re-issued 25 shares for $16 per share.             9/5/22: Heifitz Enterprises re-issued 10 shares for $11 per share.

Q: Josie Inc.'s charter authorizes 1,000 shares of stock with no par value. Josie Inc. sells 100 shares…

A: Introduction: - Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $93,500 cash on February 20.…

A: JOURNAL ENTRY   Journal Entry is the Process of Recording Financial and Non financial Transactions…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: *I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: A company sells 15,000 shares of previously authorized stock at the par value of $20 per share.…

A: Shares are the fractional ownership interests in a corporation. Some businesses employ shares as a…

Q: Indicate the effect each of the three transactions has on the financial statement categories listed…

A: Double entry system: In accounting every entry has dual effect, that means, if some entry is passed…

Q: Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance…

A: Journal entries are the reporting of the daily business transactions in the books of accounts. These…

Q: XYZ Company issues 5000 shares of stock for $30/share. The stock has a par value of $5/share. The…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a…

A: 1. CALCULATION FOR PURCHASE OF INVESTMENT : = (2,600 X $48) + $130  = $124,930   2. CALCULATION OF…

Q: ABC Corporation issued 5,000 shares of $10 par value common stock for $15 per share. Prepare the…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: The journal entries are prepared to record the transactions on regular basis. Using proportional…

Q: Badger Corporation issued 5,000 shares of its $5 par value common stock in payment for attorney…

A: The journal entries are prepared to record the transactions on regular basis. The shares issued at…

Q: Clark Corporation purchased 200 shares of its own $1 par value common stock for $20 per share. What…

A: Journal Entry:Journal entry refers to the recoding of the transactions of the business in the…

Q: Cullumber Ltd. had the following share transactions during its first year of operations: Jan. 6…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December…

A: Introduction:- A journal entry is an act of recording or keeping track of any financial or…

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…

A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000

Q: On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On…

A:

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000…

A: Preferred stock are those shares who enjoys the priority over annual dividends payment and payment…

Q: Vaughn Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $76,900 cash on February 20.…

A: Shares are the instrument which has been used by the company to get capital from the market, there…

Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries…

A: The journal entries are prepared to record the transactions on regular basis. The temporary account…

Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…

A: Requirement a:   Pass all of the necessary journal entries to record the events.

Q: WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares…

A: The treasury stock includes the shares when the company acquires its own shares back from the…

Q: january 1 , lime manufacturing corporation purchased 185000 shares of its own reviously issued $5…

A: Treasury stock are the number of outstanding shares which has been repurchased by company it's own.…

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…

A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3…

A: Total no. of common stock issued = 50,000 shares + 30,000 shares…

Q: WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares…

A: Explanation:- Journal entry : particular Debit Credit Cash A/c              Dr.     (400 * $20)…

Q: MJH Company issued 1000 shares of stock with a stated value of $10 per share for $17,000.  The entry…

A: Issue of common stock is very important source of raising money from public. When stock is issued at…

Q: Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share.…

A: When a company purchases its own stock, it is referred to as treasury stock. This repurchase can…

Q: 5,000 shares of common stock for $16 t to Common Stock for $5.000

A: Answer : Issue share =5000 Stated Value per share = $12 Value of common stock = No. of common share…

Q: Fancy Clothing Company is authorized to issue 110.000 shares of $2 par common stock. The company…

A: Dividend is paid on the number of shares issued. The increase in liability is credited and decrease…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.