Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1.   Purchased 5,000 treasury shares at $45 per share. 2.   Resold 2,000 of the treasury shares at $49 per share. 3.   Resold 500 of the treasury shares at $40 per share. Instructions Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method (I = Increase; D = Decrease; NE = No effect). # Assets Liabilities Stockholders’ Equity Paid-in Capital Retained Earnings Net Income 1 00 00 00 00 00 00 2 00 00 00 00 00 00 3 00 00 00 00

St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.

A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock

Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?

Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1.   Purchased 5,000 treasury shares at $45 per share. 2.   Resold 2,000 of the treasury shares at $49 per share. 3.   Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. #   Assets   Liabilities   Stockholders’Equity   Paid-inCapital   RetainedEarnings   NetIncome 1.   select an effect on a financial statement category  IncreaseNo effectDecrease   select an effect on a financial statement category  IncreaseNo effectDecrease   select an effect on a financial statement category  DecreaseIncreaseNo effect   select an effect on a financial statement category  DecreaseNo effectIncrease   select an effect on a…

Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1.   Purchased 5,000 treasury shares at $45 per share. 2.   Resold 2,000 of the treasury shares at $49 per share. 3.   Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. #   Assets   Liabilities   Stockholders’Equity   Paid-inCapital   RetainedEarnings   NetIncome 1.   select an effect on a financial statement categoryIncreaseDecreaseNo effect DecreaseIncreaseNo effect   select an effect on a financial statement categoryIncreaseDecreaseNo effect DecreaseIncreaseNo effect   select an effect on a financial statement categoryNo effectIncreaseDecrease DecreaseIncreaseNo effect   select an effect on a financial statement…

On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)

The following selected transactions occurred for Corner Corporation:  Feb. 1   Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July  15   Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1   Issued 70 more of the shares purchased on February 1 for $17 cash per share.   Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?

The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share.  The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to

During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Credit