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 reissued50 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.

Treasury stock refers to shares of a company's own stock that it has repurchased or bought back from…

Answered: rior 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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Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31. Instructions (a) Prepare the entries for the above transactions. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $26 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $41 per share. Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share. a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31.
A corporation issues 4,550 shares of common stock $145,600. The stock has a stated value of $19 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $145,600 $59,150 $86,450 $4,550
Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °
From the practice on page 10-4 of the VLN, after the company sold 500 shares of treasury stock what was the ending balance in total stockholders’ equity?_______
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,800 shares of its common stock at $91 per share. On September 22, Mystic Lake sold 2,700 of the reacquired shares at $101 per share. The remaining 1,100 shares were sold at $86 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 UD b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Nov. 23 c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
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Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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