Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
thumb_up100%
Chapter 12, Problem 15E
A.
To determine
Prepare the
B.
To determine
Determine the balance in paid in capital from sale of treasury stock on December 31 of the current year.
C.
To determine
Determine the balance in the treasury stock on December 31 of the current year.
D.
To determine
Describe the way in which balance of treasury stock would be reported on the balance sheet.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20.
Required:
a.
Journalize the transactions of January 31, June 14, and November 23.
b.
What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
What is the balance in Treasury Stock on December 31 of the current year?
How will the balance in Treasury Stock be reported on the balance sheet?
Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 13,700 shares of its common stock at $25 per share. On June 14, 8,600 of the reacquired shares were sold at $27 per share, and on November 23, 3,300 of the reacquired shares were sold at $28.
Question Content Area
a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank.
Jan. 31
- Select -
- Select -
- Select -
- Select -
June. 14
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
Nov. 23
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
Question Content Area
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank
c. What is the balance in Treasury Stock on December 31 of…
Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Ino
reacquired 19,700 shares of its common stock at $19 per share. On June 14, 13,400 of the reacquired shares were sold at $25 per share, and on
November 23, 5,300 of the reacquired shares were sold at $20.
Required:
a. Journalize the transactions of January 31, June 14, and November 23. Refer to the chart of accounts for the exact wording of the account
titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW
journals will automatically indent a credit entry when a credit amount is entered.
c. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
b. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?
Chapter 12 Solutions
Financial And Managerial Accounting
Ch. 12 - Of two corporations organized at approximately the...Ch. 12 - A stockbroker advises a client to buy preferred...Ch. 12 - A corporation with both preferred stock and common...Ch. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - A corporation reacquires 60,000 shares of its own...Ch. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Dividends per share Zero Calories Company has...Ch. 12 - Entries for issuing stock On January 22, Zentric...Ch. 12 - Entries for cash dividends The declaration,...Ch. 12 - Entries for stock dividends Alpine Energy...Ch. 12 - Entries for treasury stock On May 27, Hydro...Ch. 12 - Reporting stockholders equity Using the following...Ch. 12 - Statement of stockholders equity Noric Cruises...Ch. 12 - Earnings per share Financial statement data for...Ch. 12 - Dividends per share Seventy-Two Inc., a developer...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Entries for issuing no-par stock On May 15, Helena...Ch. 12 - Issuing stock for assets other than cash On...Ch. 12 - Selected stock transactions Alpha Sounds Corp., an...Ch. 12 - Issuing stock Willow Creek Nursery, with an...Ch. 12 - Issuing stock Professional Products Inc., a...Ch. 12 - Entries for cash dividends The declaration,...Ch. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Selected dividend transactions, stock split...Ch. 12 - Treasury stock transactions Mystic Lake Inc....Ch. 12 - Prob. 15ECh. 12 - Treasury stock transactions Biscayne Bay Water...Ch. 12 - Reporting paid-in capital The following accounts...Ch. 12 - Stockholders' Equity section of balance sheet The...Ch. 12 - Stockholders' Equity section of balance sheet...Ch. 12 - Retained earnings statement Sumter Pumps...Ch. 12 - Prob. 21ECh. 12 - Statement of stockholders equity The stockholders...Ch. 12 - Dividends on preferred and common stock Pecan...Ch. 12 - Stock transactions for corporate expansion On...Ch. 12 - Selected stock transactions The following selected...Ch. 12 - Entries for selected corporate transactions Morrow...Ch. 12 - Prob. 5PACh. 12 - Dividends on preferred and common stock Yosemite...Ch. 12 - Stock transaction for corporate expansion Pulsar...Ch. 12 - Selected stock transactions Diamondback Welding ...Ch. 12 - Entries for selected corporate transactions Nav-Go...Ch. 12 - Prob. 5PBCh. 12 - Selected transactions completed by Equinox...Ch. 12 - Analyze and compare Amazon.com and Wal-Mart...Ch. 12 - Analyze and compare Bank of America and Wells...Ch. 12 - Analyze Pacific Gas and Electric Company Pacific...Ch. 12 - Prob. 4MADCh. 12 - Prob. 5MADCh. 12 - Ethics in Action Tommy Gunn is a division manager...Ch. 12 - Prob. 2TIFCh. 12 - Communications Motion Designs Inc. has paid...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.arrow_forwardLawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 15,100 shares of its common stock at $36 per share. On June 14, 9,500 of the reacquired shares were sold at $38 per share, and on November 23, 3,600 of the reacquired shares were sold at $41. a. Journalize the transactions of January 31, June 14, and November 23. For a compound transaction, if an amount box does not require an entry, leave it blank. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank dd6810fe4016049_1 c. What is the balance in Treasury Stock on December 31 of the current year?$fill in the blank dd6810fe4016049_3 d. How will the balance in Treasury Stock be reported on the balance sheet?arrow_forwardLawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 50,000 shares of its common stock at $51 per share. On June 14, 24,000 of the reacquired shares were sold at $60 per share, and on November 23, 18,000 of the reacquired shares were sold at $56.a. Journalize the transactions of January 31, June 14, and November 23.b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?c. What is the balance in Treasury Stock on December 31 of the current year?d. How will the balance in Treasury Stock be reported on the balance sheet?arrow_forward
- Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 13,600 shares of its common stock at $44 per share. On June 14, 8,600 of the reacquired shares were sold at $47 per share, and on November 23, 3,300 of the reacquired shares were sold at $50.arrow_forwardMystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23. Question Content Areaa. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?fill in the blank 1 of 1$c.For what reasons might Mystic Lake Inc. have purchased the treasury stock?arrow_forwardOn February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 per share. On June 2, Marine sold the remaining shares at $28 per share. Required: Journalize the transactions of February14, March 5, and June 2.arrow_forward
- Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 23,500 shares of its common stock at $75 per share. On September 6, Biscayne Bay Water Inc. sold 14,000 of the reacquired shares at $81 per share. The remaining 9,500 shares were sold at $72 per share on November 30.a. Journalize the transactions of May 14, September 6, and November 30.b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?arrow_forwardMystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 43,800 shares of its common stock at $43 per share. On September 22, Mystic Lake sold 28,400 of the reacquired shares at $50 per share. The remaining 15,400 shares were sold at $42 per share on November 23. Required: a. Journalize the transactions of July 9, September 22, and November 23. Refer to the Chart of Accounts for exact wording of account titles. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?arrow_forwardBiscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,000 of the reacquired shares at $63 per share. The remaining 700 shares were sold at $55 per share on November 30. Question Content Area a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 - Select - - Select - - Select - - Select - Sept. 6 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 4aee6d041009fed_1 c. Where will the balance in Paid-In Capital from…arrow_forward
- On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On November 15, Valley Clothing sold 6,800 of the reacquired shares at $12 per share. On December 22, Valley Clothing sold the remaining shares at $7 per share. Journalize the transactions of October 3, November 15, and December 22.arrow_forwardBiscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 23,500 shares of its common stock at $75 per share. On September 6, Biscayne Bay Water sold 14,000 of the reacquired shares at $81 per share. The remaining 9,500 shares were sold at $72 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$ c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?arrow_forwardOn January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per share. On April 20, Outback Coast Resorts sold 10,600 of the reacquired shares at $52 per share. On October 4, Outback Coast Resorts sold the remaining shares at $37 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Outback Coast Resorts Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Soldarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College