Question

On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par...

On October 10, the stockholders’ equity of Sherman Systems appears as follows.
  

Common stock–$10 par value, 95,000 shares
authorized, issued, and outstanding		 $ 950,000
Paid-in capital in excess of par value, common stock 331,000
Retained earnings 1,048,000
Total stockholders’ equity $ 2,329,000


1. Prepare journal entries to record the following transactions for Sherman Systems.

  1. Purchased 7,300 shares of its own common stock at $48 per share on October 11.
  2. Sold 1,575 treasury shares on November 1 for $54 cash per share.
  3. Sold all remaining treasury shares on November 25 for $43 cash per share.
transaction general journal debit credit
a
b
c

1b. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

total contributed capital
total
total stockholders' equity
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
date General journal Debit Credit
11-Oct Treasury stock (7300*48) 350400
cash 350400
01-Nov cash (1575*54) 85050
treasury stock (1575*48) 75600
paid in capital from treasury stock 9450
25-Nov cash (5725*43) 246175
paid in capital from treasury stock 9450
retained earning 19175
treasury stock (5725*48) 274800
Stockholders equity section
Common stock 950000
paid in capital in excess of par-common stock 331000
total contributed capital 1281000
retained earnings 1048000
Total 2329000
less: treasury stock -350400
Total stockholder equity 1978600

Please give a thumbs up if it is helpful & let me know if any doubt

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value,...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 85,000 shares authorized, issued, and outstanding $ 850,000 Paid-in capital in excess of par value, common stock 281,000 Retained earnings 968,000 Total stockholders’ equity $ 2,099,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,300 shares of its own common stock at $38 per share on October 11. Sold 1,325 treasury shares on November 1 for $44 cash per...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value,...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 81,000 shares authorized, issued, and outstanding $ 810,000 Paid-in capital in excess of par value, common stock 261,000 Retained earnings 936,000 Total stockholders’ equity $ 2,007,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 5,900 shares of its own common stock at $34 per share on October 11. Sold 1,225 treasury shares on November 1 for $40 cash per...
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par...
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par value, 88,000 shares authorized, issued, and outstanding $ 880,000 Paid-in capital in excess of par value, common stock 296,000 Retained earnings 992,000 Total stockholders’ equity $ 2,168,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,600 shares of its own common stock at $41 per share on October 11. Sold 1,400 treasury shares on November 1 for $47 cash...
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders’ equity...
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par value, 92,000 shares authorized, issued, and outstanding $ 920,000 Paid-in capital in excess of par value, common stock 316,000 Retained earnings 1,024,000 Total stockholders’ equity $ 2,260,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,000 shares of its own common stock at $45 per share on October 11....
On October 1, Cullumber Corporation’s stockholders’ equity is as follows. Common stock, $5 par value $376,000...
On October 1, Cullumber Corporation’s stockholders’ equity is as follows. Common stock, $5 par value $376,000 Paid-in capital in excess of par—common stock 28,000 Retained earnings 154,000     Total stockholders’ equity $558,000 On October 1, Cullumber declares and distributes a 10% stock dividend when the market price of the stock is $14 per share. Indicate the balances in the three stockholders’ equity accounts after the stock dividend shares have been distributed. Please explain how you calculated each. Common stock: ________ Paid-in...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
On its December 31, 20x6, balance sheet, Block Corporation reported its stockholders’ equity as follows: Common...
On its December 31, 20x6, balance sheet, Block Corporation reported its stockholders’ equity as follows: Common stock—$5 par value, 1,000,000 shares authorized, 100,000 shares issued and outstanding $500,000 Paid-in capital in excess of par value, common 100,000 Retained earnings 400,000 Total stockholders’ equity $1,000,000 During 20x7, the following transactions occurred: 1. Reacquired 2,500 shares at $7 per share. 2. Sold 1,200 shares of treasury stock at $8 per share. 3. Sold 500 shares of treasury stock at $6 per share....
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized,50,000 shares issued and outstanding$1,250,000Paid-in capital in excess of par value, common stock 60,000Retained earnings 430,000Total stockholders' equity$1,740,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT