Question

Q9. A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record...

Q9. A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: (a) Purchased 1,500 shares of treasury stock at $16. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. (b) Sold 1,000 shares of treasury stock at $19. (c) Purchased equipment for $80,000, paying $25,000 in cash and issuing 4,000 shares of common stock. (d) Sold 500 shares of treasury stock at $14.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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
A company has $10,000 shares of $10 par common stock outstanding.  Prepare the entries to record the...
A company has $10,000 shares of $10 par common stock outstanding.  Prepare the entries to record the following: March 1  Purchased 1000 shares of treasury stock at $12 per share.  There were no previous purchases of treasury stock. June 1     Sold 500 shares of treasury stock at $15 per share. July 30     Sold 500 shares of treasury stock at $8 per share.
Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at...
Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54 for cash. If an amount box does not require an entry, leave it blank. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock b. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. If an amount box does not require an entry, leave it blank. Equipment Common Stock c. Purchased 100 shares of...
ABC Corporation has 10,000 shares $2 par value common stock issued and outstanding. Record the following...
ABC Corporation has 10,000 shares $2 par value common stock issued and outstanding. Record the following transactions: Purchased 400 shares of its own $2 par value common stock for $ 20 per share. Sold 150 shares of treasury stock purchased in (a) for $22 per share. Sold 100 shares of treasury stock purchased in (a) for $20 per share. Sold the remaining 150 shares of treasury stock purchased in (a) for $16 per share.
   Prepare the entries in journal form necessary to record the following stock transactions of Fitzgerald...
   Prepare the entries in journal form necessary to record the following stock transactions of Fitzgerald Corporation. These transactions represent all treasury stock transactions entered into by the company. (Omit explanations) show work June 1 Purchased 5,000 shares of its own $30 par value common stock for $80 per share, the current market price. 10 Sold 500 shares of treasury stock purchased on June 1 for $80 per share 20 Sold 700 shares of treasury stock purchased on June 1...
Prepare in journal form the entries necessary to record the following stock transactions of the Seoul...
Prepare in journal form the entries necessary to record the following stock transactions of the Seoul Company during 2011: Oct. 1 Purchased 2,000 shares of its own $2 par value common stock for $20 per share, the current market price. 17 Sold 500 shares of treasury stock purchased on October 1 for $25 per share.
E 11-4A. Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common stock at...
E 11-4A. Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common stock at $15 per share and 6,000 shares of $50 par value, eight percent preferred stock at $85 per share.  Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $25 per share.  Prepare...
Record Chiron Company's treasury stock transactions listed below using the cost method [prepare journal entries]: Purchased...
Record Chiron Company's treasury stock transactions listed below using the cost method [prepare journal entries]: Purchased 700 shares of common stock to be held as treasury stock, paying $52 per share Sold 260 of the shares of treasury stock at $48 per share Sold 120 shares of treasury stock at $58 per share
Prepare the journal entries to record the following separate issuances of stock: 1.) A corporation issued...
Prepare the journal entries to record the following separate issuances of stock: 1.) A corporation issued 15,000 shares of $8 par value common stock for $192,000. 2.) A corporation issued 4,500 shares of no-par common stock in exchange for a building worth $80,000. 3.) A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $100,000. The stock has a $8 stated value. 4.) A corporation issues 6,000 shares of...
Olympus Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Olympus...
Olympus Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Olympus acquired 16,000 shares of its own common stock at $15 per share. Three months later Olympus sold 8,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8,000 treasury shares, Olympus should credit Question 4 options: Treasury Stock for $120,000 and Paid-in Capital in Excess of Par for $32,000....
Record the journal entries for the following transactions. (A) Michael Company issues 25,000 shares of its...
Record the journal entries for the following transactions. (A) Michael Company issues 25,000 shares of its $6 par common stock for $15 per share. (B) Michael Company purchases back 15,000 shares of it's common stock for $5 per share. (C) Michael Company resells 5,000 of it's treasury shares for $12 per share.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT