Entries for Treasury Stock
On May 27, Mama Mia Inc. reacquired 7,700 shares of its common...
Entries for Treasury Stock
On May 27, Mama Mia Inc. reacquired 7,700 shares of its common
stock at $39 per share. On August 3, Mama Mia sold 3,500 of the
reacquired shares at $42 per share. November 14, Mama Mia sold the
remaining shares at $38 per share.
Journalize the transactions of May 27, August 3, and November
14. For a compound transaction, if an amount box does not require
an entry, leave it blank.
May 27
Treasury Stock
Cash...
Common stock has been issued for 6,000,000. This represented
400,000 shares of stock at a stated...
Common stock has been issued for 6,000,000. This represented
400,000 shares of stock at a stated value of $5 per share. Fifty
thousand shares are in the treasury. These 50,000 shares were
acquired for $25 per share. The total undistributed net income
since the origin of the corporation was 3,750,000 as of Dec 31,
2004. Ten-thousand of the treasury stock shares were sold in Jan
2005 for $30 per share. What is the total stockholders equity that
should have been...
Grant, Inc. had 60,000 shares of treasury stock ($10 par value)
at December 31, 2014, which...
Grant, Inc. had 60,000 shares of treasury stock ($10 par value)
at December 31, 2014, which it acquired at $12 per share. On June
4, 2015, Grant issued 30,000 treasury shares to employees who
exercised options under Grant's employee stock option plan. The
market value per share was $14 at December 31, 2014, $15 at June 4,
2015, and $18 at December 31, 2015. The stock options had been
granted for $13 per share. The cost method is used. What...
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited...
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited to paid?in capital in
excess of par? is:
A.
$164,500.
B.
?$0.
C.
$147,000.
D.
$17,500.
Kramer and Associates has the following account balances
listed in alphabetical? order:
Accumulated? Depreciation,
$23,000?;
Accounts? Payable,
$10,500?,
Accounts? Receivable,
$9,000?; Cash,
$2,000?; Equipment,
$44,000?, Land,
$21,000?,
Mortgage? Payable,
$50,000?;
Prepaid? Insurance,
$9,500?; Supplies,
$1,000?;
Unearned? Revenue,
$6,000?;
Wages? payable, $2,000. Kramer
and? Associates'
long?term assets?
are:
A....
Problem 8-31 Comprehensive problem-calculate missing amounts,
dividends, total shares, and per share information LO 1, 2,...
Problem 8-31 Comprehensive problem-calculate missing amounts,
dividends, total shares, and per share information LO 1, 2, 3, 6,
7
Francis, Inc., has the following stockholders' equity section in
its November 30, 2016, balance sheet:
Paid-in capital:
12% preferred stock, $60 par value, 1,000 shares authorized,
issued, and outstanding
$
?
Common stock, $8 par value, 50,000 shares authorized, ? shares
issued, ? shares outstanding
120,000
Additional paid-in capital on common stock
270,000
Additional paid-in capital from treasury stock
6,500
Retained...
Common stock
$1 Par
Add. Paid in Cap
Retained
Earnings
Treasury
Stock
Total Share-
Holders Equity...
Common stock
$1 Par
Add. Paid in Cap
Retained
Earnings
Treasury
Stock
Total Share-
Holders Equity
Bal. 1/1/2015
354,000
10,415,000
2,761,044
-
13,530,044
Common Shares
370,000
12,210,000
Shares Repurchase
(83,500 shares)
(1,670,000)
Cash Dividends
(50,000)
Net Income
2,696,789
Bal. 12/31/2015
724,000
22,625,000
5,407,833
(1,670,000)
27,086,833
Cash Dividend Comm Stock
(75,000)
Stock div 5 for 4
181,000
(181,000)
Net Income
3,805,617
Bal. 12/31/216
905,000
22,625,000
8,957,450
(1,670,000)
31,817,450
Requirement 1: Use Journal Entries to establish
beginning balances for each of the...
2.4 Journal Entries
Illini Company, Inc. Balance Sheet as of 12/31/20X0
Assets
Current Assets:
Cash 1,500,000...
2.4 Journal Entries
Illini Company, Inc. Balance Sheet as of 12/31/20X0
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets 1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any,...
Lucky’s Company acquires Waterview, Inc., by issuing 40,000
shares of $1 par common stock with a...
Lucky’s Company acquires Waterview, Inc., by issuing 40,000
shares of $1 par common stock with a market price of $25 per share
on the acquisition date and paying $125,000 cash. The assets and
liabilities on Waterview’s balance sheet were valued at fair values
except equipment that was undervalued by $300,000. There was also
an unrecorded patent valued at $40,000, as well as an unrecorded
trademark valued at $75,000. In addition, the agreement provided
for additional consideration, valued at $60,000, if...
Annapolis Company purchased a $2,000, 7%, 9-year bond
at 99 and held it to maturity. The...
Annapolis Company purchased a $2,000, 7%, 9-year bond
at 99 and held it to maturity. The straight line method of
amortization is used for both premiums & discounts. What is the
net cash received over the life of the bond investment? (all money
received minus all money paid, round to nearest whole
dollar)
Ocean Pines Company had net income $475,000. They also
had depreciation expense of $200,000, an increase or (decrease) in
accounts receivable of $-30,000, and an increase or...