Question

journal entries 1. BASED ON 3. ABOVE, ABC COMPANY SOLD 1,000 SHARES OF ITS TREASURY STOCK...

journal entries

1. BASED ON 3. ABOVE, ABC COMPANY SOLD 1,000 SHARES OF ITS TREASURY STOCK FOR $102/SH
2. ABC COMPANY ISSUED 10,000 SHARES OF ITS COMMON STOCK FOR CASH. PV IS $3/SH AND THE SELLING PRICE IS $99/SH
3. ABC COMPANY ISSUED 10,000 SHARES OF ITS COMMON STOCK IN ITS PURCHASE OF LAND.
LAND’S ASKING PRICE IS $500,000.
LAND’S SELLING PRICE IS $450,000
PV OF STOCK IS $3/SH
SELLING PRICE OF STOCK IS $46/SH
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
journal entries 1. ABC COMPANY PAID ITS ATTORNEY $20,000 TO INCORPORATE BUSINESS 2. ABC COMPANY ISSUED...
journal entries 1. ABC COMPANY PAID ITS ATTORNEY $20,000 TO INCORPORATE BUSINESS 2. ABC COMPANY ISSUED $400,000 BONDS FOR 97 3. ABC COMPANY ISSUED $400,000 BONDS FOR 102 4. ABC COMPANY DECLARED A 2 FOR 1 STOCK SPLIT WHEN PV WAS $3/SH AND THE NUMBER OF SHARES OUTSTANDING WAS 100,000 5. ABC COMPANY DECLARED A 5% STOCK DIVIDEND. PV IS $1.50/SH AND THERE ARE 200,000 SHARES OF COMMON STOCK OUTSTANDING AND THE SELLING PRICE IS $46/SH
13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS...
13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH. 14. PREPARE THE JOURNAL ENTRY TO RECORD ABC CORPORATION CLOSING OUT ITS NET INCOME OF $300,000
JOURNAL ENTIRES 1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000...
JOURNAL ENTIRES 1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000 STOCK IN XYZ COMPANY 3. ABC COMPANY PURCHASED 5,000 SHARES OF ITS OWN COMMON STOCK FOR ITS TREASURY. THE PAR VALUE IS $3/SH AND THE SELLING PRICE IS $100/S
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated value common stock and 50,000...
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated value common stock and 50,000 shares of $ 5 par value preferred stock. XYZ Corporation issued 10,000 shares common stock for $ 50,000.00. cash. XYZ Corporation issued 5,000 shares preferred stock for $ 55,000.00 cash. XYZ Corporation issued 5000 shares of common stock to its attorneys in payment of $ 25,000 legal fees in helping to organize the corporation. XYZ Corporation issued 15,000 shares of common stock for land,...
Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015,...
Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company has the following stock transactions. Jan.     1     Paid the state $5,000 for incorporation fees. Jan.     15        Issued 500,000 shares of stock at $6 per share. Jan.     30        Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a...
Sally Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015,...
Sally Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company has the following stock transactions. Jan 1 paid the state $5000 for incorporation fees Jan 15 Issued 500,000 shares of stock at $6 per share Jan 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000 ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000 ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING: BEG RM=$1,000 BEG WIP=$2,000 BEG FG=$3,000 END RM=$4,000 END WIP=$5,000 END FG=$6,000 RM PURCHASED=$7,000 COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING: DL=8,000 BEG WIP=2,000 BEG FG=3,000 MO=9,000 END WIP=5,000 END FG=6,000 DM USED =7,000 COMPUTE MANUFACTURING OVERHEAD: FACTORY RENT=1,000 FACTORY UTILITIES=2,000 OFFICE DEPRECIATION=4,000 PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON ACCOUNT BASED...
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.
   Treasury stock. In 2010, Mordica Co. issued 200,000 of its 500,000 authorized shares of $10...
   Treasury stock. In 2010, Mordica Co. issued 200,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January 2011, Mordica repurchased 15,000 shares at $30 per share. Assume these are the only stock transactions the company has ever had. Instructions What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method. 5,000 shares of treasury stock are reissued...
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2005,...
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2005, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $2,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $7 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT