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
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 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
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING:
FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE
SALARIES=$5,000
COMPUTE DIRECT...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING:
FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE
SALARIES=$5,000
COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING:
BEG RM=$1,000BEG
WIP=$2,000BEG 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 ON 8 ABOVE,...
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...
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...
ABC Company was formed on 7/1/2015. It was authorized to issue
500,000 shares of $10 per...
ABC Company was formed on 7/1/2015. It was authorized to issue
500,000 shares of $10 per value common stock and 100,000 shares of
8%, 25 par value cummulative non participating preffered stock. ABC
has June 30th fiscal year.
At IPO 95,000 shares were issued for 31/share (cash). On July
24, 2015-5000 shares were exchanged for a plot of land which had a
FVM of $220,000 at the date of the exchange. On March 1, 2017
10,000 shares were issued for...
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.
The ABC Corporation presented the following information in its statement of financial position:
Common shares outstanding,...
The ABC Corporation presented the following information in its statement of financial position:
Common shares outstanding, 5,000 shares, $ 30 par value per share $ 150,000
Paid-in capital in excess of par value 80,000
Retained Earnings 100,000
1. The company purchased 120 of its own shares to be held as treasury stock, at a cost of $ 60 per share. If the company uses the cost method, the “Treasury stock” account:
a. It will be presented as an asset and...