Question

Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock...

Problem 11-2A

Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock ($4 par) $421,600, Paid-in Capital in Excess of Par—Common Stock $182,590, and Retained Earnings $101,750. In 2015, the company had the following treasury stock transactions.
Mar. 1 Purchased 6,840 shares at $8 per share.
June 1 Sold 1,490 shares at $12 per share.
Sept. 1 Sold 1,120 shares at $11 per share.
Dec. 1 Sold 1,480 shares at $6 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $34,540.
Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31
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
On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock ($5 par...
On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock ($5 par value) $2,000,000; paid-in capital in excess of par value $1,200,000; and retained earnings $1,400,000. During the year, the following treasury stock transactions occurred. Mar. 1    Purchased 60,000 shares for cash at $18 per share. July 1      Sold 15,000 treasury shares for cash at $19 per share. Sept. 1    Sold 10,000 treasury shares for cash at $17 per share. Instructions: Journalize the...
On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par...
On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,210,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share. Restate the entry for September 1, assuming...
On January 1, 2017, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2017, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par—Common Stock 493,000 Retained Earnings 616,000 During 2017, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 1,800 common shares at a...
Exercise 11-12 The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows....
Exercise 11-12 The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows. Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) $475,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,560,000 Paid-in Capital in Excess of Par Value—Preferred Stock 56,000 Paid-in Capital in Excess of Stated Value —Common Stock 820,000 Retained Earnings 760,000 Treasury Stock (8,300 common shares) 66,400 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1...
On January 1, 2019, the stockholders' equity section of Smiley Corporation shows: common stock ($5 par...
On January 1, 2019, the stockholders' equity section of Smiley Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $ 1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.1 Purchased 30,000 shares for cash at $20 per share. July.1 Sold 6,000 treasury shares for cash at $27 per share. Sept.1 Sold 5,000 treasury shares for cash at $9 per share. Requirements: Journalize the treasury stock transactions.
On January 1, 2017, the stockholders’ equity section of horton Corporation shows Common stock ($5 par...
On January 1, 2017, the stockholders’ equity section of horton Corporation shows Common stock ($5 par value) $1,500,000 paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following transactions occurred. Mar.           1   Purchased 30,000 shares for cash at $22 per share. July            1   Sold 6,000 treasury shares for cash at $27 per share. Oct.           1   Sold 5,000 treasury shares for cash at $19 per share. Dec            1    Sold 3,000 treasury share for cash...
Domaine Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2018,...
Domaine Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2018, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $7 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $9 per share. Journalize the transactions for Domaine Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
20. On January 1, 2019, the stockholders’ equity section of Nance Corporation shows: Common stock ($5...
20. On January 1, 2019, the stockholders’ equity section of Nance Corporation shows: Common stock ($5 par value) $1,500,000; Paid-in capital in excess of par value - common stock $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.     1   Purchased 30,000 shares for cash at $22 per share. July      1   Sold 6,000 treasury shares for cash at $27 per share. Sept.    1   Sold 5,000 treasury shares for cash at $19 per share. Nov.    1  ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT