At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding. All 20,000 shares had been issued in the prior year for $20 per share. On February 1, 20X5, Happy repurchased 6,000 shares of its own stock for $12 per share. It plans to reissue these shares at a future time. Question: What journal entry should Happy make to record the February 1, 20X5 transaction? Answer: It should debit for $ and credit for $

Q: On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock $15…

A: Depreciation indicates the reduction in the historical amount of tangible assets with the passage of…

Q: On March 31, 20x1, Budoy Co. received 10,000 stock rights from its investment in equity securities…

A: Received stock rights= 10,000 Share rate= ₱60 per share for every 4 rights held Prior-share rate=…

Q: On March 1, 20X5, Rya Corp. issued 1,000 shares of its $20 par value common stock and 2,000 shares…

A: Step 1: Compute the total market value.

Q: On January 1, 2020, Gridley Corporation had 375,000 shares of its $2 par value common stock…

A: Given: Jan 1st Outstanding shares = 375,000 Par value = $2 March 1 Sold = 750,000 Market price = $20…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January…

A: The repurchase of treasury stock will be done at the amount paid to acquire it.

Q: During the year, BFAR Corp. completed the following transactions related to its treasury shares:…

A: Share premium includes the amount which is computed if the shares are purchased or sold at the…

Q: Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of…

A: The shareholders' equity section records the shares issued to shareholders and other retained…

Q: On January 1, 2020, Volume Company had the following account balance carried over from the previous…

A: The money raised by issuing regular or preferred shares is referred to as a company's share capital.…

Q: On December 31, 2020, the Treasury Share account of Jumbo Corporation showed a balance of $490,000.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: enden Company was organized on January 1, 2020 at which date it issued 300,000 ordinary shares of P6…

A: Treasury Stock refers to the purchasing back of shares of the company that are already issued.

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,850,000 authorized shares…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 110,000…

A: The company issues preferred and common securities to raise capital. A fixed dividend is paid on…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A:

Q: During its first year of operations, Cupola Fan Corporation issued 40,000 of $1 par Class B shares…

A: Journal entries            No.  Date  account titles and explanation   Debit…

Q: Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%,…

A: Issue of shares is one of the important source of capital and finance being used by the business.…

Q: On January 1, 2020, ABC Co. acquired 50,000 of its 30 par ordinary shares and held them in treasury.…

A: The issued shares remains constant until the shares are retired or new shares are issued.

Q: 1,000,000 shares of $2 par common stock authorized and 400,000 shares issued and outstanding. The…

A: Weighted average number of shares the average number of shares remains outstanding during the…

Q: Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of…

A: Date Account Titles and explanation Debit Credit Jan.10 Cash (75500*6) $453,000…

Q: Paris Co. has a December 31 year-end date. Data for 2021 shows: • There were 60,000, $3, cumulative…

A: Number of common shares Common shares as on January 1 370000 Shares issued 60000 Less; shares…

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,600,000 authorized shares…

A: Treasury shares has debit account balance. It would be deducted to determine the stockholders'…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: Earnings per share = (Net income - Preferred dividend) /  weighted-average number of shares…

Q: The Topeka Corporation has 40,000 shares of P30 par value ordinary shares outstanding. On July 1,…

A: The stock dividend is a method of capitalizing the retained earnings. it is issued in a proportion…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: The journal entries are prepared to keep the record of day to day transactions of the business of…

Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred…

A: Journal entry is a record of financial transactions in the books of accounts of a business. It…

Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 217,600…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: Early in 2007, Herndon Industries was formed with authorization to issue 200,000 shares of $10par…

A:

Q: The beginning of 2019, hard and Company had 210,000 shares of $10 par common stock outstanding.…

A: Stock dividend is a type of dividend which is provided to the shareholders. In this type,…

Q: Jackson Inc. is authorized to issue an unlimited number of common shares and 15,000, $58 stated…

A: Issued shares are the authorized shares sold to and held by the shareholders of a company,…

Q: The ordinary share balance on December 31, 2021? The preference share balance on December 31, 2021?…

A: Company sells the interest to raise the funds and to raise funds Company sells the shares and the…

Q: The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current…

A: Par value means the face value of share which is printed on the front of share certificate If par…

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares…

A: The purchase of own shares is known as treasury stock.

Q: Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue  9,300 shares of…

A: Journal Entries: No. Date Account Titles Debit($) Credit($)           1 Jan. 10 Cash $563,920…

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: What is the weighted-average number of shares outstanding for 2020?

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: mium…

A: Transactions involving stock and retained earnings have an impact on a company's shareholders'…

Q: premium…

A: Stock and retained earnings transactions have an effect on a company's shareholders' equity. A…

Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750…

A: Tje journal entries are prepared to keep the record of day to day transactions of the business.

Q: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%,…

A:

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: A share is the division in the capital of the company. A shareholder is entitled to receive division…

Q: Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years…

A: Stocks of a company are the financial instruments which are issued to raise fund for the company. In…

Q: On January 1, 2018, Tonge Industries had outstanding 700,000 common shares ($1 par) that originally…

A: Earnings per share is the amount of money per share earned, by the common stockholders of the…

Q: What is the weighted-average number of shares outstanding for 2020? *

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: the beginning of current year, CFAS Company issued 50,000 shares of P10 par value for P113 per…

A: under the constructive retirement it is used when there is a function that share will not be…

Q: On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as…

A: Working notes:

Q: n January 1, 2021, a company had 125,000 issued shares and 25,000 treasury shares. uring the year,…

A: The shares issued includes the treasury stock shares but shares outstanding are decreased with the…

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares…

A: Journal Entry - It is record of every business transaction whether it economic or non economic for a…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: Stock dividend is declared when the company wants to enhance its shareholders' wealth or to praise…

Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: When shares of the company are issued at a value more than par value, then it means shares are…

Q: Kathleen Battle Corporation was organized on January 1, 2020. It is authorized to issue 10,000…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…