Dec. 1 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. 15 Sold 200 shares of the treasury stock for cash of $8 per share. 20 Sold 1,000 shares of the treasury stock for cash of $1 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,400.)

Q: Instructions: prepare the journal entries on above transactions.

A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

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.

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A: The question is based on the concept of Financial Accounting.

Q: Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common…

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

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: Oriole Company had the following transactions during the current period. Mar. 2   Issued 4,200…

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Q: On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. The…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On June 1 a new company issued 100,000 shares of $1 par value common stock for cash at $5 per share.…

A: The dividend is to be paid on the shares outstanding. Shares outstanding = Shares issued - Shares…

Q: Elroy Corporation repurchased 1,100 shares of its own stock for $55 per share. The stock has a par…

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Q: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

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Q: 20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On…

A: Treasury stocks are issued when a company repurchases /buyback it's own shares.  When a company…

Q: The company entered into the following transactions during the year. Jan.   15   Issued 5,000…

A: Journal entry: It is also called as book of original entry. It is used to record a financial…

Q: On January 1, Sheffield Corp. had 56,600 shares of no-par common stock issued and outstanding. The…

A: Dividend is payable on No. of outstanding shares.

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

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

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Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…

A: Requirement a:   Pass all of the necessary journal entries to record the events.

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Q: Crane Company's balance sheet reported the following: Capital stock outstanding, 4,000 shares, par…

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Q: On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding.…

A: Treasury stock: Treaseury stock are the shares which are bought back by the company from the open…

Q: On January 1, Pina Colada Corp. had 94,000 shares of no-par common stock issued and outstanding. The…

A: Common Shares issued and outstanding at the time declaring Dividend on April 1   94000 shares +…

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A:

Q: On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April…

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A: Shares can be referred to as the small denominations of the share capital of a company. The shares…

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A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

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Q: Crane Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600…

A: The financial transactions are initially recorded in the form of journal entry.

Q: The Channing Company earmed $64,000 last year. The capital stock of the company consists of $500.000…

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Q: Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par…

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Q: On July 1, Goetz Corporation purchases 500 shares of its $5 par value common stock for the treasury…

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Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: Dividend is the amount of return paid to the shareholders in the form of return. The dividend…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.