Emma Consulting had previously purchased 3,466 shares of treasury stock for $7 per share. Emma then sold 1,225 shares of the treasury stock for $13 per share. The credit to treasury stock to record the sale would be S

Q: Oriole Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump…

A: Common stock and Preference stock are two types of stock or shares that is being issued by the…

Q: Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Familia Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for…

A: Purchase price of Treasury stock : = $ 250000/5000 shares = $ 50

Q: Boy with luv Co. received 20,000 stocks right to subscribe for new shares at P45 per share for every…

A: Stock rights refers to the instrument which is issued through the companies for providing the…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Deborah Corporation had the following Treasury stock transactions during May 2020.  Please record…

A: CALCULATION FOR JOURNAL ENTRIES AMOUNTS :   DATE  WORKING     MAY 5 , 2020 800 SHARES X $20 =…

Q: night Corp. holds 20,000 shares of its $10 par common stock as treasury stock reacquired in Year1…

A: Treasury stock is that part of the common stock of the company that is re-purchased by the issuing…

Q: On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On September 12, 3,800 shares of Aspen Company are acquired at a price of $60.00 per share plus a…

A: Brokerage commission paid to purchase the shares will be added to the cost of the shares.

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price…

A: To create a journal entry, you enter transaction details into ones company's books. Your journal…

Q: On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of…

A: The purchase of shares leads to share in profits of the company, whose shares are being purchased.…

Q: Iris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The…

A: If an investment is purchased then there are two methods to record the investments namely, the cost…

Q: On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock at $19 per share. On August 3,…

A: This question provides that acquire of shares and sold of share. we have to journalize the…

Q: On December 1, DOS Corporation issued 1,000 shares of its par ordinary share capital and 2,000…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

Q: On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…

A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000

Q: On January 31, Wilderness Resorts Inc. reacquired 22,500 shares of its common stock at $31 per…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On…

A:

Q: Coronado Industries has issued 1,500 shares of common stock and 300 shares of preferred stock for a…

A: The issue price of the stock could be issued at par, premium or discount. If the proceed from…

Q: Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30…

A: Definition:

Q: If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the…

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

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock…

A: Purchase price per share = Total amount paid / No. of shares purchased = $270,000/5400 shares = $50…

Q: Prepare the journal entries for the original purchase, the dividend, and the sale under the cost…

A:

Q: The mosaic corporation issued 10000 shares of $50 par, 9% preferred stock, and received $530000 from…

A: When company for issues share it will receive cash

Q: On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of…

A: Accounting for investment is the process of journalising the transactions occurred due to…

Q: The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The…

A: The company can raise funds from different sources like by issuing common stock, issuing preferred…

Q: Mask Company has 30,000 shares of $10 par value common stock authorized and 20,000 shares issued and…

A: a. Following are the journal entries for purchase and sale and the effect of treasury stock in…

Q: Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par…

A:

Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…

A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000

Q: Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30…

A: Solution Explanation and workings: 1. Purchase 5000 treasury shares at 45 per share. Common Stock -…

Q: Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was…

A: Shares are a mean of raising capital from the shareholders. Shares can be ordinary shares or…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…

Q: On May 27, Mama Mia Inc. reacquired 78,000 shares of its common stock at $8 per share. On August 3,…

A: Treasury stock are shares reacquired by the company. Treasury stock is shown at last in the…

Q: mma Consulting had previously purchased 2838 shares of treasury stock for $7 per share. Emma then…

A: Solution: Treasury stock are the stock which are purchased by the company of its own shares. These…

Q: The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The…

A: The organization can raise funds for the operation by issuing common stock, preferred stock for…

Q: Culver Corporation purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Account Titles and Explanation Debit Credit Treasury Stock $306,000               Cash (6000*51)…

Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share.…

A: Definition: Preferred stock: The stock that provides a fixed amount of return (dividend) to its…

Q: On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Llewelyn Company purchased 1,800 shares of its own $6 par value common stock when the market price…

A: Buyback of own shares: Sometimes company repurchases its own stock shares from the market to improve…

Q: Lea Inc, owned 900,000 shares of Mia Corporation stock. On December 31, 2010, when Lea's account…

A: Answer with all workings are as follows:

Q: Tom Yuppy, a wealthy investor, paid $31,320 for 1,080 shares of $10 par common stock issued to him…

A: Calculate the value of land at the date of stock issue.

Q: Blossom Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Workings:

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $62 per share. The…

A: Cash received = 10,000 shares x $62 = $620,000 Par value per share = $50 Paid in capital in excess…

Q: Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock…

A: Journal: Recording of a business transactions in a chronological order.

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.