Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumarsthen entered into the following transactions.1.Purchased 5,000 treasury shares at $45 per share.2.Resold 2,000 of the treasury shares at $49 per share.3.Resold 500 of the treasury shares at $40 per share.Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming JoeDumars Company uses the cost method.Stockholders'Paid-inRetainedNetAssetsLiabilitiesEquityCapitalEarningsIncome1.2.3.>>>>>>>>>

Name: Joe Dumars Company has outstanding 40,000 shares of $5 par common sto
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Description: Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumarsthen entered into the following transactions.1.Purchased 5,000 treasury shares at $45 per share.2.Resold 2,000 of the treasury

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Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. Stockholders' Paid-in Retained Net Assets Liabilities Equity Capital Earnings Income 1. > > > > > > > 2. 3.

Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. Stockholders' Paid-in Retained Net Assets Liabilities Equity Capital Earnings Income 1. > > > > > > > 2. 3.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
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