Question

Treasury Stock Transactions

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 per share on November 23.

a.  Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.

July 9 Treasury Stock  fill in the blank 2f903602bf9afea_2 fill in the blank 2f903602bf9afea_3
  Cash  fill in the blank 2f903602bf9afea_5 fill in the blank 2f903602bf9afea_6
Sept. 22 Cash  fill in the blank 2f903602bf9afea_8 fill in the blank 2f903602bf9afea_9
  Treasury Stock  fill in the blank 2f903602bf9afea_11 fill in the blank 2f903602bf9afea_12
  Paid-In Capital from Sale of Treasury Stock  fill in the blank 2f903602bf9afea_14 fill in the blank 2f903602bf9afea_15
Nov. 23 Cash  fill in the blank 2f903602bf9afea_17 fill in the blank 2f903602bf9afea_18
  Paid-In Capital from Sale of Treasury Stock  fill in the blank 2f903602bf9afea_20 fill in the blank 2f903602bf9afea_21
  Treasury Stock  fill in the blank 2f903602bf9afea_23 fill in the blank 2f903602bf9afea_24

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Aardvark Corporation which sustained a short-term capital loss of $8,000 during the year, will enter...

A: Please find the answer to the above question below:

Q: Which of the following is NOT a consequence of the double tax on dividends?     Question 15 option...

A: Please find the answer to the above question below:

Q: The total interest charged on a $400,000, 4-month notes payable, at the annual rate of 7%, would be

A: Interest = Principal amount * Annual interest  * months/12

Q: Terry Willard and Jasmine Hill decide to form a partnership. Willard will contribute $300,000 to the...

A: Both of the partners' perspective toward the profit sharing ratio can be addressed by payment of int...

Q: ZoLee Food Company is preparing budgets for the quarter ending Mar 31, 2020.Jan 10,000 unitsFeb 50,0...

A: Click to see the answer

Q: Robert Williams is one of Texas's premiere party planners. She purchases a variety of supplies, such...

A: Given: Payment of purchases will be made 40% in quarter purchased and 60% in the following quarter. ...

Q: Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...

A: Journal entries: It is the duty of the accountant to record business economic and non-economic trans...

Q: A debt restructuring that involves a modification of terms and does not require court approval may n...

A: A debt restructuring that involves a modification of terms and does not require court approval may n...

Q: Please help me with this question

A: Please find the answer to the above question below:

Q: Mike. Inc has two products A and B. The budgeted fixed manufacturing overhead is $10,000. The depart...

A: Click to see the answer

Q: Chapter 7

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: From the following information calculate the net asset values. (Round your answers to the nearest ce...

A: Click to see the answer

Q: Given the following for a company: sales $48,000, sales returns and allowances $6.000, operating exp...

A: Click to see the answer

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 7) Which inpu...

A: Size check restricts the length of the characters to be entered as an input in a particular field. T...

Q: During the current year, Elements Corporation has the following transactions: Income from operation...

A: Taxable Income: Before determining tax liability, we find out the income on which tax is levied. Wit...

Q: Harmony is the Senior accountant of a Bank. Junior accountants of all the branches reportto her. Whi...

A: When an action, situation, or action conflicts with a society's basic values, ethical questions aris...

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You visite...

A: SOLUTIONS- INTERNAL CONTROL- IT IS A MECHANISM  , RULES AND PROCEDURES IMPLEMENTED BY THE COMPANY TO...

Q: Which of the following is the correct flow of manufacturing costs? a.raw materials, finished good...

A: flow of Production process generally begins with raw material and converted to work in process then ...

Q: Alice Judy operates a chain of beauty-products retail stores. Her stock holding carries several rang...

A: Categories under ABC Analysis 80% of Inventory Value = Category A 15% of Inventory Value = Category...

Q: Which of the following is a capital budgeting method?A.net present valueB.inventory turnoverC.return...

A: Please find the answer to the above question below:

Q: Calculate RETURNED ON INVESTED CAPITAL by referring the pictures of Financial Position and Statement...

A: Please see the next step for the solution 

Q: Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statement...

A: 1)Identify the Mr. B’s next step after hearing the Mr. M’s argument: • Mr. M arguing that as an acco...

Q: The following data have been extracted from the budgets and standard costs of FAA Limited, a company...

A: Marginal Costing - It is also knows as variable costing. In this type of costing method decision may...

Q: 1.How would customer's NSF checks be dealt with in a bank reconciliation? a. added to company’s book...

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

Q: Roberts​ Supply, Inc. provides the following data taken from its third quarter​ budget:     J...

A: . Cash balance at the end of September = Cash balance at the end of June + Cash receipts in July, Au...

Q: If the financial leverage level of an enterprise is less than 1, a 1 percent change in ________ will...

A: Please see the next step for the solution 

Q: If the contribution margin ratio for France Company is 43%, sales are $407,000, and fixed costs are ...

A: Operating income reports the amount of profit realized from a business's ongoing operations. Operati...

Q: Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear...

A: Given, Common stock - $125 par value; (370,000 shares authorized; 5,000 shares issued), $625,000 Pai...

Q: Average Rate of Return Method, Net Present Value Method, and Analysis The capital investment committ...

A: Average Rate of Return=Estimated average annual incomeAverage Investment×100

Q: A recent college graduate buys a new car by borrowing $24,000 at 8.4%, compounded monthly, for 5 yea...

A: Click to see the answer

Q: On January 1, 20X6, RAST Co. purchased a machine for $1,980,000 and depreciated it by the straightli...

A: From January 1, 20X6 to January 1, 20X9: machine has been used for 3 years.   Annual Depreciation f...

Q: Provide answer in table format like the image attached A guitar manufacturer is considering eliminat...

A: Electric Guitar Division is:   Kept   Eliminated  Sales (500 units X $ 45 per unit)  $          84...

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,200 desks ...

A: Given the following information: Highest activity cost (HAC): $83,200 Highest activity units (HAU):...

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year ...

A: Amount to be financed = Cost of house - Down payment = $415,000 - ($415,000*20%) = $332,000 Nos of m...

Q: Lease or Sell Casper Company owns equipment with cost of $366,500 and accumulated depreciation of $5...

A: Click to see the answer

Q: Why does a weighted average cost of capital suggest an optimal capital structure?

A: Click to see the answer

Q: Alternative Capital Investments The investment committee of Sentry Insurance Co. is evaluating two p...

A: Net present value=Present value of net cash flow total-Amount to be invested

Q: The following data have been extracted from the budgets and standard costs of FAA Limited, a company...

A: Calculation of product cost per unit under (a) Marginal costing and (b) Absorption costing:   Mar...

Q: Flexible Budget for Various Levels of Activity Palladium Inc. produces a variety of household cleani...

A: Solution1: Palladium Inc. Overhead Budget For the Coming Year Variable costs: Rate per Hour...

Q: A. Assuming the company limits its analysis to four years due to economic uncertainties, determine t...

A: Net present value (NPV) is the difference between the present value of cash inflows and the present ...

Q: ch.12

A: Relevant costs are the costs that change directly because of a decision taken.

Q: . It is often said that the variable cost associated with a passenger of a low-cost airline carrier ...

A: Please find the answer to the above question below:

Q: Accounting Question

A: Click to see the answer

Q: T owns a sole proprietorship, and L is the sole shareholder in a C corporation. In the current year,...

A: See the answer below:

Q: Follow the steps below to complete the Final of the Lawn Ranger practice set. For this part of the a...

A: Date Accounts Tittle and Explanation Debit Credit Calculation A5 to A7 Office supplies consumed /e...

Q: On November 1, 20X3, the Penguin Corporation, a US corporation, purchased anextruding machine from S...

A: Penguin  Corporation purchased asset on November 1 2003 for credit then the entry in the books of pe...

Q: Your mortgage is an ARM with a 1 year adjustment interval, 4% margin, and a 2% periodic cap. Your in...

A: APR (annual percentage rate) is the rate of interest charged over the borrowing during the year.

Q: How would this be solved ?

A: Given that, actual material cost =$24800 the standard price of materials = $5 per pound (SP) the sta...