On January 31, Outback Coast Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20, Outback Coast Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Outback Coast Resorts sold the remaining shares at $29 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

On January 31, Outback Coast Resorts Inc. reacquired 23,900 shares of its common stock at $31 per share. On April 20, Outback Coast Resorts sold 14,000 of the reacquired shares at $40 per share. On October 4, Outback Coast Resorts sold the remaining shares at $29 per share. Required: Journalize the transactions of January 31, April 20, and October 4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter13: Earnings Per Share (eps)

Section: Chapter Questions

Problem 2R: Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8%...

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James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
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Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
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Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
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