Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019, Tolkin had the following common stock transactions: Jan. 4 Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share.

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Q: King Tut Corporation issued 6,600 shares of common stock, all of the same class; 3,400 shares are…

A: Journal entries are prepared to record the financial and non financial transactions of the business.

Q: Jackson Corporation was authorized to issue 20,000 shares of $50 par value ordinary shares and 3,000…

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

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

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Q: Typecast, Inc. was incorporated on January 2, 2019 with the following authorized capitalization: •…

A: Authorized share capital means the amount which the company can legally issued. Issued share capital…

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A: The Numerical has covered the concept of Journal entry relating to the stock purchase and sell.

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Q: At the beginning of 2019, Hardin Company had 300,000 shares of $10 par common stock outstanding.…

A:

Q: FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000…

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Q: Nash Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2020,…

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Q: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of $10 par…

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Q: Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%,…

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Q: Tamarisk, Inc. is authorized to issue 2,250,000 shares of $1 par value common stock. During 2020,…

A: Shares bought back by the company are called treasury stock. Treasury stock is deducted from the…

Q: On January 1, 2021, Tonge Industries had outstanding 540,000 common shares ($1 par) that originally…

A: Basic earnings per share: - Basic EPS measures how much a business earns per share without going…

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Q: Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50…

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Q: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%,…

A:

Q: ananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a…

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Q: What should Monty report as preferred stocks on its December 31, 2021, balance sheet?

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Q: The Corazon Corporation is authorized to issue 100,000 shares at P20 par ordinary shares. At the…

A: answer with calculations re as follows.

Q: Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value…

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Q: On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value…

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Q: Carlmont Corporation is authorized to issue 5,000,000 shares of $2 par value common stock. As of…

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Q: On January 1, 2021, Tonge Industries had outstanding 540,000 common shares ($1 par) that originally…

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