Splish Inc. has outstanding 11,800 shares of $10 par value common stock. On July 1, 2020, Splish reacquired 104 shares at $88 per share. On September 1, Splish reissued 61 shares at $94 per share. On November 1, Splish reissued 43 shares at $85 per share.Prepare Splish’s journal entries to record these transactions using the cost method.

Q: On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock $15…

A: Depreciation indicates the reduction in the historical amount of tangible assets with the passage of…

Q: On January 1, 2020, Gridley Corporation had 375,000 shares of its $2 par value common stock…

A: Given: Jan 1st Outstanding shares = 375,000 Par value = $2 March 1 Sold = 750,000 Market price = $20…

Q: Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020,…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2…

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of…

Q: During the year ended December 31, 2020, Gluco Inc. split its stock on a 2-for-1 basis. In its…

A: No. of shares outstanding after split off = No. of shares outstanding before split off x split off…

Q: Ivanhoe Corporation had 80,000 common shares outstanding on December 31, 2019. During 2020, the…

A: Event Dates Outstanding Shares Restatement Months Weighted shares     (a) (b) (c) (a*b*c)…

Q: On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock $15…

A: Units of Activity Method The depreciation expense is determined by the asset's actual operational…

Q: At December 31,2018, ABC Company had 20,000 shares of P 20 par value treasury shares that were…

A: Treasury stock represents the value of own shares that have been purchased by the entity.

Q: If Frank Corporation sells 100,000 shares of its new $1 par value common stock to investors for $1…

A: Journal entry for the sale of common stock is:

Q: At the end of 2018, ABC Company has 18,000 shares, P 20 par ordinary shares that were all issued at…

A: The stockholders' equity refers to the amount that is attributable to the shareholders of the…

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: Ringmeup Inc. had net income of $197,300 for the year ended December 31, 2019. At the beginning of…

A: Earnings Per Share: =Earnings attributable to shareholders / Weighted average number of shares…

Q: Montrose Construction Ltd. had 64,000 common shares and 22,000 preferred shares outstanding on…

A: Earnings per share is one of the important calculation being made in business. It shows how much…

Q: Sarasota Corporation had 109.200 shares of stock outstanding on January 1, 2020. On May 1, 2020,…

A: Answer:-  Weighted-average number of shares outstanding meaning:- The weighted average number of…

Q: Ringmeup Inc. had net income of $106,300 for the year ended December 31, 2019. At the beginning of…

A: Computation of weighted average outstanding sharesFor the year ended December 31, 2019 Particulars…

Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,850,000 authorized shares…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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

A: The weighted average number of shares outstanding are calculated as shares outstanding with the…

Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110…

A: Note - The first part is being solved. Please post a separate question for balance parts. Regrets…

Q: On January 1, 2019, Powder Company provided the following shareholders’ equity section of its…

A: Stockholders’ equity: It can be defined as the residual amount of assets that are available to the…

Q: Basil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000…

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

Q: A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Equipment-$3700, Common Stock-$124000, Paid in capital in excess of par value: Common Stock-$24000,…

A: Date                           Particulars Debit  Credit April -01 Cash Common Stock (2500*120)…

Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: On December 31, 2020, the Frisbee Company had 262,000 shares of common stock issued and outstanding.…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle…

A: Definition:   Treasury stock: The shares which were reacquired or bought back by the company, but…

Q: On September 1, 2020, Valdez Company reacquired 30,000 shares of its $10 par value common stock for…

A: The question is related to repurchase of treasury stock under cost method. In the given question the…

Q: On January 1, 2020, Keith Company paid $96,000 for 8,000 shares of Jerry Company common stock. The…

A: What amount will be reported in the balance sheet of Keith Company for the investment in Jerry…

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: On January 1, 2020, Keith Company paid $96,000 for 8,000 shares of Jerry Company common stock. The…

A: Number of shares owned by Keith = 8,000 Price of shares = $96,000 Price per share = $96,000 / 8,000…

Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…

A: Financial statements are the recording of business transactions in the various statements which are…

Q: On January 1, 2023, Evans Company purchased 40% of Farley Corporation’s 800,000 outstanding shares…

A: Journal entries: Journal entries are recognized in the journal book for showing the transactions as…

Q: In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had…

A: Prepare journal entries for each of the following transactions: 1. Date Account titles and…

Q: Bonita Inc. has outstanding 10,400 shares of $10 par value common stock. On July 1, 2020,…

A: The Numerical has covered the concept of Treasury Stock. When a company purchased their own shares…

Q: Smallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110…

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

Q: On March 1, 2018, Plain, Inc. sold 40,000 shares of its P 30 par value Ordinary Share Capital on a…

A: Journal is the primary book of entry in accounting. It is the first book where a business…

Q: At December 31,2018, ABC Company had 20,000 shares of P 20 par value treasury shares that were…

A: difference in repurchase price and issue price are transferred to additional paid in…

Q: Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020,…

A: Definition:   Treasury stock: The shares which were reacquired or bought back by the company, but…

Q: Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During…

A: Treasury stock: When a company repurchases its common stock issued earlier from the stock holders,…

Q: Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe…

A: Cost Method of Treasury Stock - Under Cost method of recording treasury stock, shares purchased by…

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

A: Date Outstanding x Effect of the stock dividend x Effect of split x Fraction of period = Weighted…

Q: llville Company carried the following balances to their respective accounts. Cash-$58000,…

A: Date                           Particulars Debit  Credit April -01 Cash Common Stock…

Q: Ringmeup Inc. had net income of $148,800 for the year ended December 31, 2019. At the beginning of…

A: Weighted average number of outstanding shares = 38,000×412 + 53,000×712 + 48,300×112…

Q: f the 1,000 repurchased treasury shares (from the June 20, 2019 transaction) for $15 per share.…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

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

A: Cost method of treasury stock is simple as it considers the cost that is paid to repurchase that…

Q: On January 1, 2020, Star Corp. sold 10,000 shares of common stock, par $2, at $18 per share. On…

A: Under the treasury stock method, the common stock are held as treasury stock and they are not…

Q: Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017, Sprinkle…

A: Given, Outstanding 10,000 shares Common stock $10 par value Sprinkle reacquired 100 shares at $87…

Q: During the year ended December 31, 2020, Gluco Inc. split its stock on a 3-for-1 basis. In its…

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.