FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 11, Problem 11.3IE
To determine
Ordinary Share: It refers to a security issued in a form of certificate. It implies the right of ownership of an investor over a portion of company’s earnings and assets.
Par value: It refers to the value of a stock that is stated by the corporation’s charter. It is also known as face value of a stock.
To Journalize: the issuance of 5,000 shares at $1 par value on March 2 in settlement of bills for company’s incorporation.
To determine
To Journalize: the issuance of 60,000 shares at $1 par value on June 12 for cash.
To determine
To Journalize: the issuance of 1,000 preference shares at $100 par value on July 11 for cash.
To determine
To Journalize: the purchase of 2,000 treasury shares on November 28 for cash.
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Students have asked these similar questions
Oriole Company had the following transactions during the current period.
Mar.
2
Issued 4,200 shares of $5 par value common stock to attorneys in payment of a bill for $26,800 for services performed in helping the company to incorporate.
June
12
Issued 59,600 shares of $5 par value common stock for cash of $375,700.
July
11
Issued 2,625 shares of $100 par value preferred stock for cash at $120 per share.
Nov.
28
Purchased 3,170 shares of treasury stock for $77,500.
Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date
Enter an account title
Enter a debit amount
Enter a credit amount…
The following selected transactions occurred for Corner Corporation:
Feb.
1
Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury.
July
15
Issued 110 of the shares purchased on February 1 for $32 cash per share.
Sept.
1
Issued 70 more of the shares purchased on February 1 for $17 cash per share.
Required:
Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.)
Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
What impact does the purchase of treasury stock have on dividends paid?
Chapter 11 Solutions
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Which is the boiler investmentcommon stock with a...Ch. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Indicate how each of these accounts should be...Ch. 11 - What three conditions must be met before a cash...Ch. 11 - Prob. 15QCh. 11 - Prob. 16QCh. 11 - Prob. 17QCh. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 21QCh. 11 - Prob. 22QCh. 11 - Prob. 23QCh. 11 - Prob. 24QCh. 11 - Prob. 25QCh. 11 - Prob. 26QCh. 11 - Prob. 11.1BECh. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.8BECh. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Prob. 11.13BECh. 11 - Prob. 11.14BECh. 11 - Prob. 11.1aDIECh. 11 - Prob. 11.2aDIECh. 11 - Prob. 11.2bDIECh. 11 - Prob. 11.3aDIECh. 11 - Prob. 11.3bDIECh. 11 - Prob. 11.4aDIECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.4ECh. 11 - Prob. 11.6ECh. 11 - Prob. 11.7ECh. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.19ECh. 11 - Prob. 11.3EYCTCh. 11 - Prob. 11.4EYCTCh. 11 - DECISION MAKING ACROSS THE ORGANIZATION During a...Ch. 11 - Prob. 11.7EYCTCh. 11 - Prob. 11.8EYCTCh. 11 - Prob. 11.9EYCTCh. 11 - Prob. 11.12EYCTCh. 11 - Prob. 11.1IECh. 11 - Prob. 11.2IECh. 11 - Prob. 11.3IE
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