Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
9th Edition
ISBN: 9781260260779
Author: Wild
Publisher: MCG
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Required 1. Explain the transaction(s) underlying each journal entry (a) through (d). 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 4. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $695,000?
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation:
a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share.
b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share.
c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share.
Required:
1. Prepare the journal entry required for each of the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2
Repurchased 240 shares of the company's common stock at $22 cash per
share.
Date
February 01
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Prev
Debit
1 of 8
Credit
View general journal
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Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following
journal entries impacted its stockholders' equity during its first year of operations.
Transaction
a.
b.
C.
d.
General Journal
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Organization Expenses
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Accounts Receivable
Building
Notes Payable
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Debit Credit
280,000
180,000
44,000
17,000
81,800
138,000
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?
240,000
40,000
126,000
54,000
59,600
53,200
30,000
78,000
60,000
Chapter 11 Solutions
Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
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- Prepare Journal Entires: A company reported the following stockholders’ equity on January 1 of the current year:arrow_forwardKinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value. Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable. Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital Debit 280,000 150,000 46,000 19,500 82,800 136,000 Credit 245,000 35,000 128,000 22,000 59,700 58,600 30,000 79,000 57,000arrow_forwardcan you please journalize the transactions and indicate the amount to be reported shares and for common shares at the end of the yeararrow_forward
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