Assume all net income earned

Assignment Help Accounting Basics
Reference no: EM131002072

The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2010:

Required:

1. During 2011, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are

(a) Retired and
(b) Viewed as treasury stock.

a. On February 5, 2011, TNL Systems purchased 6 million shares at $10 per share.
b. On July 9, 2011, the corporation sold 2 million shares at $12 per share.
c. On November 14, 2013, the corporation sold 2 million shares at $7 per share.

2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2013, comparing the two approaches. Assume all net income earned in 2011-2013 was distributed to shareholders as cash dividends.

Reference no: EM131002072

Questions Cloud

What is it like to live with schizophrenia : What is it like to live with schizophrenia? Legal scholar and writer Elyn Saks has suffered from this devastating illness for many years and is a strong advocate for the rights of mentally ill people. Please listen to her talk and address the fo..
What the most surprising thing you learned about happiness : Questions: What is the most surprising thing you learned about happiness from Dr. Gilbert's talk? Can you think of some ways to apply what you learned from the talk to your own life
Evaluate potential grand strategies for the organization : Recommend a strategy or combination of strategies the organization should implement, and include a rationale for that recommendation.
Estimate the inventory loss : Based on these data, estimate the inventory loss. If the industry average gross profit was 50%, why might the insurance company be leery of the estimated loss?
Assume all net income earned : Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2013, comparing the two approaches. Assume all net income earned in 2011-2013 was distributed to shareholders as cash dividends.
Presentation about piaget theory of cognitive development : A presentation about Piaget's Theory of cognitive development. In Psychology major. You have to do a presentation about Piaget's Theory of cognitive development
Financial data for squid company : Selected financial data for Squid Company are as follows:
Multi-employer pension plans : a. What were the contributions to multiemployer pension plans for 2006, 2005, and 2004? Comment on the trend. b. Determine the total liability for multiemployer pension plans at the end of 2006. c. What control does Safeway, Inc., have over multiempl..
What is currently occuring-the volatility of stock market : Discuss the Current Economy of the US and/or World. Discuss issues such as: What is currently occuring? How is it affecting people and businesses. How is it affecting the local, regional, national, and world markets. What do you think the future will..

Reviews

Write a Review

Accounting Basics Questions & Answers

  2012 april 20 purchased 40250 of merchandise on credit from

tyrell co. entered into the following transactions involving short-term liabilities in 2012 and 2013.2012 april 20

  Evaluate the general procedure of accounting for bankruptcie

Evaluate the general procedure of accounting for bankruptcies and create at least one recommendation for improving existing practices. Providing examples of just how your recommendation would be an improvement can be helpful.

  Determine maria adjusted gross income

Maria who is single had the following items for 2010; Determine Maria's adjusted gross income for 2010?

  Discuss the purpose of the lcm rule and the accounting

the lower of cost or market lcm rule is used in the valuation of inventories. the lcm rule explains that if the

  What amount of net accounts receivable would daisy report

on august 31 2012 daisy floral supply had a 155000 debit balance in accounts receivable and a 6200 credit balance in

  Dynamics telecommunications corp has made an investment in

dynamics telecommunications corp. has made an investment in another company that will guarantee it a cash flow of 23967

  On january 1 a company purchased a five-year insurance

on january 1 a company purchased a five-year insurance policy for 1800 with coverage starting immediately. if the

  Wads county maintains an investment pool in which it

wads county maintains an investment pool in which it invests funds both for wads county and for all legally separate

  What is the amount of the gross profit

During the current year, merchandise is sold for $275,000 cash and $990,000 on account. The cost of the merchandise sold is $950,000. What is the amount of the gross profit?

  Analyzing the changes in each of the plant asset

Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. this schedule should include columns for beginning balance, increase, decrease and ending balance for each of the plant asset accounts.

  Journal entry required on quick finance books

Prepare a journal entry required on Dexter's books on May 1. Prepare the journal entry required on quick's finance books on may 1.

  Wesley hospital installs a new parking lot the paving cost

wesley hospital installs a new parking lot. the paving cost 40000 and the lights to illuminate the new parking area

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd