User Account

All Pages

Journalize the treasury stock transactions

Assignment Help Accounting Basics
Reference no: EM132817275

Problem 1 - During its first year of operations, Benji Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 70,000 shares for cash at $5 per share.

July 1 Issued 40,000 shares for cash at $7 per share.

Required -

(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.

(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Problem 2 - Jake Corporation issued 1,000 shares of stock.

Required - Prepare the entry for the issuance under the following assumptions.

(a) The stock had a par value of $5 per share and was issued for a total of $52,000.

(b) The stock had a stated value of $5 per share and was issued for a total of $52,000.

(c) The stock had no par or stated value and was issued for a total of $52,000.

(d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000.

(e) The stock had a par value of $5 per share and was issued for land worth $52,000.

Problem 3 - On January 1, 2012, the stockholders' equity section of Joshua Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 50,000 shares for cash at $15 per share.

July 1 Sold 10,000 treasury shares for cash at $17 per share.

Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.

Required - Journalize the treasury stock transactions. Mar. 1, July 1, Sept. 1.

Problem 4 - The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012.

Common Stock ($5 stated value) $1,700,000

Paid-in Capital in Excess of Par-Preferred Stock 280,000

Paid-in Capital in Excess of Stated Value-Common Stock 900,000

Preferred Stock (8%, $100 par, noncumulative) 500,000

Retained Earnings 1,134,000

Treasury Stock (10,000 common shares) 120,000

Required - Prepare the stockholders equity section of the balance sheet at December 31, 2012.

Reference no: EM132817275

Questions Cloud

Which type of spss analysis might be most appropriate : Suppose a researcher wanted to use the secondary data found in the gss.sav data file to determine if males or females use the Internet more.
Allocate the costs of services departments : Allocate the costs of services departments to production using algebraic method.
How much Maintenance Department cost should be charged : How much Maintenance Department cost should be charged to the Forming Department and to the Assembly Department
Prepare a master budget for each of the first three months : The income tax rate for the company is 43%. Income taxes on the first quarter's income will not be paid until April 15. Prepare a master budget
Journalize the treasury stock transactions : Common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; Journalize the treasury stock transactions
Identify potential modifications to maximizer systems : Identify potential modifications to Maximizer systems that could in the future make Maximizer system more beneficial to a business in the future,
Identify potential modifications to maximizer systems : Identify potential modifications to Maximizer systems that could in the future make Maximizer system more beneficial to a business in the future
Write organizational culture : Write organizational culture and core values of Sysco corporation.
Explain why you choose toronto public library : Explain why you choose Toronto public library to collaborate with Ritz Carleton Hotel? What are the benefits to your hotel by receiving business from Toronto pu

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is the supplies expense

A physical count of inventory on hand at December 31, 2011 determined that the supplies inventory was $1200. How much is the 2011 supplies expense

  What is the minimum price stacy should accept

During the past year, Stacy McGill planted a new vineyard on 150 acre of land that she leases for $30,000 a year. What is the minimum price Stacy should accept?

  The manufacturing overhead consists of 32000 of costs that

the manufacturing overhead consists of 32000 of costs that will be eliminated if the components are no longer produced

  State your keywords and which computer tax service

Juan sold IBM stock to Richard for a $10,000 loss. Richard is the husband of Juan's sister, Carla. How much of the loss can Juan deduct in the current year if Juan's taxable income is $55,000 and he has no other capital transactions?

  What quantities would each lady purchase to maintain

If the prices in part were increased by 20%, what quantities would each lady purchase to maintain their gross expenditure on the produce?

  What is the amount of retirement savings contribution

Joe is a single taxpayer, He contributed $5,500 to is ROTH IRA during the year. What is the amount of his retirement savings contribution credit?

  What is the weighted average cost of new capital

What is the weighted average cost of new capital from the preferred stock offering with a blend of 25% preferred and 75% debt

  A corporation purchases 10000 shares of its own 10 par

a corporation purchases 10000 shares of its own 10 par common stock for 35 per share recording it at cost. what will be

  What core concepts have you internalized about coaching

What core concepts have you internalized about coaching? How will these concepts inform your approach in a developmental/coaching relationship?

  Make a schedule that discloses the individual costs

Make a schedule that discloses the individual costs that should be capitalized in the office building account as of September 30, 2021

  Determine Reagan total monthly home-related expenses

Determine Reagan's total monthly home-related expenses (loan payment, insurance, and taxes) and determine whether the bank will approve the loan

  What was the total amount of bad debts expense

As a result of a comprehensive analysis, it is determined that the December 31, 2011 balance of Allowance for Bad Debts should be $6,300. Show, in general journal format the adjustment required.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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