User Account

All Pages

Prepare necessary journal entries to record transactions

Assignment Help Accounting Basics
Reference no: EM132435526

Question - The following is the information on Aggie Corporation's Stockholder's Equity.

Stockholder's Equity December 31, 2005

Common Stock (9,000 shares issued, $10 par) 90,000

Additional Paid-in capital 90,000

Retained Earnings 150,000

TOTAL STOCKHOLDER'S EQUITY $330,000

During 2006, the following transactions affecting stockholders equity were completed by Aggie Corporation:

a. Jan. 4 Purchased 750 shares of its own outstanding common stock as treasury stock for $22 per share.

b. Dec. 15 Dividends on common stocks were declared. Common shareholders will receive a $0.50 per share cash dividend.

Required - Prepare the necessary journal entries to record the transactions for the year 2006.

Reference no: EM132435526

Questions Cloud

Discuss the Monumental Architecture and Sculpture : Discuss the Monumental Architecture and Sculpture?Who created each work of architecture or sculpture? Who commissioned its creation?
What is the situation or issue : List the websites, articles and other resources used as references, and provide links where possible. Answer the following points:
Entrepreneur of purchasing and operating a qsr franchise : What advantages accrue to a franchisor by using franchising methods to grow the organization or business?
Benefit from incorporating green marketing perspective : How can a corporate strategy benefit from incorporating a green marketing perspective?
Prepare necessary journal entries to record transactions : Jan. 4 Purchased 750 shares of its own outstanding common stock as treasury stock for $22 per share. Prepare necessary journal entries to record transactions
Discuss theoretical management concepts : Define and discuss theoretical management concepts about the specific environment of an Woolworlths.
Discuss theoretical management concepts : Use evidence about your chosen organisation to analyse and evaluate the impact of economic trends on Woolworths in 2018/19.
What reasons were thrust into the civil war : What reasons were we thrust into the Civil War in 1861? Discuss and Explain the at least 2 major events that led up to the Civil War
Yummy Cup-Non alcoholic beverage business : Discussion, we will expand on the non-alcoholic beverage business you began developing.Discuss three OPPORTUNITIES you can identify for your NAB business.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is sam and elizabeth allowable deduction for exemptions

Sam and Elizabeth Jefferson file a joint return. What is their allowable deduction for personal and dependency exemptions?

  What is meant by phrase shopping for accounting principles

Discuss what is meant by the phrase "shopping for accounting principles." What mechanisms have served to prevent this practice by management?

  What is the relevance to an accounting of issues

Also, what is the relevance to an accounting of issues about information organisation and presentation

  Backwards resources has a wacc of 137 percent and it is

backwards resources has a wacc of 13.7 percent and it is subject to a 35 percent marginal tax rate. backwards has 333

  Ramsey automotive ltd had sales of 2000000 and net

ramsey automotive ltd. had sales of 2000000 and net operating income of 600000 last year. operating assets last year

  Problem regarding the activity rates

Refer to the information for Botas Company on the previous page. The following activity data have been collected:

  Consider the following contracts that a company has entered

Consider the following contracts that a company has entered into: The company sold product to a customer, shipping the product on 10/27 for an agreed-upon sales price of $3,000.

  What are the adjusted gross income amounts

Pat age 45 and his wife, Barb, age 44 are married with three children. What are the folowing amount? Adjusted Gross Income, Taxable Income and Total Income tax.

  Methods of accounting for longterm construction contracts

What are the two basic methods of accounting for longterm construction contracts?

  Suppose that phil reduces the selling price on entrees and

the hillside inn is a restaurant in flagstaff arizona. it specializes in southwestern style meals in a moderate price

  Both the reported value of longt-term and periodic interest

both the reported value of longt-term and periodic interest charges should be based on unamortized issue price plus or

  Four requirements for a good tax system

1. Briefly state Adam Smith's four requirements for a good tax system. 2. Based on the discussion in the chapter, evaluate how well each of these taxes meets Adam Smith's four requirements:

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