User Account

All Pages

Prepare the journal entries to record the treasury stock

Assignment Help Accounting Basics
Reference no: EM132466170

Question (a) Prepare the journal entries to record the treasury stock transactions in 2014, assuming Clemson uses the cost method.

Question (b) Prepare the stockholders' equity section as of April 30, 2014. Net income for the first 4 months of 2014 was $130,000.

  • (Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders' equity as of January 1, 2014.
  • Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital in excess of par-common stock 300,000 Retained earnings 320,000 Total stockholders' equity $720,000
  • During 2014, the following transactions occurred.
  1. Feb. 1 Clemson repurchased 2,000 shares of treasury stock at a price of $19 per share.
  2. Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share.
  3. Mar. 18 500 shares of treasury stock repurchased above were reissued at $14 per share.
  4. Apr. 22 600 shares of treasury stock repurchased above were reissued at $20 per share.

Reference no: EM132466170

Questions Cloud

What type of project learning method does gpps constitute : What type of project learning method does the GPPS constitute? Is the knowledge management method handled well?
Federal rules of civil procedure went into effect : At the end of 2006, a new edition of the Federal Rules of Civil Procedure (FRCP) went into effect.
FIFA Ethical problem : You should make sure to include a discussion of the relevant information and facts, issues and/or problems, considerations, recommendations and/or evaluations.
Freeman-brown private school case study : What is your evaluation of the decision made by Dr. Murphy and Caudill? What is your evaluation of the process of going about the closure?
Prepare the journal entries to record the treasury stock : Prepare the journal entries to record the treasury stock transactions in 2014, assuming Clemson uses the cost method. Prepare the stockholders' equity section
What is the amount that babu will have to have : What is the amount that Babu will have to have to invest every year in order to hae enough funds to cover all his sons expense?
What resources provided proved most helpful : Discuss your comfort level with statistics before and after your coverage of the material in these modules.
What will the value of the index mutual fund : What will the value of the index mutual fund be when his son A YEAR BEFORE HIS SON starts college?
Prepare stockholders equity section of phelps corporation : Prepare the stockholders' equity section of Phelps Corporation's balance sheet as of December 31, 2014.Record the journal entries for the transactions

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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