User Account

All Pages

Prepare the journal entry for these transactions

Assignment Help Accounting Basics
Reference no: EM133068036

Question - Crane Company's balance sheet reported the following:

Capital stock outstanding, 4,000 shares, par $30 per share $120,000

Paid-in capital in excess of par 75,000

Retained earnings 90,000

The following transactions occurred this year:

(a) Purchased 180 shares of capital stock to be held as treasury stock, paying $55 per share.

(b) Sold 140 of the shares of treasury stock at $60 per share.

(c) Sold the remaining shares of treasury stock at $45 per share.

Required - Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.

Reference no: EM133068036

Questions Cloud

Examine the techniques of testing controls : Examine the techniques of testing controls that should be applied by the auditing firm. Given an example for each technique identified
What amount must the company borrow during february : The Company has an agreement with its bank to maintain a cash balance of $100,000. What amount, if any, must the company borrow during February
Collectability of the outstanding receivable balance : Makeit Incorporated received a letter on October 25, 2013 from Gesters Corporation; one of the companies long standing customers who has a receivables balance w
Determine the maximum one-month loss : Based on data for the last 50 months, it estimates the standard deviation of monthly percentage changes exchange rate for each currency against USD is produced
Prepare the journal entry for these transactions : Purchased 180 shares of capital stock to be held as treasury stock, paying $55 per share. Prepare the journal entry for these transactions
What is the range of the forward price : What is the range of the forward price F0, for which the trader has no arbitrage opportunities?
Calculate the effective tax rate for the year : Question - Accounting for Income Taxes - Calculate the effective tax rate for the year and identify the reasons it differs from 21%
Describe ability to complete financial projections : Describe your ability to complete financial projections.
Relationship between bond ratings and corporate bond yields : Explain how replayment affects the value of an interest only tranche and the principal-only tranche in a CMO.

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