Record the treasury stock transactions

Assignment Help Accounting Basics

Reference no: EM13156578

Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share)

Paid-in Capital in Excess of Pay: $99,000
Common Stock: $270,000
Retained Earnings: $80,000

Instructions:

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

(a) Bought 380 shares of treasury stock at $40 per share.

(b) Bought 300 shares of treasury stock at $45 per share.

(d) Sold 110 shares of treasury stock at $38 per shares.

Reference no: EM13156578

Questions Cloud

Different religious and philosophical traditions : How can different religious/philosophical traditions be understood as contributing to a shared human conversation about moral questions such as how one should conceive of their place in the world and relationship to others

What is the length of double helix : A human cell has 10^14 cells and each human cell has about 6.4x10^9 nucleotide pairs of DNA. What is the length of double helix that could be formed from this amount of DNA in a human individual?

How many grams of dry nh_4cl need to be added : How many grams of dry NH_4Cl need to be added to 1.60 L of a 0.800 M solution of ammonia, NH3, to prepare a buffer solution that has a pH of 8.99? Kb for ammonia is 1.8*10^{-5}.

Confidence interval for population mean of waiting times : Determined that their mean waiting time was 15 minutes and that the standard deviation was 4 minutes. The 88% confidence interval for the population mean of waiting times is?

Record the treasury stock transactions : Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

Calculate the herfindahl-hirschman indexes : Calculate the Herfindahl-Hirschman Indexes for 2006 and 2011. What information does this index tell you about changes in the industry? How does this information differ from the four-firm and eight-firm indexes?

What are cisco net income : Cisco system has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $22.045 billion, and net sales of $22.045 billion. Their net profit margin for the year is 20 percent, while the operating profit margin was 30 percen..

Draw a decision tree for net present value of the profits : Finally, the when large plant is built and the demand happens to be high, the net present value of the profits $800,000. Draw a decision tree.

Do you favor having government more and more power : In general, do you favor having government more and more power to regulate private industry? Please provide documentation for your answers. Feel free to comment on the postings of your fellow students.

User Account

All Pages