A corporation originally issued $10 par value common stock for $13 per share. It purchased 2,000 shares of its own stock for $19 per share. Which of the following would be the journal entry for the sale of 10 shares oftreasury stock for $16 per share? Assume the Paid-in Capital from Treasury Stock Transactions has a credit balance of $300.O Treasury StockCommon190Paid-in Capital from Treasury Stock TransactionsCashO CashTreasury Stock CommonO CashRetained EarningsTreasury Stock - CommonO CashPaid-in Capital from Treasury Stock TransactionsTreasury Stock - Common1601603016030160160190190

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Answered: corporation originally issued $10 par…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

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A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cash
A corporation originally issued $6 par value common stock for $11 per share. It purchased the stock for $13 per share. Which of the following is included in the entry to record the sale of 20 shares of treasury stock for $19 per share? O A. Treasury Stock-Common is credited for $260. B. Paid - In Capital from Treasury Stock Transactions is credited for $380. O C. Treasury Stock-Common is credited for $380. D. Paid- In Capital from Treasury Stock Transactions is debited for $120.
The balance sheet caption for common stock is: Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, and 5,500,000 shares outstanding. a. Calculate the dollar amount that will be presented opposite of this caption. b. Calculate the total amount of a cash dividend of $1.00 per share.c. What accounts for the difference between issued shares and outstanding shares?
What is included in the journal entry to record the repurchase of 300 common shares to hold them in treasury? Assume the average issue price of the outstanding shares is $10. a. A debit to Cash for $3,000 b. A credit to Treasury Shares for $3,000 C. A debit to Common Shares for $300 d. A debit to Common Shares for $3,000
Before Gordon Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $10 per share). Paid-in Capital in Excess of Par—Common Stock Common Stock Retained Earnings $108,000 $220,000 $40,000 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 375 shares of treasury stock at $45 per share. b. Bought 320 shares of treasury stock at $56 per share. c. Sold 330 shares of treasury stock at $50 per share. d. Sold 120 shares of treasury stock at $37 per share.
Company Z has 2.4 million shares of common stock authorized with a par value of $1 and a market price of $58. There are 1.2 million outstanding shares and 0.3 millión shares held in treasury stock Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100% stock dividend. d. Show the effect of the 100% stock dividend on assets, liabilities, and stockholders' equity. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Prepare the journal entry if the company declares and distributes a 10% stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars and not in millions.) View transaction list Journal entry worksheet Record…
Stock Issuance and Treasury Stock Omaha, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for $40 cash per share, (2) purchased treasury shares at $50 per share, and (3) sold some of the treasury shares: 1 Cash 437,000 Common stock 43,700 Paid-in capital in excess of par value 393,300 2 Treasury stock 77,000 Cash 77,000 3 Cash 63,360 Treasury stock 52,800 Paid-in capital from treasury stock 10,560 a. How many shares were originally issued?Answersharesb. What was the par value of the shares issued?$Answerper sharec. How many shares of treasury stock were acquired?Answersharesd. How many shares of treasury stock were sold?Answersharese. At what price per share was the treasury stock sold?$Answerper share
The charter of Zion Associates provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 shares were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $80,000 b. $20,000 c. $90,000 d. $100,000 e. None of the above
Prepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet
The market price of a share of common stock at the time of issuance was $19.50, while the market price of a preferred share of stock at the time of issuance was $32. The company paid $12.50 per share for its treasury stock. Required: Determine the missing amount in the stockholders' equity section of the balance sheet set forth below. (Input all amounts as positive values.) Stockholders' Equity Contributed Capital: Preferred Stock, $2.00 par value, authorized 1,000,000 shares; issued 300,000 shares Additional Paid-in Capital - Preferred Stock Common Stock, $3.00 par value, authorized 40,000,000 shares; issued 25,600,000 shares Additional Paid-in Capital - Common Stock Total Contributed Capital Retained Earnings Treasury Stock, at Cost (10,000 shares) Total Stockholders' Equity $ 0 305,683,000 305,683,000
Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $14 cash per share. b. $4 stated value and sell for $14 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 36,000 shares of common stock assuming the shares have a $4 par value and sell for $14 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
If 800 shares of $40 par common stock are sold for $43,000, the $43,000 would be reported in the Cash flows from financing activities section of the statement of cash flows.a. Trueb. False

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