Hahah Sheridan Roofing Company originally issued 7800 shares of $10 par value common stock for $234000 ($30 per share).Sheridan subsequently purchases 780 shares of treasury stock for $25 per share and resells the 780 shares of treasurystock for $30 per share.In the entry to record the sale of the treasury stock, there will be aO credit to Common Stock for $19300.Ⓒ debit to Paid-in Capital in Excess of Par of $23400.O credit to Treasury Stock for $7800.O credit to Paid-in Capital from Treasury Stock for $3900.

Treasury stock is reacquired shares by the company. The required share can be the issued in future.…

Answered: Sheridan Roofing Company originally…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.
Sheffield Company origînally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequently purchases 530 shares of treasury stock for $26 per share and resells the 530 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a O credit to Paid-In Capital from Treasury Stock for $2650. debit to Paid-In Capital in Excess of Par of $15900. O credit to Common Stock for $13780. O credit to Treasury Stock for $5300. Save for Later Attempts: 0 of 1 used Submit Answer
If Kiner Company issues 1,000 shares of P5 par value common stock for P70,000, the асcount O Common Stock will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P70,000. Cash will be debited for P65,000.
WW Corp. resells 500 shares of its own common stock for $22 per share. WW had acquired these shares two months before for $25 per share. The resale of this stock would be recorded with a: Select one: a. Debit to Cash for $12,500 b. Credit to Additional Paid-In Capital for $1,500 c. Debit to Common Stock for $12,500 d. Debit to Additional Paid-In Capital for $1,800 e. Credit to Treasury Stock for $12,500
Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was $25. The entry to record the sale will include a A) debit to Paid-in Capital in Excess of Par for $3100. B) credit to Treasury Stock for $10850. C) credit to Gain on Sale of Treasury Stock for $7750. D) credit to Paid-in Capital from Treasury Stock for $3100.
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.
Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The journal entry to record this will include a: debit to Common Stock of $10,000 debit to Cash for $10,000 credit to Additional Paid-in Capital in excess of par (APIC) of $10,000 credit to Additional Paid-in Capital in excess of par (APIC) of $15,000
WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares two months before for $14 per share. The resale of this stock would be recorded with a: Select one: a. Debit to Common Stock for $8,000 b. Credit to Additional Paid-In Capital for $800 c. Credit to Treasury Stock for $8,000 d. Credit to Additional Paid-In Capital for $2,400 e. Credit to Additional Paid-In Capital for $2,000
WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares two months before for $16 per share. The resale of this stock would be recorded with a: Select one: a. Debit to Common Stock for $8,000 b. Credit to Additional Paid-In Capital for $1,600 c. Debit to Additional Paid-In Capital for $2,000 d. Credit to Treasury Stock for $8,000 e. Credit to Additional Paid-In Capital for $2,000
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.

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