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Journalize the treasury stock transactions. On January 1, 2013, the stockholders’ equity section of Nance Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 30,000 shares for cash at $20 per share. July 1 Sold 6,000 treasury shares for cash at $27 per ...

Other / Other 23 Mar 2016

journal entry to record the sale of the treasury stock Arens Corporation purchased 3,000 shares of its $5 par value common stock for a cash price of $10 per share. Two months later, Arens sold the treasury stock for a cash price of $8 per share. Instructions Prepare the journal entry to record the sale of the treasury stock assuming (a) No balance in Paid-in Capital from Treasury Stock. (b) A $4,000 balance in Paid-in Capital from Tr ...

Other / Other 23 Mar 2016

review of the stockholders’ equity section The stockholders’ equity section of Morton Corporation at December 31 is as follows. MORTON CORPORATION Balance Sheet (partial) Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding $ 300,000 Common Stock, no par, 750,000 shares authorized, 300,000 shares issued 1,500,000 Total paid-in capital 1,800,000 Retained e ...

Other / Other 23 Mar 2016

Journalize the treasury stock transactions for 2013. Yates Corporation has the following stockholders' equity accounts on January 1, 2013: Common Stock, $10 par value $1,500,000 Paid-in Capital in Excess of Par 200,000 Retained Earnings 500,000 Total Stockholders' Equity $2,200,000 The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred ...

Other / Other 23 Mar 2016

inexperienced accountant for Olsen Corporation An inexperienced accountant for Olsen Corporation made the following entries. July 1 Cash 240,000 Common Stock 240,000 (Issued 15,000 shares of no-par common stock, stated value $10 per share) Sept. 1 Common Stock 32,000 Retained Earnings 4,000 Cash 36,000 (Purchased 2,000 shares issued on July 1 for the treasury at $18 per share) Dec. 1 Cash 20,000 Co ...

Other / Other 23 Mar 2016

transactions for Zenia Corporation Prepare the necessary journal entry for each of the following transactions for Zenia Corporation. (a) Issued 2,000 shares of its $10 par value common stock for $20 per share. (b) Issued 5,000 shares of its stock for land advertised for sale at $90,000. Zenia's stock is actively traded at a market price of $16 per share. Business Management Assignment Help, Business Management Homework help, Bus ...

Other / Other 23 Mar 2016

factors that influence the market value of stock 1. Name at least three factors that influence the market value of stock. 2. Corporations acquire treasury stock for a variety of purposes. Name three reasons why treasury stock may be acquired by a corporation. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 23 Mar 2016

Journalize the transactions. The following selected transactions pertain to Sinclair Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Feb. 10 Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. Sinclair Corporation's common stock has been actively traded on the stock exchange at $30 per share. Instructions Journalize the transactions. Business ...

Other / Other 22 Mar 2016

additions (A) or deductions (D) Identify which of the following items would be reported as additions (A) or deductions (D) in a Retained Earnings Statement. 1. Net Income 2. Net Loss 3. Cash Dividends 4. Stock Dividends 5. Prior period adjustments to correct for overstatement of prior years’ net income 6. Prior period adjustments to correct for understatement of prior years’ net income Business Management Assig ...

Other / Other 22 Mar 2016

Average common stockholders’ equity The following information is available for Evans Corporation: 2013 2012 Average common stockholders’ equity $1,500,000 $1,000,000 Average total stockholders’ equity 2,000,000 1,500,000 Common dividends declared and paid 72,000 50,000 Preferred dividends declared and paid 30,000 30,000 Net income 350,000 300,000 Instructions Compute the return on common stockholdersà ...

Other / Other 22 Mar 2016