Question
In: Accounting
Concord Corporation had the following stockholders’ equity accounts on January 1, 2019: Common Stock ($5 par)...
Concord Corporation had the following stockholders’ equity
accounts on January 1, 2019: Common Stock ($5 par) $514,200,
Paid-in Capital in Excess of Par—Common Stock $216,830, and
Retained Earnings $104,440. In 2019, the company had the following
treasury stock transactions.
| Mar. | 1 | Purchased 5,560 shares at $9 per share. | |
| June | 1 | Sold 1,410 shares at $13 per share. | |
| Sept. | 1 | Sold 1,200 shares at $11 per share. | |
| Dec. | 1 | Sold 1,050 shares at $6 per share. |
Concord Corporation uses the cost method of accounting for treasury
stock. In 2019, the company reported net income of $34,320.
Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2019, for net income.
Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.)
Prepare the stockholders’ equity section for Concord Corporation at December 31, 2019.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Concord Corporation had these stockholders’
equity accounts.
Common Stock ($ 10 par value, 75,500 shares issued
and outstanding)
$ 755,000
Paid-in Capital in Excess of Par Value
484,500
Retained Earnings
685,000
During the year, the following transactions occurred.
Jan.
15
Declared a $ 0.40 cash dividend per share to stockholders of
record on January 31, payable February 15.
Feb.
15
Paid the dividend declared in January.
Apr.
15
Declared a 10% stock dividend to stockholders of
record on...
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Concord Corporation had these stockholders’
equity accounts.
Common Stock ($ 10 par value, 75,500 shares issued
and outstanding)
$ 755,000
Paid-in Capital in Excess of Par Value
484,500
Retained Earnings
685,000
During the year, the following transactions occurred.
Jan.
15
Declared a $ 0.40 cash dividend per share to stockholders of
record on January 31, payable February 15.
Feb.
15
Paid the dividend declared in January.
Apr.
15
Declared a 10% stock dividend to stockholders of
record on...
Swifty Corporation had the following stockholders’ equity accounts on January 1, 2019: Common Stock ($4 par)...
Swifty Corporation had the following stockholders’ equity
accounts on January 1, 2019: Common Stock ($4 par) $404,600,
Paid-in Capital in Excess of Par—Common Stock $212,680, and
Retained Earnings $109,060. In 2019, the company had the following
treasury stock transactions.
Mar.
1
Purchased 6,650 shares at $9 per share.
June
1
Sold 1,400 shares at $12 per share.
Sept.
1
Sold 1,020 shares at $11 per share.
Dec.
1
Sold 1,330 shares at $6 per share.
Swifty Corporation uses the cost...
On January 1, 2019, Rodgers Corporation had the following stockholders’ equity accounts: Common Stock ($4 par...
On January 1, 2019, Rodgers
Corporation had the following stockholders’ equity accounts:
Common Stock ($4 par value, 200,000
shares issued and
outstanding)
$ 800,000
Paid-in Capital in Excess of Par
Value
2,000,000
Retained
Earnings
1,620,000
REQUIRED: For each of the following events,
record the necessary journal entry in
chronological order taking into account the previous
transaction.
Show your calculations for potential partial credit. In
addition, show the
updated number of outstanding...
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Ayayai Corporation had the following stockholders’ equity
accounts on January 1, 2020: Common Stock ($5 par) $500,000,
Paid-in Capital in Excess of Par—Common Stock $200,000, and
Retained Earnings $120,000. In 2020, the company had the following
treasury stock transactions.
Mar.
1
Purchased 5,500 shares at $9 per share.
June
1
Sold 1,000 shares at $13 per share.
Sept.
1
Sold 1,000 shares at $11 per share.
Dec.
1
Sold 1,500 shares at $7 per share.
Ayayai Corporation uses the cost...
On January 1, 2017, Getsi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2017, Getsi Corporation had the following
stockholders’ equity accounts.
Common Stock ($10 par value, 100,000 shares issued and
outstanding) $1,000,000 Paid-in Capital in Excess of Par—Common
Stock 200,000 Retained Earnings 450,000
During the year, the following transactions
occurred.
Jan. 15 Declared a $1 cash dividend per share to stockholders of
record on January 31, payable February 15. Feb. 15 Paid the
dividend declared in January. Mar. 1 Issued 10,000 shares of common
stock at $12 per share....
On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi Corporation had the following
stockholders’ equity accounts.
Common Stock ($10 par value, 50,000 shares issued and
outstanding)
$500,000
Paid-in Capital in Excess of Par—Common Stock
495,000
Retained Earnings
635,000
During 2020, the following transactions occurred.
Jan. 15
Declared and paid a $1.05 cash dividend per share to
stockholders.
Apr. 15
Declared and paid a 10% stock dividend. The market price of the
stock was $13 per share.
May 15
Reacquired 2,200 common shares at a...
On January 1, 2014, Geffrey Corporation had the following stockholders’ equity accounts. Common Stock ($24 par...
On January 1, 2014, Geffrey Corporation had the following
stockholders’ equity accounts. Common Stock ($24 par value, 70,000
shares issued and outstanding) $1,680,000 Paid-in Capital in Excess
of Par—Common Stock 193,600 Retained Earnings 636,900 During the
year, the following transactions occurred. Feb. 1 Declared a $3
cash dividend per share to stockholders of record on February 15,
payable March 1. Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the...
On January 1, 2020, Crane Corporation had the following stockholders’ equity accounts. Common Stock ($26 par...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts. Common Stock ($26 par value, 56,500
shares issued and outstanding) $1,469,000 Paid-in Capital in Excess
of Par—Common Stock 200,000 Retained Earnings 611,000 During the
year, the following transactions occurred. Feb. 1 Declared a $2
cash dividend per share to stockholders of record on February 15,
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Sheridan Company had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par)...
Sheridan Company had the following stockholders’ equity accounts
on January 1, 2020: Common Stock ($5 par) $514,500, Paid-in Capital
in Excess of Par—Common Stock $181,440, and Retained Earnings
$103,110. In 2020, the company had the following treasury stock
transactions.
Mar. 1
Purchased 5,850 shares at $8 per share.
June. 1
Sold 1,120 shares at $12 per share.
Sept. 1
Sold 1,320 shares at $11 per share.
Dec. 1
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a) Journalize the treasury stock...
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