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

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related 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...
Ayayai Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par)...
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, 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...
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 Sold 1,180 shares at $6 per share. a) Journalize the treasury stock...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT