Question

In: Accounting

Treasury Stock Transactions A. Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and...

Treasury Stock Transactions

A. Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 42,000 shares of its common stock at $36 per share. On June 14, 19,000 of the reacquired shares were sold at $43 per share, and on November 23, 16,000 of the reacquired shares were sold at $39. a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank.

b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?

c. What is the balance in Treasury Stock on December 31 of the current year?

d. How will the balance in Treasury Stock be reported on the balance sheet?

Solutions

Expert Solution

Please comment for any explanation,

Thanks,

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses....
Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 12,900 shares of its common stock at $26 per share. On June 9, 8,100 of the reacquired shares were sold at $28 per share, and on November 13, 3,100 of the reacquired shares were sold at $28. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 50,000 shares of its common stock at $51 per share. On June 14, 24,000 of the reacquired shares were sold at $60 per share, and on November 23, 18,000 of the reacquired shares were sold at $56. a. Journalize the transactions of January 31, June 14, and November 23. For a compound transaction, if an...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January...
Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 19,200 shares of its common stock at $19 per share. On June 14, 13,600 of the reacquired shares were sold at $24 per share, and on November 23, 4,100 of the reacquired shares were sold at $20. Required: A. Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of...
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9...
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 19,900 shares of its common stock at $19 per share. On June 9, 13,500 of the reacquired shares were sold at $24 per share, and on November 13, 5,100 of the reacquired shares were sold at $20. Required: a. Journalize the transactions of March 9, June 9, and November 13. Refer to the Chart of Accounts for exact...
You are considering buying some lawn care equipment to do yard work in Stillwater to pay for college.
You are considering buying some lawn care equipment to do yard work in Stillwater to pay for college. You are projecting that you can earn the following amounts of profit after paying operating expenses: $3500 next month and $3100 the following month. Then you will take the winter off and start back up again next spring, when you hope to earn $3600 6 months from now, $3800 7 months from now, and $4200 8 months from now, after which you...
7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131...
7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,500 shares of its common stock at $63 per share. On September 6, Biscayne Bay Water Inc. sold 1,900 of the reacquired shares at $67 per share. The remaining 600 shares were sold at $59 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction,...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of...
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $69 per share. On September 6, Biscayne Bay Water Inc. sold 1,700 of the reacquired shares at $74 per share. The remaining 600 shares were sold at $64 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction,...
Describe the method(s) used to account for treasury stock transactions.
Describe the method(s) used to account for treasury stock transactions.
Exercise 12-10 Treasury Stock Transactions Including Retirement The following stock transactions of Carmel Corporation represent all...
Exercise 12-10 Treasury Stock Transactions Including Retirement The following stock transactions of Carmel Corporation represent all its treasury stock transactions for the year: June 1   Purchased 1,000 shares of its own $30 par value common stock for $70 per share, the current market price. 10   Sold 250 shares of treasury stock purchased on June 1 for $80 per share. 20   Sold 350 shares of treasury stock purchased on June 1 for $58 per share. 30   Retired the remaining shares purchased...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT