Question
In: Accounting
Swifty Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par...
Swifty Company had the following stockholders’ equity as of
January 1, 2017.
| Common stock, $5 par value, 18,400 shares issued | $92,000 | |
| Paid-in capital in excess of par—common stock | 295,000 | |
| Retained earnings | 313,000 | |
| Total stockholders’ equity | $700,000 |
During 2017, the following transactions occurred.
| Feb. 1 | Swifty repurchased 1,970 shares of treasury stock at a price of $20 per share. | |
| Mar. 1 | 770 shares of treasury stock repurchased above were reissued at $18 per share. | |
| Mar. 18 | 510 shares of treasury stock repurchased above were reissued at $15 per share. | |
| Apr. 22 |
560 shares of treasury stock repurchased above were reissued at $21 per share. |
a) Prepare the journal entries to record the treasury stock transactions in 2017, assuming Swifty uses the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
b)Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $140,400. (Enter account name only and do not provide descriptive information.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Paid-in capital in excess of par—common stock 294,000
Retained earnings 318,000
Total stockholders’ equity $713,500
During 2017, the following transactions occurred. Feb. 1
Coronado repurchased 2,020 shares of treasury stock at a price of
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above were reissued at $17 per share. Mar. 18 500 shares of
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Paid-in capital in excess of par—common stock
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During 2017, the following transactions occurred.
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530 shares of treasury stock...
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Swifty Corporation had the following stockholders’ equity
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Retained Earnings $109,060. In 2019, the company had the following
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Mar.
1
Purchased 6,650 shares at $9 per share.
June
1
Sold 1,400 shares at $12 per share.
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Paid-in capital in excess of par—common stock
300,000
Retained earnings
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Total stockholders’ equity
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During 2020, the following transactions occurred.
Feb. 1
Clemson repurchased 2,000 shares of treasury stock at a price
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Mar. 1
800 shares of treasury stock repurchased above were reissued at
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500 shares of treasury stock...
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Paid-in capital in excess of par—common stock
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Retained earnings
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Total stockholders’ equity
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During 2020, the following transactions occurred.
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transactions.
Mar. 1
Purchased 5,850 shares at $8 per share.
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Sold 1,120 shares at $12 per share.
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occurred.
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Retained Earnings
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During the year, the following transactions occurred.
Jan.
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Retained Earnings
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Retained Earnings
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