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
Coronado Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par...
Coronado Company had the following stockholders’ equity as of
January 1, 2017.
Common stock, $5 par value, 20,300 shares issued $101,500
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
$19 per share. Mar. 1 800 shares of treasury stock repurchased
above were reissued at $17 per share. Mar. 18 500 shares of
treasury stock...
Bridgeport Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par...
Bridgeport Company had the following stockholders’ equity as of
January 1, 2017.
Common stock, $5 par value, 18,200 shares issued
$91,000
Paid-in capital in excess of par—common stock
299,000
Retained earnings
320,000
Total stockholders’ equity
$710,000
During 2017, the following transactions occurred.
Feb. 1
Bridgeport repurchased 1,990 shares of treasury stock at a
price of $17 per share.
Mar. 1
850 shares of treasury stock repurchased above were reissued at
$15 per share.
Mar. 18
530 shares of treasury stock...
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...
Clemson Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par...
Clemson Company had the following stockholders’ equity as of
January 1, 2020.
Common stock, $5 par value, 20,000 shares issued
$100,000
Paid-in capital in excess of par—common stock
300,000
Retained earnings
320,000
Total stockholders’ equity
$720,000
During 2020, the following transactions occurred.
Feb. 1
Clemson repurchased 2,000 shares of treasury stock at a price
of $19 per share.
Mar. 1
800 shares of treasury stock repurchased above were reissued at
$17 per share.
Mar. 18
500 shares of treasury stock...
Bramble Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par...
Bramble Company had the following stockholders’ equity as of
January 1, 2020.
Common stock, $5 par value, 21,100 shares issued
$105,500
Paid-in capital in excess of par—common stock
304,000
Retained earnings
317,000
Total stockholders’ equity
$726,500
During 2020, the following transactions occurred.
Feb. 1
Bramble repurchased 2,020 shares of treasury stock at a price
of $21 per share.
Mar. 1
740 shares of treasury stock repurchased above were reissued at
$19 per share.
Mar. 18
520 shares of treasury stock...
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...
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 $12 per share....
On January 1, 2017, Indigo Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Indigo Corporation had these stockholders’
equity accounts.
Common Stock ($ 10 par value, 81,500 shares issued and
outstanding)
$ 815,000
Paid-in Capital in Excess of Par Value
503,000
Retained Earnings
635,000
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...
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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A company orders every 8 weeks. 52 weeks/8 weeks per order = 6.5 orders per year....
- Soto Inc. had the following utility cost with the related activity levels for the previous months....
- What is covariation between two variables? How is "covariation" (or correlation) between two variables different from...
- Question 1: What is For Loop? Explain with 2 Examples. You can write code in any...
- If a corporation has limited capital to use for project investment, but it has more projects...
- I have a problem with my code. It does not run. Please can someone check the...
- As discussed in the text, in the absence of market imperfections and tax effects, we would...
ADVERTISEMENT