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 1 year agoRelated Solutions
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