Business, 04.02.2020 05:41 chrismax8673

Flounder company had the following stockholders’ equity as of january 1, 2020. common stock, $5 par value, 20,700 shares issued $103,500 paid-in capital in excess of par—common stock 299,000 retained earnings 323,000 total stockholders’ equity $725,500 during 2020, the following transactions occurred. feb. 1 flounder repurchased 2,000 shares of treasury stock at a price of $19 per share. mar. 1 870 shares of treasury stock repurchased above were reissued at $17 per share. mar. 18 530 shares of treasury stock repurchased above were reissued at $13 per share. apr. 22 510 shares of treasury stock repurchased above were reissued at $21 per share.

prepare the journal entries to record the treasury stock transactions in 2020, assuming flounder 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.)

Answers: 2

Show answers

Answers

Answer from: AvantiA

Answer and Explanation:

Date Account Title and Explanation Debit Credit

Feb 1 Treasury Stock (2000*$19) $38,000

Cash (2000*$19) $38,000

(Repurchased 2,000 treasury stock @ $19 per)

Mar 1 Cash (870*$17) $14,790

Retained Earning {870*($19-$17)} $1,740

Treasury Stock(870*$19) $16,530

(Reissued 870 out of 2000 treasury stock @ $17 per)

Mar 18 Cash (530*$13) $6,890

Retained Earning {530*($19-$13)} $3,180

Treasury Stock(530*$19) $10,070

(Reissued 530 out of 2000 treasury stock @ $13 per)

Apr 22 Cash (510*$21) $10,710

Treasury Stock(510*$19) $9,690

Paid in Capital from Treasury Stock{510*($21-$19)} $1,020

(Reissued 510 out of 2000 treasury stock @ $17 per)

NOTE : loss of sale should be charges from Retained Earning.

Answer from: Quest

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

Answer from: Quest

the answer to this question would be shared investment

Another question on Business

Business, 22.06.2019 15:10

You want to have $80,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. if the account pays 6.30 percent interest, what amount must you deposit each year? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers: 1

Answer

Business, 22.06.2019 23:10

Mr. pines is considering buying a house and renting it to students. the yearly operating costs are $1,900. the house can be sold for $175,000 at the end of 10 years and it is considered 18% to be a suitable annual effective interest rate. if the house costs $100,000 to purchase, how much would you need to charge your tenants each year in rent? (assume a single payment for the years rent at the end of each year)

Answers: 1

Answer

Business, 23.06.2019 02:50

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?

Answers: 1

Answer

Business, 23.06.2019 05:20

What is difference between fiscal year and tax year? explain in the simplest way.

Answers: 1

Answer

You know the right answer?

Flounder company had the following stockholders’ equity as of january 1, 2020. common stock, $5 par...

Questions