Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 13, Problem 12E
a.
To determine
Prepare
b.
To determine
Determine the balance in paid in capital from sale of treasury stock on December 31 of the current year.
c.
To determine
Determine the balance in the treasury stock on December 31 of the current year.
d.
To determine
Describe the way in which balance of treasury stock would be reported on the balance sheet.
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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 13,700 shares of its common stock at $25 per share. On June 14, 8,600 of the reacquired shares were sold at $27 per share, and on November 23, 3,300 of the reacquired shares were sold at $28.
Question Content Area
a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank.
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June. 14
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Nov. 23
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Question Content Area
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank
c. What is the balance in Treasury Stock on December 31 of…
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 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20.
Required:
a.
Journalize the transactions of January 31, June 14, and November 23.
b.
What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
What is the balance in Treasury Stock on December 31 of the current year?
How will the balance in Treasury Stock be reported on the balance sheet?
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 19,100 shares of its common stock at $20 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,000 of the reacquired shares were sold at $21.
Required:
A.
Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles.
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?
CHART OF ACCOUNTSLawn 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…
Chapter 13 Solutions
Financial Accounting
Ch. 13 - Of two corporations organized at approximately the...Ch. 13 - A stockbroker advises a client to buy preferred...Ch. 13 - A corporation with both preferred stock and common...Ch. 13 - An owner of 2,500 shares of Simmons Company common...Ch. 13 - Prob. 5DQCh. 13 - A corporation reacquires 60,000 shares of its own...Ch. 13 - The treasury stock in Discussion Question 7 is...Ch. 13 - What are the three classifications of restrictions...Ch. 13 - Prob. 9DQCh. 13 - What is the primary purpose of a stock split?
Ch. 13 - National Furniture Company has 25,000 shares of...Ch. 13 - Prob. 1PEBCh. 13 - On August 26, Mountain Realty Inc. issued for cash...Ch. 13 - Entries for issuing stock On January 22, Zentric...Ch. 13 - The declaration, record, and payment dates in...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Olde Wine Corporation has 250,000 shares of 40 par...Ch. 13 - Entries for stock dividends Antique Buggy...Ch. 13 - Prob. 5PEACh. 13 - Prob. 5PEBCh. 13 - Using the following accounts and balances, prepare...Ch. 13 - Prob. 6PEBCh. 13 - Prob. 7PEACh. 13 - Prob. 7PEBCh. 13 - Prob. 8PEACh. 13 - Prob. 8PEBCh. 13 - Triple Z Inc., a developer of radiology equipment,...Ch. 13 - Dividends per share Lightfoot Inc., a software...Ch. 13 - On April 20, Gallatin County Rocks Inc., a marble...Ch. 13 - On May 15, Helena Carpet Inc., a carpet...Ch. 13 - On July 11, American Lift Corporation, a...Ch. 13 - Prob. 6ECh. 13 - Issuing stock Willow Creek Nursery, with an...Ch. 13 - Occupational Products Inc., a wholesaler of office...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Senior Life Co. is an...Ch. 13 - Mystic Lake Inc. bottles and distributes spring...Ch. 13 - Prob. 12ECh. 13 - Treasury stock transactions Biscayne Bay Water...Ch. 13 - Reporting paid-in capital The following accounts...Ch. 13 - Stockholders Equity section of balance sheet The...Ch. 13 - Stockholders Equity section of balance sheet...Ch. 13 - Sumter Pumps Corporation, a manufacturer of...Ch. 13 - Stockholders Equity section of balance sheet List...Ch. 13 - The stockholders equity T accounts of I-Cards Inc....Ch. 13 - Prob. 20ECh. 13 - Prob. 21ECh. 13 - Selected dividend transactions, stock split...Ch. 13 - Prob. 23ECh. 13 - Pacific Gas and Electric Company is a large gas...Ch. 13 - For a recent year, OfficeMax and Staples are two...Ch. 13 - Sunbird Theatre Inc. owns and operates movie...Ch. 13 - Stock transactions for corporate expansion On...Ch. 13 - The following selected accounts appear in the...Ch. 13 - Morrow Enterprises Inc. manufactures bathroom...Ch. 13 - Selected transactions completed by Primo Discount...Ch. 13 - Prob. 1PBCh. 13 - Prob. 2PBCh. 13 - Selected stock transactions Diamondback Welding ...Ch. 13 - Nav-Go Enterprises Inc. produces aeronautical...Ch. 13 - Prob. 5PBCh. 13 - Prob. 1CPCh. 13 - Prob. 2CPCh. 13 - Prob. 3CPCh. 13 - Prob. 4CPCh. 13 - Prob. 5CP
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