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GarryVolchara [31]
3 years ago
12

Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. Du

ring the first year, the company earned $38,900, declared no dividends, and the following selected transactions occurred in the order given:
a. Issued 67,000 shares of the common stock at $11 cash per share. b. Reacquired 2,700 shares at $14 cash per share from stockholders; the shares are now held in the treasury.
c. Reissued 1,350 of the shares in the transaction (b) two months later at $17 cash per share.
1. Indicating the account, amount, and direction of the effect on the above transaction
2. Prepare journal entries to record each transaction
3. Prepare the stockholders’ equity section of the balance sheet at December 31.
Business
1 answer:
Rom4ik [11]3 years ago
7 0

Answer:

Check the explanation

Explanation:

In the books of Worldwide Company:

Transaction General Journal                                 Debit         Credit

/ Event                                                                         $                $

a.        Cash ( 67,000 shares x $ 11 per share )       737,000  

         Common Stock ( 67,000 shares x $ 10 per share)         670,000

Paid-in Capital in Excess of Par: Common Stock                       67,000

b.Treasury Stock ( 2,700 shares x $ 14 per share)37,800  

                               Cash                                                               37,800

c. Cash ( 1,350 shares x $ 17 per share)                   22,950  

Treasury Stock ( 1,350 shares x $ 14 per share )                       18,900

Paid-in Capital : Treasury Stock                                                  4,050

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A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the current year. The entry needed to cl
sergiy2304 [10]

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3 years ago
Mikan Company’s standard predetermined overhead rate is $9 per direct labor hour. For the month of June, 26,000 actual hours wer
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<u>To allocate manufacturing overhead, we need to use the following formula:</u>

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The computation of the amount have in 25 years is shown below:

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= $317,628

Hence, the amount have in 25 years is $317,628

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