1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bulgar [2K]
3 years ago
6

On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $26 per share. It sold 4,000 of the

treasury shares at $29 per share on June 10. The remaining 3000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10
Business
1 answer:
Angelina_Jolie [31]3 years ago
3 0

Answer:

A.

Dr Treasury stock 182,000

Cr Cash 182,000

B.

Jun 10

Dr Cash 116,000

Cr Treasury stock 104,000

Cr Paid in capital from treasury stock 12,000

Nov 10

Dr Cash 66,000

Dr Paid in capital from treasury stock 12,000

Cr Treasury stock 78,000

Explanation:

a. Preparation of the Journal entry to record the purchase

Dr Treasury stock 182,000

Cr Cash 182,000

(7,000*26)

b. Preparation of the Journal entries to record the sale of the stock

Jun 10

Dr Cash (4000*29) 116,000

Cr Treasury stock (4000*26) 104,000

Cr Paid in capital from treasury stock 12,000(116,000-104,000)

Nov 10

Dr Cash (3000*22) 66,000

Dr Paid in capital from treasury stock 12,000

Cr Treasury stock (3000*26) 78,000

You might be interested in
An investment advisor has decided to purchase gold, real estate, stocks, and bonds in equal amounts. This decision reflects whic
BlackZzzverrR [31]

Answer:

1. Asset allocation

Explanation:

By allocating assets the investment advisor has found a way to balance risk and reward for its investors by considering their risk tolerance, goals and objectives towards the investments and the investment time frame with which the investors are to recieve their Return on Investment (ROI) or also called Profit.

3 0
3 years ago
A point on the production possibilities curve represents a combination of goods that is
Elodia [21]

Answer:

The correct answer is:  feasible and efficient.

Explanation:

The production possibility curve or frontier shows the different bundles or combinations of two goods that be produced using the given resources and state of technology.  

All the points on the production possibilities curve represent the combinations that are feasible and efficient.

The points below the curve show the points that are feasible but inefficient.

The points above the curve show the points that cannot be attained using the given level or resources and technology.

6 0
3 years ago
On January​ 1, 2018​, Plummer Company issued $250,000 of 4​%, five​-year bonds payable at 102. Plummer Company has extra cash an
Anna [14]

Answer:

1. Carrying amount = $250,000

2. Cash paid to retire bond = $225,000

3. Gain on the retirement = $25,000

Explanation:

1. What is Plummer Company's carrying amount of the bonds payable on the retirement​ date?

Carrying amount of a bond payable on the retirement​ date is its par value amount.

Therefore, Plummer Company's carrying amount of the bonds payable on the retirement​ date is $100 par value for 2,500 units with a total carrying amount of $250,000.

2. How much cash must Plummer Company pay to retire the bonds​payable?

Units of bond = $250,000/$100 = 2,500 units.

Since Plummer pays the market price of $90 to retire the​ bonds, cash amount Plummer Company must pay to retire the bonds​ payable can be calculated as follows:

Cash paid to retire bonds = 25,000 * $90 = $225,000

3.Compute Plummer Company's gain or loss on the retirement of the bonds payable.

Gain (loss) = Carrying amount - Cash paid on retirement = $250,000 - $225,000 = $25,000

7 0
3 years ago
How does your credit score affect the price you pay for insurance? Discuss at least two methods for improving your credit score.
kodGreya [7K]
Get the app credit carma and got to glivinski n' associates
6 0
3 years ago
Kokomochi is considering the launch of an advertising campaign for its latest dessert product, the Mini Mochi Munch. Kokomochi p
alexgriva [62]

Answer:

Kokomochi

The incremental earnings associated with the advertising campaign in its first year is:

= $0.3 million.

Explanation:

a) Data and Calculations:

Advertising campaign cost = $5.5 million

                                                  Mini Mochi     Other Products   Total

                                                      Much

Incremental sales revenue        $8.2 million      1.8 million        $10 million

Incremental cost of goods sold   5.2 million      1.4 million           6.6 million

Incremental gross profit            $3.0 million      0.4 million          3.4 million

Advertising cost                                                                              3.1 million

Incremental earnings associated with the advertising campaign = $0.3 million

Advertising cost apportioned to:

This year = $8.2/$14.4 * $5.5 million = $3.1 million

Next year = $6.2/$14.4 * $5.5 million = $2.4 million

6 0
3 years ago
Other questions:
  • Black systems sold and delivered modems to white computers for $330,000 to be paid by white in three equal installments over the
    11·1 answer
  • A survey of 1000 executives ranked _____________ at the top, as the ideal manager's skill.
    11·1 answer
  • Consider a US firm sells a gas turbine generator to a British firm; in March 201x for British pound BP 1,000,000. Payment is due
    11·1 answer
  • The Thomlin Company estimates that total overhead for the current year will be $16,000,000 and that total machine hours will be
    7·1 answer
  • Pro Clean Company, a manufacturer of hand sanitizers, intends to produce 40,000 units in the third quarter and 35,000 units in t
    9·1 answer
  • If the original level of aggregate demand is AD0, then an expansionary monetary policy that shifts aggregate demand to AD1 will
    11·1 answer
  • On October 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. On October 20, your company pays the
    5·1 answer
  • The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback
    13·2 answers
  • Carla Vista Company purchases Sandhill Company for $2470000 cash on January 1, 2021. The book value of Sandhill Company’s net as
    15·1 answer
  • Which of the following statements about the W-4 form is TRUE? (Select all that apply) This form is given to employees on their f
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!