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devlian [24]
2 years ago
14

Oregon Outfitters issues 1,700 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to p

urchase 240 shares at a cost of $19 per share.
Required:
a. Record the original issue of the 1,700 shares.
b. Record the purchase of 240 shares
c. Record the entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.
Business
1 answer:
k0ka [10]2 years ago
3 0

Answer:

A. Dr Cash $34,000

Cr Common Stock $1,700

Cr Paid in capital in excess of par-Common Stock $32,300

B. Dr Treasury stock $4,560

Cr Cash $4,560

C. Dr Cash $6,480

Cr Treasury stock $4,560

Cr To Paid in capital-Treasury stock $1,920

Explanation:

a. Preparation of the journal entry to Record the original issue of the 1,700 shares

Dr Cash $34,000

(1,700 shares × $20)

Cr Common Stock $1,700

(1,700 shares × $1)

Cr Paid in capital in excess of par-Common Stock $32,300

($34,000-$1,700)

(Being issue of common stock is recorded)

b. Preparation of the journal entry to Record the purchase of 240 shares

Dr Treasury stock $4,560

(240 shares × $19 per share)

Cr Cash $4,560

(Being repurchase of treasury stock is recorded)

C. Preparation to record the Journal entry if Oregon Outfitters resells the 240 shares of treasury stock at $27 per share.

Dr Cash $6,480

(240 shares × $27 per share.)

Cr Treasury stock $4,560

(240 shares × $19 per share)

Cr To Paid in capital-Treasury stock $1,920

($6,480-$4,560)

(Being reissue of treasury stock is recorded)

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trapecia [35]

Answer:

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Explanation:

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Using this formula

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7 0
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Answer:

$278,000

Explanation:

Data provided:

Total invested capital or assets = $695,000

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now,

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or

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or

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3 0
3 years ago
7 pounds of raw material are required to make 1 finished unit. The company desires an ending raw materials inventory for each mo
timurjin [86]

Answer:

Instructions are below.

Explanation:

We weren't provided with enough information to answer the request. <u>But, I will give an example and formulas to guide an answer.</u>

<u>For example:</u>

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<u>To calculate the purchase for May, we need to use the following formula:</u>

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7 0
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Percentage increase = 10%

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what you would do if, in an interview for a merit position, you were asked your political party affiliation. What would you do i
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Answer:

1. Political affiliation is a right for any human being then you should show the command of the position you are applying to instead of agreement to political views.

2. That is information that is detailed in your Curriculum Vitae.

3. You could state that you are not any under obligation to disclaim your political party affiliation.

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Explanation:

7 0
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