Home / Questions / Treasury Stock Cost Method Equity Section Preparation Washington Company has the following...
Treasury Stock—Cost Method—Equity Section Preparation) Washington Company has the following stockholders’ equity accounts at December 31, 2010.
Common Stock—$100 par value, authorized 8,000 shares$480,000
Retained Earnings 294,000
(a) Prepare entries in journal form to record the following transactions, which took place during 2011.
(1) 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)
(2) A $20 per share cash dividend was declared.
(3) The dividend declared in No. 2 above was paid.
(4) The treasury shares purchased in No. 1 above were resold at $102 per share.
(5) 500 shares of outstanding stock were purchased at $105 per share.
(6) 350 of the shares purchased in No. 5 above were resold at $96 per share.
(b) Prepare the stockholders’ equity section of Washington Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2011 was $94,000. State law requires restriction of retained earnings for the amount of treasury stock.
Jun 18 2020 Read more Less More
IntroductionThis activity is an opportunity for you to closely examine a contemporary policy issue between the state of Texas and the United States federal government. Ov...
Mar 17 2020Please Explain in steps thanks!Two partners would like to complete a project. Each partner receives the payoff V when the project is completed but neither receives any pa...
May 27 2020Murphy Inc., an equipment manufacturer based in the UK, has submitted samples of plastic (b) components for use in a new medical device your company is designing. It has...
Aug 24 2020Suppose Latasha is choosing how to allocate her portfolio between two asset classes: risk-free government bonds and a risky group of diversified stocks. The following tab...
Apr 30 2020Use the Print Shortest Path algorithm (Algorithm 3.5) to find the shortestpath from vertex v7 to vertex v3, in the graph of Exercise 5, using the matrixP found in that ex...
Apr 09 2020Suppose that F1 and F2 are two futures contracts on the same commodity with times to maturity, t1 and t2, where t2 > t1. Prove thatF2 = F1ert2t1where r is the interest ra...
Jul 02 2020Biological Macromolecules Hands-On Labs, Inc. Version 42-0291-00-02 Lab Report Assistant This document is not meant to be a substitute for a formal laboratory report...
Jun 20 2020This case contains the following information regarding the XYZ FASHION project :1. The life of the XYZ FASHION project was expected to be six years. Assume the analysis t...
Jan 31 2020Approximately 10% of all people are left-handed. Consider a grouping of fifteenpeople.a.) State the random variable.b.) Write the probability distribution.c.) Draw a hist...
Apr 18 2020Can you please help me to writ academic (10 ) page about the truth of Canadian oil sands (i.e. energy facts,. Economics impacts, advantages & dis advantages of oils sa...
Apr 17 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
