Refer to the data in PE 11-7 and 11-8. Diviney resells 300 shares of treasury stock for
Question:
Refer to the data in PE 11-7 and 11-8. Diviney resells 300 shares of treasury stock for $28 per share. Make the necessary journal entry (or entries) to record this transaction.
Step by Step Answer:
Cash 300 shares x 28 8400 PaidIn Capital Treasury Stock 1...View the full answer
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Related Video
Treasury stock refers to shares of a company\'s own stock that the company has bought back from its shareholders and now holds as a form of asset on its balance sheet. When a company buys back its own stock, it reduces the number of outstanding shares in the market, which can potentially increase the value of the remaining shares. Treasury stock can be acquired through a variety of methods, such as open market purchases, negotiated transactions, or as a result of converting convertible securities. Companies may buy back their own shares for a number of reasons, including to return capital to shareholders, to signal confidence in the company\'s future, or to use the shares for employee stock option plans. While treasury stock does not pay dividends, it can be reissued by the company at a later time, which could dilute the value of the remaining shares. Companies are required to report their treasury stock holdings in their financial statements.
Students also viewed these Accounting questions
-
Refer to the data in PE 11-11. Make the necessary journal entry (or entries) to close the dividend accounts to Retained Earnings at the end of the year.
-
Refer to the data in PE 12-5. Viella Company received the following interest and dividends from its securities investments during the year: Make the necessary journal entry (or entries) to record the...
-
Refer to the data in PE 16-11. Busch Company sold the inventory produced in this job for $987. Make the journal entry to record this transaction. The sale was on account. The company uses a perpetual...
-
Consider the case of the Cisco Fatty. Who was wrong? Advise how a firm might best handle this kind of online commentary.
-
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $190,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani...
-
Which of the following inequalities have the same graph? Explain how you determined your answer. a) 2x - y < 8 b) -2x + y > -8 c) 2x - 4y < 1 6 d) y > 2x - 8
-
Define creep. What are its stages?
-
On August 1, Cimino Company had the following balances in its inventory accounts: Materials Inventory ......... $16,350 Work-in-Process Inventory ...... 21,232 Finished Goods Inventory ....... 15,200...
-
1) What is React/ReactJS? 2)Advantages of React/ReactJS ? 3)What is JSX ? 4)What is React Fragment ? 5) What is React Components? 6)Difference between function component vs class component? 7)Write a...
-
Complete Keith's tax return including all required schedules and forms using prince edward island as province, using the fillable forms package. Taxpayers Information Taxpayer #1 Name: Keith Dox...
-
Refer to the data in PE 11-7. Diviney resells 400 shares of treasury stock for $40 per share. Make the necessary journal entry (or entries) to record this transaction.
-
Refer to the data in PE 11-7 through 11-9. Assume the paid-in capital, treasury stock account currently has a $1,000 credit balance. Diviney resells 800 shares of treasury stock for $30 per share....
-
(a) Show that the kinetic energy K and the momentum magnitude p of a particle with mass m are related by K = p2/2m. (b) A 0.040-kg cardinal (Richmondena cardinalis) and a 0.145-kg baseball have the...
-
At the end of the current fiscal year, ABC Corporation had the following balances: Assets $50,000 Common Stock $30,000 Dividends Declared $5,000 Expenses $75,000 Liabilities $20,000 Revenues $90,000...
-
9.25 A rectangular weir is to be placed in a 6-m-wide channel to measure a nominal flow rate of 5.0 m/s while maintaining a minimal channel depth of 3.0 m. Determine a suitable rectangular weir...
-
XYZ Corporation is a research and development company focusing on energy industry process development. To facilitate research efforts, XYZ management decided to purchase a new test rig. XYZ had the...
-
The following costs and inventory data were taken from the accounts of Winsto Company fo Inventories: Raw materials Work in process Finished goods Costs incurred: W 1-Jan-22 31-Dec-22 $8,000 $7,000...
-
A leased a building to B for a ten-year term at an annual rental of 200,000. At the inception of the lease, A received 800,000, which covered the first two years of rent of 400,000 and a security...
-
How did Zoom win? What had it done right when compared with rivals? How did it quickly grow market share and take advantage of network effects?
-
Suppose the spot and six-month forward rates on the Norwegian krone are Kr 5.78 and Kr 5.86, respectively. The annual risk-free rate in the United States is 3.8 percent, and the annual risk-free rate...
-
Derive the formula for the slope of the tangent line to a parametric curve c(t) = (x(t), y(t)) using a method different from that presented in the text. Assume that x'(t 0 ) and y'(t0) exist and x'(t...
-
An oil refinery finds that it is now necessary to subject its waste liquids to a costly treating process before discharging them into a nearby stream. The engineering department estimates that the...
-
Bill Anderson buys an automobile every 2 years at follows: initially he makes a down payment of $600C on a $15,000 car. The balance is paid in 24 equal monthly payments with annual interest at 12%....
-
Alice White has arranged to buy some home recording equipment. She estimates that it will have a 5-year useful life and no salvage value . The dealer, who is, friend, has offered Alice two...
-
You are thinking about purchasing a condominium. The condo is located in Vancouver and its market price is $550,000. You met with the loans officer at your bank and you found the following terms most...
-
4. Methane burns in air with an equivalence ratio of =0.85, determine the composition of the products: What are the Mass Fractions of each species in the Products?
-
1. Describe the health and safety requirements of the area in which the installation activity is to take place, and the responsibility these requirements place on the learner 2. Describe the...
Study smarter with the SolutionInn App