Record the following transactions of Naches Corporation in general journal form: (a) Reacquired 8,000 of its own

Fantastic news! We've Found the answer you've been seeking!

Question:

Record the following transactions of Naches Corporation in general journal form:

(a) Reacquired 8,000 of its own $3 par value common stock at $20 cash per share. The stock was originally issued at $15 per share.

(b) Sold 2,000 shares of the stock reacquired under part (a) at $23 cash per share.

Related Book For answer-question

Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780134486840

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

See More Books

Posted Date: Apr 03, 2023 07:17 AM

See More Questions

Kelly Building Pty Ltd is registered builder. Its managing director, John, controls the company business activities. Johns wife, Marsha, is the other director but she does not concern herself with...
The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares...
3 B 9 D 1 2 3 4 5 5 7 8 9 O 1 2 3 # 5 5 7 B 9 D 1 2 3 # 5 5 3 B 9 D 1 B The following treasury stock transactions were made by Sikle in 2021 Prepare the necessary journal entries to record the...
Match the accounting terminology to the definitions. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors
a. Find the present values of the following cash flow streams. The appropriate interest rate is 8 percent. It is fairly easy to work this problem dealing with the individual cash flows. However, if...
Use the method of cylindrical shells to find the volume generated by rotating the region bounded by the curves about the given axis. about the y-axis y = cos(Tx/2), y = 0, 0
What is the value of a call option if the underlying stock price is $100, the strike price is $70, the underlying stock volatility is 30 percent, and the risk-free rate is 5 percent? Assume the...
Commonwealth v. Shea (see Appendix A)brief only the issue of whether the ocean can be considered a deadly weapon
CHILD'S PLAY COMPANY (A) Child's Play Company makes a plastic rattle for toddlers. The rattle is generally marketed through exclusive retailers located in upscale shopping malls. The company used 23...
6.2. Data has been collected from a chemical reactor. The inlet concentration was the only input variable that changed when the data was collected. The input and output data is given in Table Q6.2....
No-Growth Industries pays out all of its earnings as dividends.It will pay its next $3 per share dividend in a year. The discountrate is 12%.What is the price-earnings ratio of the company?Note: D 2...
Atlantic Manufacturing is considering a new investment project that will last for four years. The delivered and installed cost of the machine needed for the project is $23,545 and it will be...
Assuming a $1,000 par value bond with 5 years to maturity, a 9% semi-annual coupon, and an 8% yield to maturity, calculate the bond's price and Macaulay Duration .
You invested $500 in a 3% bond with a modified duration of 8.53 years and convexity equal to 87.07. Calculate the predicted change in value of the bond as a percentage change and the predicted value...
Describe a time when the candidate faced a significant challenge on the job and how she/he worked to overcome the challenge.
The following adjusted trial balance information ( with accounts in alphabetical order ) for Willis Tour Co . Inc. as at December 3 1 , 2 0 2 3 , was made available after its second year of...
Hancock Company is trying to make a decision as to whether it should purchase of a new piece of equipment. The invoice price of the equipment is $140,000 with an estimate of $4,000 in freight...
The ultimate goal of Google, Bing, and other consumer search engines is to provide users with search listings that contain useful information on the topic of their search. What recommendations would...
This case is based on an actual situation. Centennial Construction Company, headquartered in Dallas, Texas, built a Rodeway Motel 35 miles north of Dallas. The construction foreman, whose name was...
Accounting uses a double-entry system. Explain what this sentence means.
Wilkes Mutual Insurance Company issued a $100,000, 5%, 10-year bond payable at 111 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance...
The Sargent Metal Fabricators has been manufacturing machine tools for a number of years and has an industrywide reputation for high-quality work. The company has been faced with irregularity of...
GL Interiors, Inc., a privately-held enterprise, has a subcontract to produce overhead storage bins for a Boeing airplane. Although GL was a low bidder, Boeing was reluctant to award the business to...
1. Information on Li Companys direct labour and direct material costs is as follows: Complete the actual hours worked, rounded to the nearest hour. 2. Information on Oseok Kwon Companys direct...

Record the following transactions of Naches Corporation in general journal form: (a) Reacquired 8,000 of its own

Question:

Expert Answer:

a Treasury Stock Cash bCash Treasury Stock Pai... View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

Students also viewed these accounting questions