On January 31, Wilderness Resorts Inc. racquired 22,500 shares of its common stock at $31 per...

 

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On January 31, Wilderness Resorts Inc. racquired 22,500 shares of its common stock at $31 per share. On April 20, Wildermess Resorts sold 12,800 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share. Journalize the transactions of January 31, April 20, and October 4. Rockwell Inc. reported the following results for the year ended June 30, 20Y5: Retained earnings, July 1, 20Y4 $3,900,000 Net income 714,000 Cash dividends declared 100,000 Stock dividends declared 50,000 Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. Financial statement data for the years ended December 31 for Dovetail Corporation follow: 20Υ3 20Υ2 Net income $448,750 $376,000 Preferred dividends $40,000 $40,000 Average number of common shares outstanding 75,000 shares 60,000 shares a Determine the earnings per share for 20Y3 and 20Y2. b. Does the change in the carnings per share from 20Y2 to 20Y3 indicate a favorable or unfavorable trend? Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. $ 150,000 Common Stock, S2 par Paid In Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par-Common Stock 60,000 2,250,000 Retained Earnings Treasury Stock 10,880,000 140,000 On January 31, Wilderness Resorts Inc. racquired 22,500 shares of its common stock at $31 per share. On April 20, Wildermess Resorts sold 12,800 of the reacquired shares at $40 per share. On October 4, Wilderness Resorts sold the remaining shares at $28 per share. Journalize the transactions of January 31, April 20, and October 4. Rockwell Inc. reported the following results for the year ended June 30, 20Y5: Retained earnings, July 1, 20Y4 $3,900,000 Net income 714,000 Cash dividends declared 100,000 Stock dividends declared 50,000 Prepare a retained earnings statement for the fiscal year ended June 30, 20Y5. Financial statement data for the years ended December 31 for Dovetail Corporation follow: 20Υ3 20Υ2 Net income $448,750 $376,000 Preferred dividends $40,000 $40,000 Average number of common shares outstanding 75,000 shares 60,000 shares a Determine the earnings per share for 20Y3 and 20Y2. b. Does the change in the carnings per share from 20Y2 to 20Y3 indicate a favorable or unfavorable trend? Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired. $ 150,000 Common Stock, S2 par Paid In Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par-Common Stock 60,000 2,250,000 Retained Earnings Treasury Stock 10,880,000 140,000

Answer rating: 100% (QA)

QUESTION 1 Account title and description Debit Credit January ... View the full answer