LTAAF Chpt 13 PP-1: Top Tech, Inc. Stockholders' Equity Section at the end of last year...

 

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LTAAF Chpt 13 PP-1: Top Tech, Inc. Stockholders' Equity Section at the end of last year was as follows: Paid In capital: Preferred Stock, 300,000 Shs. Authorized, 100,000 Outstanding, $1 Par, 8% dividend rate Common Stock, 60,000 Shs. Issued and Outstanding, No Par Total Paid in Capital Total Stockholders' Equity Req. #1, give general journal entries for the following transactions that took place this year: Retained Earnings 1Bought back 700 shs of the common stock that were outstanding. Paid $60/Sh. 2Sold 200 of the shares bought back in prior transaction. Received $57/Sh. 3Sold 4,000 shares of Pfd. Stock for $5/Sh. 4Give 3rd closing enrty with the corp. earning 82,000 for the year. Req. #2 prepare Top Tech, Inc. Stockholders' Equity Section at the end of this year. Req. #3 calculate common stock book value per share at the end of last year and at the end of this year. 100,000 2,200,000 2,300,000 554,300 2,854,300 LTAAF Chpt 13 PP-1: Top Tech, Inc. Stockholders' Equity Section at the end of last year was as follows: Paid In capital: Preferred Stock, 300,000 Shs. Authorized, 100,000 Outstanding, $1 Par, 8% dividend rate Common Stock, 60,000 Shs. Issued and Outstanding, No Par Total Paid in Capital Total Stockholders' Equity Req. #1, give general journal entries for the following transactions that took place this year: Retained Earnings 1Bought back 700 shs of the common stock that were outstanding. Paid $60/Sh. 2Sold 200 of the shares bought back in prior transaction. Received $57/Sh. 3Sold 4,000 shares of Pfd. Stock for $5/Sh. 4Give 3rd closing enrty with the corp. earning 82,000 for the year. Req. #2 prepare Top Tech, Inc. Stockholders' Equity Section at the end of this year. Req. #3 calculate common stock book value per share at the end of last year and at the end of this year. 100,000 2,200,000 2,300,000 554,300 2,854,300

Answer rating: 100% (QA)

1 Total amount 700 shares60 42000 Thus journal entry would be No Account Title Explanation Debit Cre... View the full answer