College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 20, Problem 4CE
Prepare the stockholders’ equity section of the
| Common stock, $2 par, 60,000 shares | $120,000 |
| 40,000 | |
| Common stock subscribed, $2 par, 3,000 shares | 6,000 |
| 17,000 |
The answers to the Self-Study Test Questions are at the end of the chapter (pages 811–812).
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Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 ofExhibit 8. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.
Common Stock, $2 par$ 150,000Paid-In Capital from Sale of Treasury Stock60,000Paid-In Capital in Excess of Par—Common Stock2,250,000Retained Earnings10,880,000Treasury Stock140,000.
Record each of the following transactions for the Toyota Corporation in general journal form.
Down load and use the " Treasury Stock Final Exam blank journal paper" form for this problem, which you can find in your Files Section of this Canvas class.
Assume that Treasury Stock transactions are recorded using the cost method.
Retained earnings has a balance of $450,000 in it.
(a) Issued 30,000 shares of 9%, $20 par Preferred Stock at $26 each share.
(b) Issued 50,000 shares of $3 par value Common Stock at $33 each share.
(c) Re-purchased 4,000 shares of its outstanding Preferred Stock at $28 each share.
(d) Re-Purchased 6,000 shares of its outstanding Common Stock at $35 each share.
(e) Re-issued 1,000 shares of its Common Treasury Stock at $37 each share.
(f) Re-issued 500 shares of its Common TreasuryStock at $32 per share.
(g) Re-issued 1,200 shares of its Preferred Treasury Stock at $32 per share.
(h) Re-issued 620 shares of Preferred Treasury Stock at $20 each share.
Reporting stockholders' equity
Using the following accounts and balances, prepare the Stockholders'Equity section of the balance sheet using Method 1 of Exhibit 8. Five
hundred thousand shares of common stock are authorized, and 40,000shares have been reacquired.
Chapter 20 Solutions
College Accounting, Chapters 1-27
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers ...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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