PLEASE READ all Instructions carefully, and only choose from the accounts given.
ID: 2590615 • Letter: P
Question
PLEASE READ all Instructions carefully, and only choose from the accounts given. Please look at the dropbox options as well and show work to ensure accuracy. Thank You for your time.
Tomas has the following stockholders’ equity accounts at December 31, 2017. Common Stock ($100 par value, authorized 8,100 shares) $493,700 Retained Earnings 321,200 Prepare entries in journal form to record the following transactions, which took place during 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(1) 290 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)
(2) A $20 per share cash dividend was declared.
(3) The dividend declared in (2) above was paid.
(4) The treasury shares purchased in (1) above were resold at $102 per share.
(5) 490 shares of outstanding stock were purchased at $105 per share.
(6) 340 of the shares purchased in (5) above were resold at $96 per share.
PART 1
Accounts to Choose From
Bonds Payable
Buildings
Cash
Common Stock
Common Stock Dividend Distributable
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity
Equity Investments
Income Summary
Land
Legal Fees Expense
No Entry
Organization Expense
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Property Dividends Payable
Retained Earnings
Treasury Stock
Unamortized Bond Issue Costs
Unrealized Holding Gain or Loss - Income
Prepare the stockholders’ equity section of Tomas’s balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $95,200. State law requires restriction of retained earnings for the amount of treasury stock
PART 2
List Of Accounts to Choose From
Bonds Payable
Buildings
Cash
Common Stock
Common Stock Dividend Distributable
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity
Equity Investments
Income Summary
Land
Legal Fees Expense
No Entry
Organization Expense
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Property Dividends Payable
Retained Earnings
Treasury Stock
Unamortized Bond Issue Costs
Unrealized Holding Gain or Loss - Income
DropBox 1 Options: December 31, 2018 | For the Year Ended December 31, 2018 | For the Quarter Ended December 31, 2018
Drop Box 2 Options:
Drop Box 3 Options: Add, Less
Drop Box 4 Options:
Bonds Payable
Buildings
Cash
Common Stock
Common Stock Dividend Distributable
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity
Equity Investments
Income Summary
Land
Legal Fees Expense
No Entry
Organization Expense
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Property Dividends Payable
Retained Earnings
Treasury Stock
Unamortized Bond Issue Costs
Unrealized Holding Gain or Loss - Income
Prepare the stockholders’ equity section of Tomas’s balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $95,200. State law requires restriction of retained earnings for the amount of treasury stock
PART 2
List Of Accounts to Choose From
Bonds Payable
Buildings
Cash
Common Stock
Common Stock Dividend Distributable
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity
Equity Investments
Income Summary
Land
Legal Fees Expense
No Entry
Organization Expense
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Property Dividends Payable
Retained Earnings
Treasury Stock
Unamortized Bond Issue Costs
Unrealized Holding Gain or Loss - Income
.
DropBox 1 Options: December 31, 2018 | For the Year Ended December 31, 2018 | For the Quarter Ended December 31, 2018
Drop Box 2 Options:
Drop Box 3 Options: Add, Less
Drop Box 4 Options:
No. Account Titles and Explanation Debit Credit 2. 3. 4 5.Explanation / Answer
No Account titles & Explanations debit credit 1) Treasury stock 28130 cash (290*97) 28,130 2) Retained earnings 92940 Dividends payable(4937-290)*20 92,940 3) Dividends payable 92,940 cash 92,940 4) Cash (290*102) 29580 Treasury stock (290*97) 28130 paid in capital from treasury stock 1450 5) Treasury stock 51450 cash (490*105) 51,450 6) Cash (340*96) 32640 paid in capital from treasury stock 340 Treasury stock (340*97) 32980 Stockholders Equity capital stock 494810 Retained earnings 323,460 total paid in capital & retained earnings 818270 less: Treasury stock -18470 total Stockholder's Equity 799800
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