Homework Answers
Answer :
| No. | Accounts Title | Debit ($) | Credit($) |
| 1 | Treasury stock (280*97) | 27160 | |
| Cash | 27160 | ||
| 2 | Retained earnings (Note 1) | 90400 | |
| Dividend payable | 90400 | ||
| 3 | Dividend payable | 90400 | |
| Cash | 90400 | ||
| 4 | Cash (280*102) | 28560 | |
| Treasury stock (280*97) | 27160 | ||
| Paid in capital for treasury stock | 1400 | ||
| 5 | Treasury stock (500*105) | 52500 | |
| Cash | 52500 | ||
| 6 | Cash (350*96) | 33600 | |
| Paid in capital from treasury stock | 1400 | ||
| Retained earnings | 1750 | ||
| Treasury stock (350*105) | 36750 |
Note 1
| Common stock issued (480000/100) | 4800 |
| (-) Treasury stock purchased | 280 |
| 4520 | |
| So, dividend paid 4520*$20 | $9040 |
|
Washington company Stockholder's Equity December 31.2020 |
|
| Common stock ($100 per value authorized 8000 shares) | $480000 |
| Retained earnings (Note 2) | $295850 |
| Total paid in capital and retained earnings | $775850 |
| Treasury stock [52500 - 36750] | $15750 |
| Stockholder's equity | $760100 |
Note 2
| Retained earnings opening | $294000 |
| (+) Net income | 94000 |
| $388000 | |
| (-) Dividend paid | 90400 |
| (-) Treasury stock | (1750) |
| $295850 |
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account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
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Do not indent manually. If no entry is required, select "No Entry"
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amounts.)
(1)
290 shares of outstanding stock were...
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Please solve for part 2 of the question -
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$96,700.
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December 31, 2020.
Common Stock ($100 par value, authorized 7,600 shares)
$505,600
Retained Earnings
291,700
Prepare entries in journal form to record the following
transactions, which took place during 2021. (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...
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transactions, which took place during 2021. (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)
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