Homework Answers
Solution:
Exercise 15- 08: Journal Entries
| Date | Description | Debit | Credit |
| July. 1 | Treasury Stock | $ 8,700 | |
| Cash | $ 8,700 | ||
| (Being Treasury Stock purchased) | |||
| Sept. 1 | Cash ( 60 shares * 90) | $ 5,400 | |
| Treasury Stock ( 60 shares * 87) | $ 5,220 | ||
| Add Paid-In Cap - Treasury Stock | $ 180 | ||
| (Being treasury stock resold) | |||
| Nov. 1. | Cash ( 40 shares * 83) | $ 3,320 | |
| Add Paid-In Cap - Treasury Stock | $ 160 | ||
| Treasury Stock ( 40 shares * 87) | $ 3,480 | ||
| (Being treasury stock resold) |
Add Answer to:
Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates....
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017,...
Sprinkle Inc. has outstanding 10,000 shares of $10 par value
common stock. On July 1, 2017, Sprinkle reacquired 100 shares at
$87 per share. On September 1, Sprinkle reissued 60 shares at $90
per share. On November 1, Sprinkle reissued 40 shares at $83 per
share.
Prepare Sprinkle’s journal entries to record these transactions
using the cost method. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Nash reacquired 105 shares at $87 per share. On September 1, Nash reissued 64 shares at $90 per share. On November 1, Nash reissued 41 shares at $85 per share. Prepare Nash's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On...
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On July 1, 2017, Concord reacquired 105 shares at $87 per share. On September 1, Concord reissued 63 shares at $90 per share. On November 1, Concord reissued 42 shares at $85 per share. Prepare Concord's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Why is the 0 entry red? Cole Inc. owns shares of Marlin Corporation stock. At December...
Why is the 0 entry red?
Cole Inc. owns shares of Marlin Corporation stock. At December
31, 2020, the securities were carried in Cole’s accounting records
at their cost of $875,000, which equals their fair value. On
September 21, 2021, when the fair value of the securities was
$1,200,000, Cole declared a property dividend whereby the Marlin
securities are to be distributed on October 23, 2021, to
stockholders of record on October 8, 2021.
Help with the red entries ?!...
Brief Exercise 15-14 Sheffield Corporation has outstanding 323,000 shares of $10 par value common stock. The...
Brief Exercise 15-14
Sheffield Corporation has outstanding 323,000 shares of $10 par
value common stock. The corporation declares a 100% stock dividend
when the fair value of the stock is $67 per share.
Prepare the journal entries for both the date of declaration and
the date of distribution. (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.)...
Brief Exercise 15-13 Tamarisk Corporation has outstanding 446,000 shares of $10 par value common stock. The...
Brief Exercise 15-13
Tamarisk Corporation has outstanding 446,000 shares of $10 par
value common stock. The corporation declares a 5% stock dividend
when the fair value of the stock is $66 per share.
Prepare the journal entries for Tamarisk Corporation for both the
date of declaration and the date of distribution.
(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...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (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 o for the amounts.)...
Brief Exercise 15-11 Cheyenne Inc. owns shares of Ayayai Corporation stock. At December 31, 2017, the...
Brief Exercise 15-11
Cheyenne Inc. owns shares of Ayayai Corporation stock. At
December 31, 2017, the securities were carried in Cheyenne’s
accounting records at their cost of $979,000, which equals their
fair value. On September 21, 2018, when the fair value of the
securities was $1,092,000, Cheyenne declared a property dividend
whereby the Ayayai securities are to be distributed on October 23,
2018, to stockholders of record on October 8, 2018.
Prepare all journal entries necessary on those three dates....
Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par value common stock. The...
Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (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 O for the amounts.)...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates....
Sprinkle Inc. has outstanding 10,000 shares of $10 par value
common stock. On July 1, 2017, Sprinkle reacquired 100 shares at
$87 per share. On September 1, Sprinkle reissued 60 shares at $90
per share. On November 1, Sprinkle reissued 40 shares at $83 per
share.
Prepare Sprinkle’s journal entries to record these transactions
using the cost method. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No...
Brief Exercise 15-08 Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Nash reacquired 105 shares at $87 per share. On September 1, Nash reissued 64 shares at $90 per share. On November 1, Nash reissued 41 shares at $85 per share. Prepare Nash's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On July 1, 2017, Concord reacquired 105 shares at $87 per share. On September 1, Concord reissued 63 shares at $90 per share. On November 1, Concord reissued 42 shares at $85 per share. Prepare Concord's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Why is the 0 entry red?
Cole Inc. owns shares of Marlin Corporation stock. At December
31, 2020, the securities were carried in Cole’s accounting records
at their cost of $875,000, which equals their fair value. On
September 21, 2021, when the fair value of the securities was
$1,200,000, Cole declared a property dividend whereby the Marlin
securities are to be distributed on October 23, 2021, to
stockholders of record on October 8, 2021.
Help with the red entries ?!...
Brief Exercise 15-14
Sheffield Corporation has outstanding 323,000 shares of $10 par
value common stock. The corporation declares a 100% stock dividend
when the fair value of the stock is $67 per share.
Prepare the journal entries for both the date of declaration and
the date of distribution. (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.)...
Brief Exercise 15-13
Tamarisk Corporation has outstanding 446,000 shares of $10 par
value common stock. The corporation declares a 5% stock dividend
when the fair value of the stock is $66 per share.
Prepare the journal entries for Tamarisk Corporation for both the
date of declaration and the date of distribution.
(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...
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (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 o for the amounts.)...
Brief Exercise 15-11
Cheyenne Inc. owns shares of Ayayai Corporation stock. At
December 31, 2017, the securities were carried in Cheyenne’s
accounting records at their cost of $979,000, which equals their
fair value. On September 21, 2018, when the fair value of the
securities was $1,092,000, Cheyenne declared a property dividend
whereby the Ayayai securities are to be distributed on October 23,
2018, to stockholders of record on October 8, 2018.
Prepare all journal entries necessary on those three dates....
Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (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 O for the amounts.)...
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