Current Attempt in Progress Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. 1. 2. 3. Assets Liabilities Stockholders' Equity Paid-in Retained Net Capital Earnings Income
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- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Instructions Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method (I = Increase; D = Decrease; NE = No effect). # Assets Liabilities Stockholders’ Equity Paid-in Capital Retained Earnings Net Income 1 00 00 00 00 00 00 2 00 00 00 00 00 00 3 00 00 00 00Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. Stockholders' Paid-in Retained Net Assets Liabilities Equity Capital Earnings Income 1. 2. 3. > > > > > > > > >
- Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. # Assets Liabilities Stockholders’Equity Paid-inCapital RetainedEarnings NetIncome 1. select an effect on a financial statement categoryIncreaseDecreaseNo effect DecreaseIncreaseNo effect select an effect on a financial statement categoryIncreaseDecreaseNo effect DecreaseIncreaseNo effect select an effect on a financial statement categoryNo effectIncreaseDecrease DecreaseIncreaseNo effect select an effect on a financial statement…Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. # Assets Liabilities Stockholders’Equity Paid-inCapital RetainedEarnings NetIncome 1. select an effect on a financial statement category IncreaseNo effectDecrease select an effect on a financial statement category IncreaseNo effectDecrease select an effect on a financial statement category DecreaseIncreaseNo effect select an effect on a financial statement category DecreaseNo effectIncrease select an effect on a…The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?
- Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid $22 per share to reacquire 100 shares in Year 3. The journal entry to record the purchase of their own shares in Year 3 would do which of the following? Select one: a. Debit treasury stock $2,200; credit cash $2,200 b. Debit common stock $2,200; credit cash $2,200 c. Debit treasury stock $2,200; credit common stock $2,000; credit gain on purchase $200 d. Debit common stock $2,000; debit loss on purchase $200; credit treasury stock $2,200Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Jun. 10 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Aug. 3 fill in the blank fill in the blank fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank ________shares
- Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 __________ __________ __________ __________ __________ __________ Jun. 10 __________ __________ __________ __________ __________ __________ Aug. 3 __________ __________ __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ sharesJAE Corp. completed the following transactions during Year 2: Issued 3,000 shares of $10 par common stock for $25 per share. Repurchased 500 shares of its own common stock for $26 per share. Resold 200 shares of treasury stock for $30 per share. Required How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. Required: Show the effects of each transaction on the accounting equation. Give the indicated journal entries for each of the transactions. What impact does the purchase of treasury stock have on dividends paid? What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?