Elroy Corporation repurchased 1,100 shares of its own stock for $55 per share. The stock has a par of $10 per share. A month later Elroy resold 275 shares of the treasury stock for $63 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized? Balance of treasury stock

Q: A company bought back 57,000 shares of its own common stock at $14 per share. Four months later the…

A: Given Information: Company bought back 57,000 shares at price $14 After 4 month 20,000 shares were…

Q: Elroy Corporation repurchased 3,600 shares of its own stock for $30 per share. The stock has a par…

A: Total amount of Treasury stock purchased = No. of stock Purchased * Amount per stock = 3600*$30 =…

Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

A: sometime companies purchase share of their own stock from other stock holder of the company. such…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January…

A: The repurchase of treasury stock will be done at the amount paid to acquire it.

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…

A: Given information is: Long Co. issued 100,000 shares of  P10 par ordinary shares  for P1,200,000.…

Q: During this year, board of directors at Munoz Company authorizes repurchase of 100 shares of the…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock…

A: Purchase price of each share = $275,600/5300                                                = $ 52

Q: Axle Corporation had 800,000 shares of common stock issued and outstanding at January 1. No commons…

A: Diluted Earning Per Share: The diluted earnings per share (diluted EPS) of a corporation is…

Q: Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100…

A: Shares repurchased=Number of shares×Per share=100×$40=$4,000

Q: 20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On…

A: Treasury stocks are issued when a company repurchases /buyback it's own shares.  When a company…

Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

A:

Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000…

A: Dividends: The dividend is the sum of the amount paid by the company to its stockholders, out of…

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

A:

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: Elroy Corporation repurchased 3,300 shares of its own stock for $55 per share. The stock has a par…

A: Solution Given Number of repurchased shares 3300 Repurchase price $55 Number of…

Q: Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock…

A: Purchase price per share = Total amount paid / No. of shares purchased = $270,000/5400 shares = $50…

Q: Sampson Corp. had 500,000 shares of common stock outstanding at the beginning of the year. The…

A: Solution Concept Basic earning per share =earning available for common shareholders / weighted…

Q: Bentley Corporation received cash from issuing 13,000 shares of common stock at par on January 1,…

A: In the given question, the Corporation has issued 13,000 shares at par. The par value per share is $…

Q: On July 1, Metlock, Inc. purchases 570 shares of its $5 par value common stock for the treasury at a…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Preparing journal entries for treasury stock:

Q: help!

A: Treasury stock: The shares of a corporation that are bought back from the shareholders for cash but…

Q: On July 1, Blue Spruce Corp. purchases 550 shares of its $5 par value common stock for the treasury…

A: Cost of treasury stock = 550 shares*$9 Cost of treasury stock = $4,950   Cash received on sale of…

Q: On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per…

A: Treasury stock often referred to as treasury shares, is previously outstanding shares which the…

Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Elroy Corporation repurchased 2,500 shares of its own stock for $35 per share. The stock has a par…

A: Treasury shares are those shares which are being repurchased by the company from its own…

Q: Elroy Corporation repurchased 4,000 shares of its own stock for $50 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding.…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…

A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000

Q: Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of…

A: 1. The stock has been issued at $60. Given par value is $5. SO, excess paid in capital =$60-$5=…

Q: Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par…

A: Solution a: Elroy Corporation - Journal Entries Event Particulars Debit  Credit 1 Treasury…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A:

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares…

A: The purchase of own shares is known as treasury stock.

Q: Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of…

A: The treasury stock is a stock in which the company buys back its own shares. The treasury stock is…

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferred…

A: 1) Date Account Journal  Debit $ Credit $ 1 Dividend - Preferred stock 280,000     Dividends…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A: Every company is authorized to issue a specified number of shares. The company issues the shares to…

Q: Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years…

A: Stocks of a company are the financial instruments which are issued to raise fund for the company. In…

Q: On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as…

A: Working notes:

Q: Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares…

A: Journal Entry - It is record of every business transaction whether it economic or non economic for a…

Q: How many shares of common stock were outstanding at the end of the period? How many shares of…

A: 1. When common stock is issued for cash, cash, and common stock increase. Cash XXXX…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased…

A: Treasury capital means those common stocks which the company had repurchased with the intent of…

Q: Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock…

A: Journal: Recording of a business transactions in a chronological order.