Reference no: EM131134197
Gentry Corporation had the following stockholders' equity accounts on January 1, 2010: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings $100,000. In 2010, the company had the following treasury stock transactions.
Mar. 1 Purchased 5,000 shares at $7 per share.
June 1 Sold 1,000 shares at $10 per share.
Sept. 1 Sold 2,000 shares at $9 per share.
Dec. 1 Sold 1,000 shares at $5 per share.
Gentry Corporation uses the cost method of accounting for treasury stock. In 2010, the company reported net income of $80,000.
Instructions
(a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2010, for net income.
(b) Open accounts for
(1) Paid-in Capital from Treasury Stock,
(2) Treasury Stock, and
(3) Retained Earnings. Post to these accounts using J12 as the posting reference.
(c) Prepare the stockholders' equity section for Gentry Corporation at December 31, 2010.
Explain how those qualities affect the reader perception
: Twain's "Jumping Frog of Calaveras County" clearly employs all the characteristics as defined in the "Narrator" section of the Frontier, Local Color, & Regionalism lecture. Explain how those qualities (characteristics) affect the reader's percept..
|
Analyze the each given sites means of persuasion
: Analyze each site's means of persuasion. Pick ONE ISSUE in particular to analyze (try to research immigration reform OR jobs and the economy).
|
Bulleted activity report sent by e-mail to the supervisor
: Your Task. In groups of three to five, discuss how the findings in the following reports could be best organized. Consider these methods: time, component, importance, criteria, and convention.
|
Project scheduling assignment - microsoft project
: The following questions in the MS Project Scheduling Assignment are to be answered using Microsoft Project. In order to turn in your work from MS Project where required, copy the displays from MS Project into this MS Word document after copying the..
|
Journalize the treasury stock transactions
: Prepare the stockholders' equity section for Gentry Corporation at December 31, 2010.
|
Write a critical analysis of one of the works
: Compare and contrast two of the stories from weeks 1 and 2. Be sure that you have isolated a strong and debatable thesis on which to build the essay. Simply pointing out the differences is not analysis. Toward that end, you may want to focus on a ..
|
Managing the dynamics of changing environment
: “All human beings need to become competent in taking action and simultaneously reflecting on this action to learn from it". They noted that in order to be effective in the long term, leaders need to learn new ways of managing the dynamics of a changi..
|
Explain how contingency theory
: Explain how contingency theory addresses the way that an organization's design relates to its structure. Define organic and mechanistic structure, and discuss the pros and cons of each. Using examples from companies discussed in your text, explain ho..
|
Determine the load voltage and the armature current
: If the generated emfs are 200 and 210 V, respectively, determine the load voltage and the armature current of each machine.
|