User Account

All Pages

Make the journal entries to record reacquisition of shares

Assignment Help Accounting Basics
Reference no: EM132719249

Question - Transfixed Corporation has 300,000 no par value common shares authorized, issued and outstanding which were all issued at $ 40 per share. On February 28, 2020, Transfixed reacquired 6,000 shares at a cost of $ 38 per share. On October 20, 2020, the company purchased and cancelled an additional 4,000 shares. The purchase cost was $ 44 per share.

Required - Make the journal entries to record the reacquisition of shares.

Reference no: EM132719249

Questions Cloud

What are entries frankie record at inception of contract : Cheese Ahead Frankie's Homemade Cheese Shop ("Frankie's") signed an advertising agreement with Simmons Boards ("Owner") for billboard advertising rights along.
Explain why the social issue exists : Explain why the social issue exists or how to prevent this social issue through the lens of personality theories. Sample social issues include
How do discuss the importance of the management accounting : How do Discuss the importance of these management accounting information to Abu in assisting him to manage his daily operations.
Plagiarism penalties in the real world : You were likely instructed about plagiarism during your undergraduate program; it is the misuse of someone else's work, whether it is words, statistics
Make the journal entries to record reacquisition of shares : On October 20, 2020, the company purchased and cancelled an additional 4,000 shares. Make the journal entries to record reacquisition of shares
Find the cost of goods manufactured during the current year : Find the cost of goods manufactured during the current year: Direct materials used $20,500 Direct labor used 26,000 Factory overhead.
What is the effect on the income statement : What is the effect on the income statement for 2018 and 2019 and 2020? What is reported on the income statement
What would the likely motivations be of stakeholder groups : Regarding the cases of Woolworths exiting the pokies and alcohol business, describe the main shareholders whom may have lobbied/pressured this?
Some organizations prohibit workers from bringing certain : Some organizations prohibit workers from bringing certain kinds of devices into the workplace, such as cameras, cell phones, and USB drives.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd