User Account

All Pages

Prepare the journal entries for each of the transaction

Assignment Help Financial Accounting
Reference no: EM132767502

The Rahel S. Abate Corporation was authorized to issue 500,000 no-par value common shares. There were 200,000 shares outstanding for a total value of $2,000,000 as at December 31, 20X6 there were retained earnings of $500,000.

During 20X7, The Rahel S. Abate Corporation carried out the following transactions:

  1. Reacquired and canceled 25,000 common shares at $7.00.
  2. Declared a cash dividend of $2.50.
  3. Paid the dividend in ii) above.
  4. Sold 5,000 common shares at $12.00 per share.
  5. Reacquired and canceled 13,500 common shares at $11.00.

Required:

Problem 1: Prepare the journal entries for each of the above transactions.

Reference no: EM132767502

Questions Cloud

Evolution of a species in the canadian shield : Provide an example where humans have impacted the evolution of a species in the Canadian shield. for example pesticide in plants, herbicide resistance, use of s
Which controls should be implemented : Adding a security guard will cost $100 per day and will reduce theft by 30%. Installing a sensor at the door to detect tags on the clothes will cost $175.
What is the npv of a project if the project life is estimate : Green Landscaping's cost of capital is 13.76 percent. What is the NPV of a project if initial costs are $1,835,767 and the project life is estimated as 6 years
Determine the depreciation expense of the equipment : Determine the depreciation expense of the equipment for the year ended December 31 2019. Enter your answer in the following box.
Prepare the journal entries for each of the transaction : The Rahel S. Abate Corporation was authorized to issue 500,000 no-par value common shares. Prepare the journal entries for each of the transactions.
Understanding of broader biological principles : How have insects contributed to our understanding of broader biological principles?
Function of the sodium-potassium pump : The drug Ouabain inhibits the function of the sodium-potassium pump (Explained in question 5). Predict the short-term and long-term effects of Ouabain
Describe the concepts of intellectual capital : Describe in detail the concepts of intellectual Capital and its three dimensions. How do you assess the value of intellectual capital for publicly traded.
Prepare factory overhead budgets for september and october : Prepare factory overhead budgets for September and October. Each purse requires 2 pounds of direct materials at a cost of $4 per pound

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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