User Account

All Pages

What is the balance in Treasury Stock on December

Assignment Help Accounting Basics
Reference no: EM132692877

Problem - Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 50,000 shares of its common stock at $51 per share. On June 14, 24,000 of the reacquired shares were sold at $60 per share, and on November 23, 18,000 of the reacquired shares were sold at $56.

Required -

a. Journalize the transactions of January 31, June 14, and November 23.

b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?

c. What is the balance in Treasury Stock on December 31 of the current year?

d. How will the balance in Treasury Stock be reported on the balance sheet?

Reference no: EM132692877

Questions Cloud

What are the key problems that cm tech could run : What are the key problems that CM Tech could run into throughout the budgeting process that could reduce the effectiveness of their budget?
Prepare paid-in capital portion of the stockholders equity : Common Stock, no par, $14 stated value $4,480,000. Prepare the Paid-In Capital portion of the stockholders' equity section of the balance sheet
Identify corporate and business level strategies : Identify the corporate and business level strategies of the company. Summarize your recommendation to the company.
Describe the code of ethics for the health care occupation : Describe the limits of authority and responsibility legislated "scope of practice" for this health care career Describe the "Code of Ethics" for this health
What is the balance in Treasury Stock on December : On January 31 of the current year, Lawn Spray Inc. reacquired 50,000 shares of its common stock at $51 per share. What is the balance in Treasury Stock
Describe the requirements for the profession : Identify at least two different types of educational institutions/schools offering the program. State how much time it takes to complete the program
Problems create opportunities for firms : Briefly discuss what it means, in general, "problems create opportunities for firms." What can firms do with problems?
What is the balance in paid-in capital from sale : On April 30 Lava Lake Inc. sold 90,000 of the reacquired shares at $20 per share. What is the balance in Paid-In Capital from Sale of Treasury Stock on December
Motivation and performance management : Determine how motivational theory and performance management principles are related to employee performance at a given company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare Statement of Changes in Equity for the year ended

The remaining profit/shortfall must be shared equally between Bruce and Lee. Prepare the Statement of Changes in Equity for the year ended 30 June 2020

  A business manufactures three similar products for eventual

a business manufactures three similar products for eventual sale j k and l. the selling prices are 30 40 and 50

  Explicit references to the audience

Explicit references to the audience, inclusive language, and a clear organizational pattern are all strategies for encouraging

  Assume that the company produces and sells

Assume that the company produces and sells 88,000 units during the year at the selling price of $10.03 per unit. Prepare a contribution format income statement for the year.

  Write report on advisability of otherwise of accepting offer

X Ltd. produces and sells direct to consumers 10,000 units per month at Rs. 1.25 per unit. Write a short report on advisability of otherwise of accepting offer

  What is the equity at the beginning of the year

What is the equity at the beginning of the year, What is the equity at the end of the year

  Laudermilk produces dairy equipment most of its jobs have a

laudermilk produces dairy equipment. most of its jobs have a number of units per job. the company has two different

  What is the value of premium or discount on December

ABC Co. uses the effective interest method in amortizing discount and issue cost. What is the value of premium or discount on December 31, 2020

  Galen wholesalers accepts from picard stores a 4600 4-month

galen wholesalers accepts from picard stores a 4600 4-month 11 note dated may 31 in settlement of picards overdue

  Discuss who has just been appointed general manager

who has just been appointed general manager of the Westwood Plant, has been given instructions to get things under control

  Whay is the doctrine of separate legal entity still relevant

Whay is the doctrine of Separate Legal Entity still relevant today? Support your answer with relevant cases and legal arguments.

  Compute the book value per share of the common stock

Prepare a stockholders' equity section at December 31, 2011 and compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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