Company had the following stockholders equity as of January 1, 2025. During 2025, the following transactions occurred.
Question:
Company had the following stockholders’ equity as of January 1, 2025.
During 2025, the following transactions occurred.
Instructions
a. Prepare the journal entries to record the treasury stock transactions in 2025, assuming Clemson uses the cost method.
b. Prepare the stockholders’ equity section as of April 30, 2025. Net income for the first 4 months of 2025 was $130,000.
Common stock, $5 par value, 20,000 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $100,000 300,000 320,000 $720,000
Step by Step Answer:
a Treasury Stock 19 x 2000 Cash February 1 Cash 17x800 Retained ...View the full answer
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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