Question: During 2014 the following selected transactions affecting stockholders equity occurred for Orlando Corporation: Apr. 1 Purchased in the market 200 shares of the companys own

During 2014 the following selected transactions affecting stockholders’ equity occurred for Orlando Corporation:
Apr. 1 Purchased in the market 200 shares of the company’s own common stock at $20 per share.
b. Jun. 14 Sold 40 shares of treasury stock for $25 cash per share.
c. Sept. 1 Sold 30 shares of treasury stock for $15 cash per share.

Required:
1. Give journal entries for each of these transactions.
2. Describe the impact, if any, that these transactions have on the income statement.

Step by Step Solution

★★★★★

3.34 Rating (178 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Req 1 a Treasury stock 200 shares x 20 XSE SE 4000 Cash A 4000 Bought treasury stock b Cash 40 s... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

313-B-A-F-R (1442).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

During 2014 the following selected transactions affecting stockholders equity occurred for TARP Corporation: a. Feb. 1 Purchased in the open market 160 shares of the companys own common stock at $20...

During 2013, the following selected transactions affecting stockholders' equity occurred for Corner Corporation: Feb. 1 Purchased 400 shares of the company's own common stock at $20 cash per share....

During 2011 the following selected transactions affecting stockholders equity occurred for Orlando Corporation: a. Apr. 1 Purchased in the market 200 shares of the companys own common stock at $20...

During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: *. Apr. 1 Repurchased 250 shares of the company's own common stock at $39 cash per...

7 multiple choice questions, and three short problems. HW5 Q1. Multiple Choice questions: 1. Which of the following statements about stock dividends is true? a) Stock dividends are reported on the...

2 E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 1.66 points During the year the following selected transactions affecting stockholders' equity occurred for Orlando...

During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: Apr 1 Repurchased 380 shares of the company's own common stock at $38cash per...

During 2014 the following selected transactions affecting stockholders equity occurred for Orlando Corporation: a. Apr. 1 Purchased in the market 370 shares of the company's own common stock at $30...

E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 a During the year the following selected transactions affecting stockholders' equilty occurred for Orlando Corporation: Apr. 1...

During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: April 1 : Repurchased 2 7 0 shares of the company's common stock at $ 3 4 cash per...

Consider again the description of the eighty-room hotel in the chapter and the table in Figure 11.7. (a) Using the information in Figure 11.7, determine the maximum number of advance-purchase...

Evaluate how Greenbergs changes may have actually ensured McDonalds further growth. As the McDonalds Corporation entered the 21st century, its corporate practices had become more vulnerable than ever...

A well - designed performance management system should exclusively focus on evaluating past performance rather than supporting future employee development. True False

Given the following information: Interest Rate (yearly): 3.5% Mortgage: $250,000 Term (in months): 360 Start Date: October 1, 2019 Yearly Bonus: $10,000 Formulas to incorporate: PMT EDATE SUM Other...

1. Comparison of three essential types of businesses in Australia: use the following criteria and organize your comparison in a table: 1) Owner/s of businesses 2) Level of difficulty in setting up...

You work as a staff auditor for regional CPA firm of Cash and Green. Your supervisor asked you to conduct research for three unrelated clients. 1. In year 1, B. Cosby, CPA, conducted a review of...

Improving Your Familiarity with CON 7 Present Value Techniques As noted within the chapter, CON 7 describes techniques for calculating present value, including the following illustration of the...

Have you devised a clear and comprehensive way of introducing the research to interviewees or questionnaire respondents?

Docs a stock dividend increase an investor's personal wealth immediately? a. no. because the stock price falls when a stock dividend is issued b. yes, because the investor has more shares c. yes....

When treasury stock is purchased with cash, what is the impact on the balance sheet equation? a. No change: the reduction of the asset Cash is offset with the addition of the asset Treasury Stock. b....

Which statement regarding dividends is false? a. Dividends represent a sharing of corporate profits with owners. b. Both stock and cash dividends reduce retained earnings. c. Cash dividends paid to...

In 5-card poker, find the probability of being dealt the following hand. Refer to the table. Note that a standard deck of playing Number of cards has 52 cards-4 suits (clubs, diamonds, hearts,...

Can someone help? For many years businesses have struggled with the rising cost of health care. But recently, the Increases have slowed due to less Ination in health care prices and employees paying...

Deployment Specialists pays a current (annual) dividend of $1 and is expected to grow at 18% for two years and then at 4% thereafter. If the required return for Deployment Specialists is 7.5%, what...