Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me? Swifty Corporation had the following stockholders' equity accounts on January 1, 2019: Common Stock ($4 par) $404,600, Paid-in Capital in Excess

can someone help me? image text in transcribed
image text in transcribed
Swifty Corporation had the following stockholders' equity accounts on January 1, 2019: Common Stock ($4 par) $404,600, Paid-in Capital in Excess of ParCommon Stock $212,680, and Retained Earnings $109,060. In 2019, the company had the following treasury stock transactions. Mar. 1 Purchased 6,650 shares at $9 per share. June 1 Sold 1,400 shares at $12 per share. Sept. 1 Sold 1,020 shares at $11 per share. Dec. 1 Sold 1,330 shares at $6 per share. Swifty Corporation uses the cost method of accounting for treasury stock. In 2019, the company reported net income of $34,950. - Your answer is partially correct. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2019, for net income. (Record not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 14 Treasury Stock 59850 Cash 59850 June 1 Cash 16800 Common Stock 5600 Pald-in Capital in Excess of Par-Common Stock 11200 Sept. 1 Cash 11220 Common Stock 4080 Pald-in Capital in Excess of Par Common Stock 7140 Dec. 1 Cash 7980 Common Stock 5320 Pald-in Capital in Excess of Par-Common Stock 2660 Dec. 31 : Retained Earnings 109,060 Cash 109,060

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ASQ Certified Food Safety And Quality Auditor

Authors: Steven Wilson

4th Edition

1951058186, 978-1951058180

More Books

Students also viewed these Accounting questions