Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i More Info Feb 15 Purchased 9,000 shares of treasury stock at $9 per share. Mar 8 Sold 3,000 shares of treasury stock for $17

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

i More Info Feb 15 Purchased 9,000 shares of treasury stock at $9 per share. Mar 8 Sold 3,000 shares of treasury stock for $17 per share. Sep 28 Declared and distributed a 5% stock dividend on the 89,000 shares of outstanding common stock. The market value of Playtime's common stock was $14 per share. Print Done The balance sheet of Playtime, Inc., at December 31, 2017, reported 750,000 shares of $3 par common stock authorized with 95,000 shares issued and outstanding. Paid-in capital in excess of par-common had a balance of $280,000 Retained earnings had a balance of$140,000. During 2018, the company completed the following selected transactions: iClick the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) treasury stock at $9 per share. Feb 15: Purchased 9.000 shares Journal Entry Date Accounts Debit Credit Feb 15 Mar 8: Sold 3.000 shares f treasury stock for $17 per share. Journal Entry Date Accounts Debit Credit Ma the input fields and then continue to the next question. Choose from any list r enter any number The balance sheet of Playtime, Inc. December 31, 2017, reported 750,000 shares of $3 par common stock authorized with Retained earnings had a balance of $140,000. During 2018, the company completed the following selected transactions: 5,000 shares issued and outstanding. Paid-in capital in excess of par-common had a balance of $280,000 iClick the icon to view the transactions.) Read the requirements Mar 8: Sold 3,000 shares of treasury stock for $17 per share. Journal Entry Date Accounts Debit Credit Mar Sep 28: Declared and distributed a 5% stock dividend on the 89,000 shares of outstanding common stock. The market value of Playtime's common stock was $14 per share. Journal Entry Debit Date Accounts Credit Sep 28 Choose from any list or enter any number in the input fields and then continue to the next question. The baleince sheet of eof $1A0 000 ported 750,000 s with 95,000 shares issued and outstanding. Paid-in capital in excess of par-common had a balance of $280,000 company comple following sel iClick the icon to view the transactions.) Read the requirements Requirement 2. Prepare the stockholders' equity section f the balance sheet at December 31, 2018, assuming the company eamed $78,000 of net income during the year. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital Total stockholders' equity Choose from any list enter any number in the input fields and then continue the next

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

Fundamentals Of Financial Accounting St Louis Community College At Meramac

Authors: Phillips/Libby/Libby

3rd Edition

007745412X, 978-0077454128

More Books

Students also viewed these Accounting questions

Question

Derive the missing value formula (10. 25).

Answered: 1 week ago