Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions On October 31, Legacy Rocks Inc, a martile contractor, issued for cash 72,900 shares of $10 par common stock at 514, and on November

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions On October 31, Legacy Rocks Inc, a martile contractor, issued for cash 72,900 shares of $10 par common stock at 514, and on November 19, issued for cash 20,640 shares of preferred stock, 650 par at $52 Required: A Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of accountitles B. What is the total amount invested (total paid in capital) by all stockholders as of November 197 Journal TWEET JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF CEE ASSETS ALTES EQUIT Final Question B. What is the total amount invested (total paid in capital) by all stockholders as of November 197 Lawn Spray Inc develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Increacquired 19,700 shares of its common stock at 519 per share. On June 14, 13,400 of the reacquired shares were sold at 525 per share, and on November 23,5,300 of the reacquired shares were sold at $20 TITIM Required: A Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles B. What is the balance in Paldin 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? Instructions Journal JOURNAL ACCOUNTING EQUATION DESCRIPTION Journal Final Questions 8. What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year? ACCOUNTING EQUA c. What is the balance in Treasury Stock on December 31 of the current year? LIABILITIES D. How will the balance in Treasury Stock be reported on the balance sheet

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

Students also viewed these Accounting questions