Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just really need some help on this please! I will rate! Many thanks and God bless!!! Cheap Discount Furniture, Inc. completed the following treasury stock

image text in transcribedJust really need some help on this please!

I will rate!

Many thanks and God bless!!!

Cheap Discount Furniture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Cheap Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,500 shares of the company's $1 par value common stock as treasury stock, paying cash of $7 per share. Date Accounts Debit Credit - X More Info Dec. 1 10.500 Treasury Stock-Common Cash 10.500 Dec. 1 Dec. 15 Purchased 1,500 shares of the company's $1 par value common stock as treasury stock, paying cash of $7 per share. Sold 400 shares of the treasury stock for cash of $10 per share. Sold 800 shares of the treasury stock for cash of $3 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,300.) Dec. 15: Sold 400 shares of the treasury stock for cash of $10 per share. Dec. 20 Date Accounts Debit Credit Dec. 15 4,000 Print Done Cash Treasury StockCommon Paid-In Capital from Treasury Stock Transactions 2.800 1,200 Dec. 20: Sold 800 shares of the treasury stock for cash of $3 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,300.) Date Accounts Debit Credit Dec. 20 Cash 2,400 2.300 Paid-In Capital from Treasury Stock Transactions Retained Earnings Treasury StockCommon 900 5,600 Requirement 2. How will Cheap Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Cheap Discount Furniture, Inc. will report treasury stock on the balance sheet as to total stockholders' equity. Click to select your answer(s) and then click Check Answer. ? All parts showing Clear All Check

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

Human Resources Audit Analysis Of And Collective Staff Performance

Authors: Hassani Moindjie MLIMI

1st Edition

6203356999, 978-6203356991

More Books

Students also viewed these Accounting questions

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago

Question

Detailed note on the contributions of F.W.Taylor

Answered: 1 week ago