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Please try to keep them in the same format as it is hard to tell especially with the open accounts part -thanks! Problem 13-02A a-c
Please try to keep them in the same format as it is hard to tell especially with the open accounts part -thanks!
Problem 13-02A a-c Swifty Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $225,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 6,500 shares at $8 per share. June 1 Sold 1,500 shares at $12 per share. Sept.1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. Swifty Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $28,000. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 v Treasury Stock 52000 Cash 52000 June 1 Cash 18000 Treasury Stock 12000 Paid-in Capital from Treasury Stock 6000 Sept. 1 Cash 20000 Treasury Stock 16000 Paid-in Capital from Treasury Stock 4000 Dec. 1 Cash 7000 Paid-in Capital from Treasury Stock 1000 Treasury Stock 8000 Dec. 31 Income Summary 28000 Retained Earnings 28000 Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock June 1 6000 Sept. 1 4000 Dec. 1 Treasury Stock V Retained Earnings Prepare the stockholders' equity section for Swifty Corporation at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) SWIFTY CORPORATION Balance Sheet (Partial) $ $ Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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