FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 102 shares at $87 per share. On

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 102 shares at $87 per share. On September 1, Sprinkle reissued 61 shares at $92 per share. On November 1, Sprinkle reissued 41 shares at $86 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method

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 Teams Audit

The Teams Audit

Authors: Kevin Barham

1st Edition

1907766030, 978-1907766039

More Books

Students also viewed these Accounting questions

Question

★★★★★
One of the disadvantages of computerized resume scanning is that some qualified applicants will be missed because the technology isn't perfect. However, more and more companies are using this...

Answered: 1 week ago

Question

★★★★★
What is the present value of $500 to be received in six months if the discount rate is 9 per cent per year, compounded continuously?

Answered: 1 week ago

Question

★★★★★
91. A factory uses three production lines to manufacture cans of a certain type. The accompanying table gives percentages of nonconforming cans, categorized by type of nonconformance, for each of the...

Answered: 1 week ago

Question

★★★★★
The productions supervisor of the Machining department for Cramer Company agreed to the following monthly static budget for the up coming year: Cramer Company Machining Department Monthly Production...

Answered: 1 week ago

Question

★★★★★
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 102 shares at $87 per share. On September 1, Sprinkle reissued 61 shares at $92 per...

Answered: 1 week ago

Question

★★★★★
answer on this Question 4 (Marks:40) Young Traders is owned by Yvonne Young Young Traders is not a VAT vendor and uses the perpetual inventory system. Goods are sold at a mark-up of 50% on cost...

Answered: 1 week ago

Question

★★★★★
The number of tubes of toothpaste purchased by a typical family is a random variable having a Poisson distribution with an average of 1.8 tubes per month. i. What is the probability that a typical...

Answered: 1 week ago

Question

★★★★★
A mix of three materials into a process produces 0.9 litres of a finished product, with 10% loss of input in the process. Standard material costs are as follows per 0.9 litres of output. Material $ X...

Answered: 1 week ago

Question

★★★★★
Complete Cogburn's December 31, Year 4, balance sheet using the information below. Each of the items may be reported as either a current or noncurrent liability. Enter the appropriate amounts in the...

Answered: 1 week ago

Question

★★★★★
1. Scroll Inc., a wholly-owned subsidiary of Pirn, Inc. began operations on January 1, 2019. The following information is from the condensed 2019 income statements of Pirn and Scroll: Pirn Scroll...

Answered: 1 week ago

Question

★★★★★
Making sure that time is dedicated to problem - solving and post - performance review is an explicit part of: - Supportive learning environment. - Learning processes and practices. - Managers...

Answered: 1 week ago

Question

★★★★★
3 What kinds of unethical listening behaviors might be at work here? Are you avoiding? Is Jamie ambushing?

Answered: 1 week ago

Question

★★★★★
3 Does it bother you when people attend to other thingschecking e-mail, Web surfing, and suchwhen you are speaking to them?

Answered: 1 week ago

Question

★★★★★
Can you think of a time when poor listening cost you something? Have you ever missed test instructions? Missed meeting a friend or a team practice? Do you think these lapses reflect the value (or...

Answered: 1 week ago

Previous Question Next Question