2014 the following transactions occurred for Snow Corporation. stock at S10 per
ID: 2408641 • Letter: 2
Question
2014 the following transactions occurred for Snow Corporation. stock at S10 per share. The par value of the Jan. 15- Repurchased 3,000 shares of its own common shares were $8 Feb. 15 - Resold 800 of 3,000 shares at $15 per share. II. The entry to record the January 15 transaction is: 30,000 30,000 24,000 24,000 30,000 30,000 24,000 Treasury Stock, Common b. Treasury asock, Common Stock, Common d. Cash 24,000 Treasury Stock, Common The entry to record the February 15 transaction is: a. 12. 12,000 Treasury Stock, Common Paid-in-Capital, Treasury Stock 8,000 4,000 6,400 6,400 12,000 b. Cash 6,400 6,400 12,000 Treasury Stock, Common c. Treasury Stock, Common d. Cash Treasury Stock, Common . ABC Corp. for 2018 had a beginning normal retained earnings balance of $50,000. During the year, the company had net income of $90,000. Cash dividends declared were $20,000 and sto dividends declared were $25,000. How much is the ending retained earnings balance? a. $140,000 b. $95,000 c. $185,000 d. $5,000 Which company would debit "Cash" and credit "Notes Payable"? a. a borrower b. a lender c. a creditor d. all of the above When a partner invests personal assets into a partnership. what valuation do we use to rec receipts of the assets received by the partnership? the cost of the asset the fair market value of the asset the book value of the asset the replacement value of the assetExplanation / Answer
11) option b Treasury stock,common 30,000 cash 30,000 12) option a cash 12000 treasury stock,common 8,000 paid in capital,treasury stock 4,000 13) opening retained earnings 50,000 add:net income 90,000 less:cash dividend -20,000 stock dividends -25,000 closing retained earnings 95,000 option b) $95,000 14) option a borrower 15) option b fair market value of the asset
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