the following information to answer Questions 11 and 12 ng 2014 the following tr

Question

the following information to answer Questions 11 and 12 ng 2014 the following transactions occurred for Snow Corporation. Jan. 15 - Repurchased 3,000 shares of its own common stock at $10 per share. The par value of the shares were $8. Feb. 15- Resold 800 of 3,000 shares at $15 per share. The entry to record the January 15 transaction is: h 1 . Treasury Stock, Common 30,000 b. Treasury Stock, Common 30,000 24,000 24,000 30,000 c. Stock, Common 24,000 d. Cash Treasury Stock, Common 24,000 12. The entry to record the February 15 transaction is: Treasury Stock, Common Paid-in-Capital, Treasury Stock 8,000 4,000 6,400 6,400 12.000 12,000 b. Cash 6,400 Treasury Stock, Common c. Treasury Stock, Common 6,400 d. Cash Treasury Stock, Common he 13. ABC Corp. for 2018 had a beginning normal retained earnings balance of S0.000 During year, the company had net income of $90,000. Cash dividends declared were $20,000 and stock dividends declared were $25,000. How much is the ending retained earnings balance? a. $140,000 b. $95,000 .$185,000 d. $5,000 14. 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 record the receipts of the assets received by the a. the cost of the asset b. the fair market value of the asset c. the book value of the asset d. the replacement value of the asset 15. ip

Explanation / Answer

11) Journal entry :

So answer is b)

12) Journal entry :

So answer is a)

13) Ending retained earnings = 50000+90000-20000-25000 = 95000

So answer is b) $95000

14) which company would debit cash and credit notes payable

So answer is a) a borrower

Note : Only 4 multiple choice can be answer in one time as per chegg policy

Date account and explanation debit credit Treasury stock (3000*10) 30000     Cash 30000

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