Session 9 Solutions.docx

Session 9 Solutions.docx - CHAPTER 11 ANSWERS 1 b 2 c 3...

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CHAPTER 11 - ANSWERS 1. b 2. c 3. b (.72/28 = .0257) 4. b (.65/37.5 = .0173) 5. e (420,000/25,000 = 16.80) 6. e 7. c (1.25 x 9500 = 11,875) 8. a 9. Date Account Debit Credit Feb. 20 Cash 129,100 Common Stock, $14 Par Value 98,000 Paid-in capital in excess of par value, common stock 31,100 Date Account Debit Credit Feb. 20 Cash 129,100 Common Stock, no-par value 129,100 Date Account Debit Credit Feb. 20 Cash 129,100 Common Stock, $7 Stated Value 49,000 Paid-in capital in excess of stated value, common stock 80,100 10. Problem 11-2A (60 minutes) Part 1 Jan. 1 Treasury Stock, Common .............................................. 80,000
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Cash ........................................................................... 80,000 Purchased treasury stock (4,000 x $20). Jan. 5 Retained Earnings .......................................................... 72,000 Common Dividend Payable ..................................... 72,000 Declared $2 dividend on 36,000 outstanding shares. Feb. 28 Common Dividend Payable ........................................... 72,000 Cash ........................................................................... 72,000 Paid cash dividend. July 6 Cash* ............................................................................... 36,000 Treasury Stock, Common** ..................................... 30,000 Paid-In Capital, Treasury Stock*** .......................... 6,000 Reissued treasury stock. *(1,500 x $24) **(1,500 x $20) ***(1,500 x $4) Aug. 22 Cash* ............................................................................... 42,500 Paid-In Capital, Treasury Stock ..................................... 6,000 Retained Earnings .......................................................... 1,500 Treasury Stock, Common** ..................................... 50,000
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