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Mgmt_200_Fall_2006_Final_Exam(4,17)

Mgmt_200_Fall_2006_Final_Exam(4,17) - Name PUID Purdue...

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Name: ________________________ PUID: ________________________ Purdue University Krannert School of Management MGMT 200 – Introductory Financial Accounting Fall 2006 Final Exam – December 12, 2006 This exam consists of 4 questions on 11 pages (excluding this cover page) for a total of 100 points. Time allowed: 90 minutes. Answer all questions. To ensure full credit and to maximize partial credit, clearly show all supporting calculations. The exam is closed book. A calculator is permitted. GOOD LUCK . Question 1 (25 points) ________ Question 2 (25 points) ________ Question 3 (25 points) ________ Question 4 (25 points) ________ TOTAL (100 points) ________
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Question 1. Stockholders’ Equity (25 points) Part A. The Stockholders’ Equity section of Yellowcake Corporation’s balance sheet as at December 31, 2005 is as follows: Stockholders’ Equity: Common stock, $1 par, 4,000,000 shares authorized, 1,200,000 shares issued 1,200,000 Additional paid-in capital 24,600,000 Retained earnings 57,800,000 Less treasury shares, at cost (220,000 shares) (7,700,000) TOTAL STOCKHOLDERS’ EQUITY: $75,900,000 Required: a. On February 2, 2006 the company’s Chief Executive Officer (CEO) was sold 50,000 shares at a price of $25 per share. These shares were reissued from treasury. Prepare the journal entry to record this transaction. b. On June 15, 2006 82,000 shares were sold from treasury (reissued) in the open market for $60 per share. Prepare the journal entry to record this transaction. Question 1 continued over . . . Mgmt 200 – Final Exam – Fall 2006 – page 1
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Question 1 continued. c. On August 27, 2006 Yellowcake Corporation repurchased 44,000 of its shares at a price of $70 per share. Prepare the journal entry to record this transaction.
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