Week_1_Homework_Answers

Week_1_Homework_Answers - Problem 13-2A (60 minutes) Part 1...

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Problem 13-2A (60 minutes) Part 1 Jan. 1 Treasury Stock, Common. .................................. 112,500 Cash. ............................................................... 112,500 Purchased treasury stock (4,500 x $25). Jan. 5 Retained Earnings. .............................................. 121,500 Common Dividend Payable. ......................... 121,500 Declared $3 dividend on 40,500 outstanding shares. Feb. 28 Common Dividend Payable. ............................... 121,500 Cash. ............................................................... 121,500 Paid cash dividend. July 6 Cash*. .................................................................... 48,952 Treasury Stock, Common**. ......................... 42,200 Paid-In Capital, Treasury Stock***. ............... 6,752 Reissued treasury stock. *(1,688 x $29) **(1,688 x $25) ***(1,688 x $4) Aug. 22 Cash*. .................................................................... 61,864 Paid-In Capital, Treasury Stock. ......................... 6,752 Retained Earnings. .............................................. 1,684 Treasury Stock, Common**. ......................... 70,300 Reissued treasury stock. *(2,812 x $22) **(2,812 x $25) Sept. 5 Retained Earnings. .............................................. 135,000 Common Dividend Payable. ......................... 135,000 Declared $3 dividend on 45,000 outstanding shares. Oct. 28 Common Dividend Payable. ............................... 135,000 Cash. ............................................................... 135,000 Paid cash dividend. Dec. 31 Income Summary. ................................................ 388,000 Retained Earnings. ........................................ 388,000 Closed Income Summary account.
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Week_1_Homework_Answers - Problem 13-2A (60 minutes) Part 1...

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