AC202 Week 1 Homework Answers

AC202 Week 1 Homework Answers - Problem 13-2A (60 minutes)...

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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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AC202 Week 1 Homework Answers - Problem 13-2A (60 minutes)...

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