Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 10, the stockholders' equity of sherman

On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par...

50.1K

Verified Solution

Question

Accounting

image
image
On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 83,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 830,000 271,000 952,000 $2,053,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,100 shares of its own common stock at $36 per share on October 11. b. Sold 1,275 treasury shares on November 1 for $42 cash per share. c. Sold all remaining treasury shares on November 25 for $31 cash per share. View transaction list Journal entry worksheet 1 2 > Record the purchase of 6,100 shares of its own common stock for $36 cash per share. Note: Enter debits before credits. General Journal Debit Credit LA Transaction a. Treasury stock Cash 219,600 N 219,600 2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase. Revised Equity Section of Balance Sheet After October 11 Common stock, $10 par Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total Less: Cost of treasury stock Total stockholders' equity 0 $ 0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Purchase Price $33,500.00 Finance Rate Table less Term No Rebate Rebate      Down Payment $3,500.00 1 12.50% 19.70%      Trade-in Value $4,500.00 2 14.90% 20.90%      Rebate $1,000.00 3 17.30% 22.10% 4 18.50% 23.30% Loan Amount $24,500.00 5 19.70% 24.50% --------------------Term of Loan----------------------- 1 2 3 4 5 Finance Rate 19.70% 20.90% 22.10% 23.30% 24.50% Monthly Payment $2,266.03 $1,257.75 $936.93 $789.29 $711.94 Total Payment $27,192.35 $30,185.89 $33,729.63 $37,886.09 $42,716.61 Finance...

Finance
Q

1. Mrs. Kaufman spends a lot of time stroking, cuddling, and rocking her infant son and...

Psychology
Q

the 7 habits of highly effective college students succeeding in college...and in life. Describe in your...

Psychology
Q

Physics Lab: Speed of Sound Please answer what you can! Physics Pre Lab 13: Speed of Sound 1)...

Physics
Q

Should Prescription Drugs be Allowed to be Advertised Directly to Consumers? Yes No The question of whether DTCA should...

Operations Management
Q

OY A J B 9 J 81 C 1 D 27 J x m 0...

Physics
Q

Consider the present value of the following achieve 6 000 in three years at 2...

Basic Math
Q

An airplane begins a flight with a total of 39.3 gal of fuel stored in...

Basic Math
Q

Crane Windows manufactures and sells custom storm windows for three-season porches. Crane also provides installation...

Accounting
Q

In a statement of cash flows (indirect method), which of the following are deducted from...

Accounting
Q

True Tab Inc. produces a small and large version of its popular electronic scale. The...

Accounting
Q

Microtech Ltd has a project that has an initial cash outflow of $60,000 and cash...

Finance