Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information pa11-1(algo) analyzing accou

Required information PA11-1(Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial...

80.2K

Verified Solution

Question

Accounting

Required information
PA11-1(Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial
Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2]
[The following information applies to the questions displayed below.]
Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par
value. During the first year, the company earned $360,000 of net income and declared no dividends; the following
selected transactions occurred in the order given:
a. Issued 120,000 shares of the common stock at $51 cash per share.
b. Reacquired 21,000 shares at $46 cash per share.
c. Reissued 8,000 shares from treasury for $47 per share.
d. Reissued 8,000 shares from treasury for $45 per share.
PA11-1(Algo) Part 1
Required:
Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and
Stockholders' Equity with a minus sign.)
image

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Before you read or reread this section in your text, make a list of all of...

Physics
1.2K views

A particle starts from rest and moves along x axis The acceleration a varies with...

Basic Math
1.2K views

Find the present value the amount that should be invested now to accumulate the following...

Calculus
1.2K views

fis the function defined by f x A B C lim x 2 x 2...

Accounting
1.2K views

What is Earnings Per Share based upon the following information? Net Income: $3,500,000 Average Number...

Accounting
1.2K views

my isbn number nor the eddition that I am using works. However there is a...

Accounting
1.2K views

Starboard Corp has 750,000 authorized shares of $2 par value common stock, with 200,000 shares...

Accounting
1.2K views

Stanford issues bonds dated January 1,2021, with a par value of $249,000. The bonds' annual...

Accounting
1.2K views

Finch Company makes fine jewelry that it sells to department stores throughout the United States....

Accounting
1.2K views

these are the account type No journal entry required Accounts payable Accounts receivable Accumulated depreciation...

Finance
1.2K views

You will receive a $250,000 inheritance in 2 years. An insurance company says it will...

Accounting
1.2K views

Comprehensive Accounting Cycle Review 5-1 (Part Level Submission) On December 1, 2017, Devine Distributing Company...