Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 12.00

Global Marine

Global Marine obtained a charter from the state in January 2013, which authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $300,000 of net income and the following selected transactions occurred in the order given:

a. Issued 120,000 shares of the common stock at $45 cash per share.
b. Reacquired 15,000 shares at $40 cash per share.
c. Reissued 5,000 shares from treasury for $41 per share.
d. Reissued 5,000 shares from treasury for $39 per share.
Required:
1.

Indicating the account, amount, and direction of the effect (+ for increase and ? for decrease) for the above transaction. (Enter all amounts as positive values.)

2.

Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

3. Prepare the stockholdersAc€?c equity section of the balance sheet at December 31, 2013. (Amounts to be deducted should be indicated by a minus sign.)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 07:08 PM My Price 12.00

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