Maurice Tutor

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Teaching Since: May 2017
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Education

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 6.00

Goldberg Corporation

Goldberg Corporation had the following stockholders’ equity accounts on January 1, 2011: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par Value $200,000, and Retained Earnings $100,000. In 2011, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $8 per share.

June 1 Sold 1,000 shares at $12 per share.

Sept. 1 Sold 2,000 shares at $10 per share.

Dec. 1 Sold 1,000 shares at $6 per share.

Goldberg Corporation uses the cost method of accounting for treasury stock. In 2011, the company reported net income of $40,000.

Instructions

(a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2011, for net income.

(b) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and

(3) Retained Earnings. Post to these accounts using J10 as the posting reference.

(c) Prepare the stockholders’ equity section for Goldberg Corporation at December 31, 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 6.00

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