Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 2,200 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water sold 1,800 of the reacquired shares at $63 per share. The remaining 400 shares were sold at $55 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?

Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 2,200 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water sold 1,800 of the reacquired shares at $63 per share. The remaining 400 shares were sold at $55 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.23E

See similar textbooks

Similar questions

Instructions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 24,200 shares of its common stock at $68 per share. On September 6, Biscayne Bay Water Inc. sold 12,500 of the reacquired shares at $74 per share. The remaining 11,700 shares were sold at $65 per share on November 30. Required: A. Journalize the transactions of May 14, September 6, and November 30. Refer to the Chart of Accounts for exact wording of account titles. B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? C. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? D. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock? Journal JOURNAL ACCOUNTING EQU DESCRIPTION POST. REF. DEBIT CREDIT LIABILITIES 1 2 3 4 in 5 6 7 8 DATE I ASSETS
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,000 of the reacquired shares at $63 per share. The remaining 700 shares were sold at $55 per share on November 30. Question Content Area a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 - Select - - Select - - Select - - Select - Sept. 6 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 4aee6d041009fed_1 c. Where will the balance in Paid-In Capital from…
Instructions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 41,500 shares of its common stock at $42 per share. On April 30, Lava Lake Inc. sold 29,800 of the reacquired shares at $55 per share. On August 22, Lava Lake Inc. sold 11,700 shares at $41 per share. Required: A. Journalize the transactions of February 11, April 30, and August 22. Refer to the Chart of Accounts for exact wording of account titles. B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? C. For what reasons might Lava Lake have purchased the treasury stock? Journal DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 ASSETS LIABILITIES
Treasury stock transactions Mystic Lake Inc. bottles and distributes spring water.On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 45,000 of the reacquired shares at $51per share.The remaining 15,000 shares were sold at $40 per share on November 23. a.Journalize the transactions of July September 22, and November 23. b.What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31of the current year? c.For what reasons might Mystic Lake have purchased the treasury stock?
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Treasury Stock fill in the blank 2f903602bf9afea_2 fill in the blank 2f903602bf9afea_3 Cash fill in the blank 2f903602bf9afea_5 fill in the blank 2f903602bf9afea_6 Sept. 22 Cash fill in the blank 2f903602bf9afea_8 fill in the blank 2f903602bf9afea_9 Treasury Stock fill in the blank 2f903602bf9afea_11 fill in the blank 2f903602bf9afea_12 Paid-In Capital from Sale of Treasury Stock fill in the blank 2f903602bf9afea_14 fill in the blank 2f903602bf9afea_15 Nov. 23 Cash fill in the…
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,800 shares of its common stock at $91 per share. On September 22, Mystic Lake sold 2,700 of the reacquired shares at $101 per share. The remaining 1,100 shares were sold at $86 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 UD b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Nov. 23 c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 18,500 shares of its common stock at $25 per share. On June 9, 11,700 of the reacquired shares were sold at $27 per share, and on November 13, 4,400 of the reacquired shares were sold at $27. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 June 9 Nov. 13 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. What is the balance in Treasury Stock on December 31 of the current year? d. How will the balance in Treasury Stock be reported on the balance sheet?
Treasury Stock Transactions Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 17,000 shares of its common stock at $26 per share. On June 14, 10,700 of the reacquired shares were sold at $28 per share, and on November 23, 4,100 of the reacquired shares were sold at $29. Question Content Area a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank. Jan. 31 - Select - - Select - - Select - - Select - June. 14 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 23 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 7d4c5e016fddfda_1 c. What is…
Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 17,200 shares of its common stock at $43 per share. On June 9, 10,800 of the reacquired shares were sold at $46 per share, and on November 13, 4,100 of the reacquired shares were sold at $46. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 - Select - - Select - - Select - - Select - June 9 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 13 - Select - - Select - - Select - - Select - - Select - - Select - b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank f49e5d019fce04b_1 c. What is the balance in Treasury Stock on December 31 of the current year?$fill…
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,100 shares of its common stock at $64 per share. On September 22, Mystic Lake sold 3,600 of the reacquired shares at $72 per share. The remaining 1,500 shares were sold at $61 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Treasury Stock fill in the blank 542892fd3fd6014_2 fill in the blank 542892fd3fd6014_3 Cash fill in the blank 542892fd3fd6014_5 fill in the blank 542892fd3fd6014_6 Sept. 22 Cash fill in the blank 542892fd3fd6014_8 fill in the blank 542892fd3fd6014_9 Treasury Stock fill in the blank 542892fd3fd6014_11 fill in the blank 542892fd3fd6014_12 Paid-In Capital from Sale of Treasury Stock fill in the blank 542892fd3fd6014_14 fill in the blank 542892fd3fd6014_15 Nov. 23 Cash fill in the…
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $52 per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 36 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $ c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,000 shares of its common stock at $68 per share. On September 22, Mystic Lake sold 3,500 of the reacquired shares at $76 per share. The remaining 1,500 shares were sold at $64 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Sept. 22 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?