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Question: ractice assignment gradebook orion downloadable etextbook onment calculator mi ssage...

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ractice Assignment Gradebook ORION Downloadable eTextbook onment CALCULATOR MI SSAGE NY1 EEN PRINTER VERSION BACK Problem 13-02A ac Fechter Corporation had the following stockholders equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $100,000. In 2020, 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 $7 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000. 回Your answer is correct. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered, Do not indent manually ) Debit Credit Date Account Titles and Explanation 40,000 Mar. 1 Treasury Stock Cash 12,000 une 1 cash
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