ACCT 221 ACCT221 Week 1 Homework Problems Answers / Principles of Accounting II

ACCT 221 ACCT221 Week 1 Homework Problems Answers / Principles of Accounting II

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ACCT 221 Principles of Accounting II Week 1 Homework Problems Solutions

Problem 1

The stockholders equity section of the balance sheet of Frederick Mining Company is as follows:
	Frederick Mining Company
	Equity section of Balance Sheet as of January 1, 2016
	Common stock, $10 par value, 200,000 shares authorized
	120,000 shares issued	1 200 000		$10 par value*120,000
	Paid in capital in excess of par value	3 711 250
	Retained earnings	4 651 255
	Total equity	9 562 505

	Create a journal entry (if needed) for each of the following items.
	Prepare an updated equity section of the balance sheet as of December 31, 2016.  Scroll down past journal entry section to see heading for this.

Problem 2

Prepare journal entries for the following treasury stock transactions.  Assume that all three happen in order when preparing each entry
	15/2/15	Purchased 48,000 shares for cash at $13.50 per share.
	6/6/15	Sold 12,500 treasury shares for cash at $16.00 per share.
	30/8/15	Sold 9,500 treasury shares for cash at $12.00 per share.
	Instructions: Prepare journal entries for the above transactions.