ACCT 221 Week 1 Hw Solutions

 ACCT 221 Week 1 Hw Solutions

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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
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 the  journal entry section to see the 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.
2/15/2015	Purchased 48,000 shares for cash at $13.50 per share.
6/6/2015	Sold 12,500 treasury shares for cash  at $16.00 per share.
8/30/2015	Sold 9,500 treasury shares for cash  at $12.00 per share.
Instructions: Prepare journal entries for the above transactions.