Ask Question
10 May, 10:30

During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 250 shares of the company's own common stock at $21 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $22 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $20 cash per share.

+5
Answers (1)
  1. 10 May, 13:35
    0
    equity at end = (810)

    Explanation:

    Feb-1-Entry of repurchase shares:

    Dr Share capital (250 * 210) 5250

    Cr cash 5250.

    July-15-Entry of shares sold:

    Dr Cash (120 * 22) 2640

    Cr Share capital 2640

    Sept-1 Entry of shares sold:

    Dr Cash (90*20) 1800

    Cr Share capital 1800.

    Changes in equity:

    = (5250) + 2640+1800 = (810) at end
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers