Reference no: EM132813200
True or false
Question 1: If 20,000 shares are authorized, 14,000 shares are issued, and 500 shares are held as treasury stock, a cash dividend of $1 per share would amount to $14,000.
Question 2: The cost method of accounting for the purchase and sale of treasury stock is a commonly used method..
Question 3: Under the cost method, when treasury stock is purchased by the corporation, the par value and the price at which the stock was originally issued are important.
Question 4: If 100 shares of treasury stock were purchased for $50 per share and then sold at $60 per share, $1,000 of income is reported in the income statement.
Question 5: The paid-in capital from sale of treasury stock account is debited if the sales price of the treasury stock sold is greater than its cost.
Question 6: A sale of treasury stock may result in a decrease in paid-in-capital. All decreases should be charged to the Paid-In-Capital from Sale of Treasury account.
Question 7: Treasury Stock is listed in the stockholders' equity section on the balance sheet.
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