User Account

All Pages

What amount should cyan report as retained earnings

Assignment Help Financial Accounting
Reference no: EM131105436

Cyan Corp. issued 20,000 shares of $5 par common stock at $10 per share. OnDecember 31, year 1, Cyan's retained earnings were $300,000. In March year 2, Cyan reacquired 5,000 shares of its common stock at $20 per share. In June year 2, Cyan sold 1,000 of these shares to its corporate officers for $25 per share. Cyan uses the cost method to record treasury stock.

Net income for the year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?

Reference no: EM131105436

Questions Cloud

What might account for the difference : The net income for the year for Genesis, Inc. is $750,000, but the statement of cash flows reports that the cash provided by operating activities is $640,000. What might account for the difference?
What would be the balance in the paid-in capital : Victor used the par value method to record the purchase of the treasury shares. What would be the balance in the paid-in capital from treasury stock account at December 31, year 1?
What type of load impedances can be matched : Determine, in general, what type of load impedances can be matched using such a circuit.
Effects on japanese shipbuilders of a yen appreciation : What are the likely effects on Japanese shipbuilders of a yen appreciation to ¥180 = $1? The South Korean won has maintained its dollar value.
What amount should cyan report as retained earnings : Net income for the year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?
What amount should rama show in notes : At December 31, year 2, what amount should Rama show in notes to financial statements as a restriction of retained earnings as a result of its treasury stock transactions?
Significant exporters of videocassette recorders : They are also becoming more significant exporters of videocassette recorders and small microwave ovens. What currency risk do these firms face?
What is the professions recommendation : What is the profession's recommendation in regard to the use of the term "surplus"? Explain.
Derive the design equations for a double-stub tuner : Derive the design equations for a double-stub tuner using two series stubs spaced a distance d apart. Assume the load impedance is ZL = RL + j XL .

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd