What entry upon reissue of the stock would include a credit

Assignment Help Accounting Basics
Reference no: EM132704651

Problem 1: A company purchases 500 shares of its $50 par value stock at $60 per share. It then reissues 250 shares at $62 per share. The entry upon reissue of the stock would include a credit to:

a. retained earnings for $15,500.
b. treasury stock for $15,500.
c. gain on sale of treasury stock for $500.
d. additional paid-in capital (from treasury stock) for $500.

Reference no: EM132704651

Questions Cloud

Prepare the lessee journal entries at the beginning of lease : Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2021 and the second lease payment at December
Which should be used to record the value of the land : Sally Jones acquired 5,000 shares of $5 par value stock, Which should be used to record the value of the land on the company's books?
Examples of contemporary events : In order to do this you will provide at least three examples of contemporary events that are somehow related to the U.S. Constitution
What is the total cost to be capitalized : Extra Corporation is installing a new plant at its production facility. It has incurred these costs: What is the total cost to be capitalized
What entry upon reissue of the stock would include a credit : A company purchases 500 shares of its $50 par value stock at $60 per share. What the entry upon reissue of the stock would include a credit to?
Cultures needed civilizing : A similar motivation that has been used by Americans to justify conquest include that cultures needed "civilizing."
Find what amount will additional paid-in capital be recorded : McGee Corporation has 4,000 shares of $30 par value common stock outstanding. What amount will 'Additional Paid-in Capital' be recorded?
What the par value per share of common stock will equal : Halseth Corporation has 100,000 shares of $12 par value common stock. If the firm declares a 4 for 1 stock split, the par value per share of common stock will
How will round total profit change : A college student has two potential job offers upon graduation. Job choice #1 pays $48,000 per year. How will Round total profit change

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the effective annual return

Assume that the firm will always be able to utilize its full interest tax shield.If Avicorp faces a 40 % tax? rate, what is its? after-tax cost of? debt?

  Describe the truth in lending act and what role it places

discuss the truth in lending act and what role it places in financial and regulatory reports requirements in regards to

  Calculate the dividends per share on each class of stock

a software development firm, has stock outstanding as follows: 30,000 shares of cumulative 1%, preferred stock of $25 par, and 38,000 shares

  Information concerning a convertible bond

Given the following information concerning a convertible bond:

  Prepare schedules for expected collections

Prepare schedules for expected collections from customers and expected payments for direct materials purchases - prepare a cash budget for January and February in columnar form.

  By what amount and direction during that same period

If total liabilities decreased by $49600 and stockholders' equity increased by $29500 during period of time, by what amount & direction during that same period

  What is the amount of each monthly payment

They borrowed 75 percent of the cost at 6.626 percent interest for 15 years. What is the amount of each monthly payment?

  Prepare the journal entry to record the remainder of budget

Prepare the journal entry or entries necessary to record the remainder of the budget and to reestablish the budgetary accounts for encumbrances as of July.

  Material labor and overhead are used to calculate the

material labor and overhead are used to calculate the standard cost. what are some actions a company can take to lower

  What is the value for other comprehensive net income

If the company has treasury stock, is it increasing or decreasing in value? Remember that the normal balance for treasury stock is a negative value

  What is the present value of the genoa ltd share

What would you expect the market price for a Genoa Ltd share to be? I.e. what is the present value of the Genoa Ltd share

  Show the allocation of dividends to each class of stock

Show the allocation of dividends to each class of stock, assuming that the preferred stock is 8% and not cumulative

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!

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