What is reported in the company balance sheet

Assignment Help Accounting Basics
Reference no: EM132586521

Question 1: The initial number of authorized shares specified in the company's articles of incorporation is 25,000 shares of $10 par value per share common stock. A few weeks later, the company issues 10,000 shares of this common stock for $26 in cash per share. Later, the company buys back 1,000 shares of this stock for the same $26 per share and retires these shares. What is reported in this company's balance sheet in its Common Stock account ?

Option 1: $250,000

Option 2: $100,000

Option 3: $74,000

Option 4: $90,000

Reference no: EM132586521

Questions Cloud

Employment laws-employment process : Employment laws are numerous and cover many aspects of the employment process.
Eliminate harmful microbes from the area : They must design a strategy to eliminate harmful microbes from the area.
What specific factor did she ultimately identify : What specific factor did she ultimately identify in impacting tumor cell behaviour. Why is Dr. Bissel not rich (or at least not as rich as she could be?)
Explain the requirement of oxygen : Explain the Requirement of oxygen: and define these terms in regular terms,meaning your own words not textbook wording
What is reported in the company balance sheet : Stock for the same $26 per share and retires these shares. What is reported in this company's balance sheet in its Common Stock account ?
Create outline of hr metrics plan : You will create an outline of an HR metrics plan that e?ectively measures the activities of the HR department and provides senior leadership
What amount should be reported as the company income tax : At the end of Year One, On its Year Two income statement, what amount should be reported as the company's income tax expense-deferred?
Validating the use of LAMP to detect Histoplasma capsulatum : Research project - Validating the use of LAMP to detect Histoplasma capsulatum in equine clinical samples stored on FTA cards
What is reported as income tax expense-deferred : At the end of 20X1 but there is no similar balance at the end of 20X2. On its 20X2 income statement, what is reported as Income Tax Expense-Deferred?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain limited liability partnership

Limited liability company. Limited liability partnership. How do firms choose legal form of organization

  Calculating present and future values

What factors must be considered when calculating present and future values? What other qualitative factors play into present and future value decisions

  Calculate the change in cash

Explain the role of the change in cash flow in the statement of cash flows.

  How you think other currencies may impact gaap

How this has or may lead to fraudulent activities. As part of your discussion state how you think this currency or other currencies may impact GAAP especially.

  Compute the margin of safety

Compute the breakeven point, Compute the margin of safety

  Calculate peytons return on assets and profit margin

Peyton's Palace has net income of $14.4 million on sales revenue of $124 million. Calculate Peyton's return on assets, profit margin, and asset turnover ratios.

  Mendosa company closes its books monthly on september 30

mendosa company closes its books monthly. on september 30 selected ledger account balances arenotes receivable

  Keefe inc a calendar year corporation acquires 70 of george

keefe inc. a calendar year corporation acquires 70 of george company on september 1 2009 and an additional 10 on april

  Construct risk profiles for medium and large alternatives

What decision should Lake Placid make using the expected value approach? Construct risk profiles for the medium and large alternatives

  Financial ratios analyzing profitability and liquidity

Would you invest in this company? Explain why or why not. Justify your reasoning, by presenting at least three key financial ratios that analyze the profitability, the liquidity, or the solvency of the company.

  Discussion-cost accumulation system

When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or service provided.

  Find the gain realized and the gain recognized

Individual C traded an office building (basis $65,000, FMV $400,000), Find the gain realized, the gain recognized, and the new basis for each item

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