A corporation purchases 8,828 shares of its own $2 par common stock for $15 per share,...
A corporation purchases 8,828 shares of its own $2 par common stock for $15 per share, recording it at cost. What will be the effect on total stockholders' equity?
a.decrease by $114,764
b.increase by $114,764
c.increase by $132,420
d.decrease by $132,420
Homework Answers
Treasury stock account is a contra account which reduces the stockholders equity
= 8828 shares * 15 per share
= 132,420 decrease
Option D is the answer
Add Answer to:
A corporation purchases 8,828 shares of its own $2 par common
stock for $15 per share,...
A corporation purchases 5,000 shares of its own $20 par common stock for $35 per share,...
A corporation purchases 5,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholder's equity? a. Increase $175,000 b. Increase $350,000 c. Decrease $350,000 d. Decrease $175,000
Subara Corporation purchases 1,000 shares of its own $10 par value stock for $15 per share....
Subara Corporation purchases 1,000 shares of its own $10 par value stock for $15 per share. The transaction is recorded using the cost method 15. Proper recording of this transaction will A) result in a decrease in stockholders’ equity B) result in a decrease in net income C) result in an increase in investments D) include a debit to an Additional Paid-In Capital for $5,000 16. Assume that Subara reissued the stock for $14 per share. Which of the following...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$15 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 400,000 Total stockholders' equity $ 1,230,000 In year 2018, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend...
In 2020, Concord Corporation acquired 15500 shares of its own $1 par value common stock at...
In 2020, Concord Corporation acquired 15500 shares of its own $1 par value common stock at $19 per share. In 2021, Concord issued 10500 of these shares at $24 per share. Concord uses the cost method to account for its treasury stock transactions. What accounts and what amounts should Concord credit in 2021 to record the issuance of the 10500 shares? Treasury Stock Additional Paid-in Capital Retained Earnings Common Stock
Sun Corporation received a charter that authorized the issuance of 116,000 shares of $5 par common...
Sun Corporation received a charter that authorized the issuance
of 116,000 shares of $5 par common stock and 21,000 shares of $100
par, 5 percent cumulative preferred stock. Sun Corporation
completed the following transactions during its first two years of
operation:
2018
Jan.
5
Sold 17,400 shares of the $5 par common stock for $7 per
share.
12
Sold 2,100 shares of the 5 percent preferred stock for $110 per
share.
Apr.
5
Sold 23,200 shares of the $5 par...
On December 1, 2017, Abel Corporation exchanged 20,000 shares of its $10 par value common stock...
On December 1, 2017, Abel Corporation exchanged 20,000 shares of its $10 par value common stock held in treasury for a used machine. The treasury shares were acquired by Abel at a cost of $40 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a market value of $55 per share (the shares were originally issued at $30 per share). As a result of this exchange, Abel's total stockholders'...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017. The board of directors declares and pays a $121500 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018? $60750 $28200 $93300 $0 On January 1, Concord Corporation had 860000 shares of $10 par value common stock outstanding. On March...
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a.Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
Calculator On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $28 per sh...
Calculator On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 share on June 10. The remaining 3000 shares were sold on November 10 for $24 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...
Sun Corporation received a charter that authorized the issuance
of 116,000 shares of $5 par common stock and 21,000 shares of $100
par, 5 percent cumulative preferred stock. Sun Corporation
completed the following transactions during its first two years of
operation:
2018
Jan.
5
Sold 17,400 shares of the $5 par common stock for $7 per
share.
12
Sold 2,100 shares of the 5 percent preferred stock for $110 per
share.
Apr.
5
Sold 23,200 shares of the $5 par...
On December 1, 2017, Abel Corporation exchanged 20,000 shares of its $10 par value common stock held in treasury for a used machine. The treasury shares were acquired by Abel at a cost of $40 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a market value of $55 per share (the shares were originally issued at $30 per share). As a result of this exchange, Abel's total stockholders'...
Sheridan, Inc., has 9400 shares of 3%, $100 par value, noncumulative preferred stock and 37600 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017. The board of directors declares and pays a $121500 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018? $60750 $28200 $93300 $0 On January 1, Concord Corporation had 860000 shares of $10 par value common stock outstanding. On March...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
Calculator On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 share on June 10. The remaining 3000 shares were sold on November 10 for $24 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 21 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 25 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 26 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 53 minutes ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 48 minutes ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 51 minutes ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 53 minutes ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago