Homework Answers
Question 1:
| Answer: Liquidity |
The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as liquidity. Liquid assets are easily realized and convertible into cash.
Question 2:
| Answer: d. reduction of stockholder's equity |
Explanation:
Treasury stock should be reported as a reduction of stockholder's equity. When company issues shares to the investor, it will be added to the stockholder's equity. When shares are purchased from the Investor by the company, then it is reduced from stockholder's equity. It is called treasury stock.
Question 3:
| Answer: d. All of these answer choices are correct |
Explanation:
The shares authorized, the shares issued and the shares outstanding should be reported for capital stock. Financial statement of the company should provide all material information to the readers of the financial statement. Thus, the shares authorized, shares issued and shares outstanding are reported in the Balance sheet for capital stock.
Question 4:
| Answer: d. $2,070,000 |
Calculation:
| Particulars | $ |
| Common Stock | 1,500,000 |
| Retained Earnings | 780,000 |
| Total Paid in Capital and Retained Earnings | 2,280,000 |
| Less: Treasury Stock | 210,000 |
| Total Stockholder's Equity | 2,070,000 |
All the best...
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Chapter 5 1. The amount of time that is expected to elapse until an asset is...
1. The amount of time that is expected to elapse until an asset is realized or...
1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as an) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued c. The...
The amount of time that is expected to elapse until an asset is realized or otherwise...
The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as اختر أحد الخيارات .a. D. exchangeability O b. A. solvency .c. B. financial flexibility o d. C. liquidity a Garret Company owns the following investments Trading securities (fair value) $60,000 Available-for-sale securities (fair value) 35,000 Held-to-maturity securities (amortized cost) 47,000 Garret will report investments in its current assets section of اختر أحد الخيارات .a. A $0 0...
Larkspur Company had the following stockholders' equity as of January 1, 2017. Common stock, $5 par...
Larkspur Company had the following stockholders' equity as of January 1, 2017. Common stock, $5 par value, 18,400 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $92,000 295,000 313,000 $700,000 During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 Larkspur repurchased 1,970 shares of treasury stock at a price of $20 per share. 770 shares of treasury stock repurchased above were reissued at $18 per share. 510 shares of...
Assume that the stockholders equity section on the balance sheet of Dillards, a popular department is show. beliw.Durin...
Assume that the stockholders equity section on the balance sheet of
Dillards, a popular department is show. beliw.During the year, the
comoany reported net income of $463,909,000 and declared and oaid
dividends of $10,002,000
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Assume that the stockholders' equity section on the balance sheet of Dillard's, a popular department store, is shown below. During the year,...
Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store,...
Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,115,000 and declared and paid dividends of $11,907.000. Current Year Last Year $ 1,166,000 $ 1,166,000 Stockholders' Equity: Common stock, Class A-116,630,308 and 116,575,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)- 4,150,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class...
Return to Part 1 of 3 Required information The following information applies to the questions displayed...
Return to Part 1 of 3 Required information The following information applies to the questions displayed below. Global Marine obtained a charter from the state in January that authorized 1.000.000 shares of common stock. $5 par value. During the first year, the company earned $310,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: 14.28 a. Issued 110,000 shares of the common stock at $46 cash per share. b. Reacquired 16,000 shares at...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock,...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 18,200 shares issued Paid-in capital in excess of par-common stock Retained earnings $91,000 299,000 320,000 $710,000 Total stockholders' equity During 2017, the following transactions occurred. Feb.1 Ayayai repurchased 1,990 shares of treasury stock at a price of $17 per share. Mar. 1 850 shares of treasury stock repurchased above were reissued at $15 per share. Mar. 18 530 shares of treasury...
Please help.Thanks 5-1 .7 ury Stock Analysis Ray Holt Corporation has retained you as a consultant...
Please help.Thanks
5-1 .7 ury Stock Analysis Ray Holt Corporation has retained you as a consultant on accounting policies and dures. During 2016, the company engaged in a number of treasury stock transactions, having foreseen an opportu- nity to report its treasury stock as an asset and to recognize a profit in trading its own stock. The transactions were as follows: 1. Reacquired 100 shares of its $10 par common stock at $20 per share. The shares had originally been...
Why are these wrong??? Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing...
Why are these wrong???
Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order...
I'm not sure with my answer At January 1, 2022, ZZ Company reported the following stockholders...
I'm not sure with my answer
At January 1, 2022, ZZ Company reported the following stockholders equity accounts: Common stock, $9 par .. Paid-in capital - common stock .. Treasury stock (14,000 shares at $15 cost) Paid-in capital - treasury stock Retained earnings $450,000 125,000 210,000 12,000 58,000 During January, ZZ Company entered into the following transactions: January 14 Re-issued 3,000 of the treasury shares for $9 per share January 19 Re-issued 5,000 of the treasury shares for $16 per...
1. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 2. Treasury stock should be reported as an) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. Explain in one or two sentences why your answer (for #2 above) is correct? 3. Which of the following should be reported for capital stock? a. The shares authorized b. The shares issued c. The...
The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as اختر أحد الخيارات .a. D. exchangeability O b. A. solvency .c. B. financial flexibility o d. C. liquidity a Garret Company owns the following investments Trading securities (fair value) $60,000 Available-for-sale securities (fair value) 35,000 Held-to-maturity securities (amortized cost) 47,000 Garret will report investments in its current assets section of اختر أحد الخيارات .a. A $0 0...
Larkspur Company had the following stockholders' equity as of January 1, 2017. Common stock, $5 par value, 18,400 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $92,000 295,000 313,000 $700,000 During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 Larkspur repurchased 1,970 shares of treasury stock at a price of $20 per share. 770 shares of treasury stock repurchased above were reissued at $18 per share. 510 shares of...
Assume that the stockholders equity section on the balance sheet of
Dillards, a popular department is show. beliw.During the year, the
comoany reported net income of $463,909,000 and declared and oaid
dividends of $10,002,000
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Assume that the stockholders' equity section on the balance sheet of Dillard's, a popular department store, is shown below. During the year,...
Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,115,000 and declared and paid dividends of $11,907.000. Current Year Last Year $ 1,166,000 $ 1,166,000 Stockholders' Equity: Common stock, Class A-116,630,308 and 116,575,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)- 4,150,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class...
Return to Part 1 of 3 Required information The following information applies to the questions displayed below. Global Marine obtained a charter from the state in January that authorized 1.000.000 shares of common stock. $5 par value. During the first year, the company earned $310,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: 14.28 a. Issued 110,000 shares of the common stock at $46 cash per share. b. Reacquired 16,000 shares at...
Problem 15-2 Ayayai Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 18,200 shares issued Paid-in capital in excess of par-common stock Retained earnings $91,000 299,000 320,000 $710,000 Total stockholders' equity During 2017, the following transactions occurred. Feb.1 Ayayai repurchased 1,990 shares of treasury stock at a price of $17 per share. Mar. 1 850 shares of treasury stock repurchased above were reissued at $15 per share. Mar. 18 530 shares of treasury...
Please help.Thanks
5-1 .7 ury Stock Analysis Ray Holt Corporation has retained you as a consultant on accounting policies and dures. During 2016, the company engaged in a number of treasury stock transactions, having foreseen an opportu- nity to report its treasury stock as an asset and to recognize a profit in trading its own stock. The transactions were as follows: 1. Reacquired 100 shares of its $10 par common stock at $20 per share. The shares had originally been...
Why are these wrong???
Required information PA11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions [LO 11-2] [The following information applies to the questions displayed below] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order...
I'm not sure with my answer
At January 1, 2022, ZZ Company reported the following stockholders equity accounts: Common stock, $9 par .. Paid-in capital - common stock .. Treasury stock (14,000 shares at $15 cost) Paid-in capital - treasury stock Retained earnings $450,000 125,000 210,000 12,000 58,000 During January, ZZ Company entered into the following transactions: January 14 Re-issued 3,000 of the treasury shares for $9 per share January 19 Re-issued 5,000 of the treasury shares for $16 per...
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