19. A company acquires 1,000 shares of its own $1 par common stock for $15 per share. Thispurchase would be recorded with a:A.B.C.D.Credit to Treasury Stock for $1,000Debit to Additional Paid-In Capital for $14,000Credit to Treasury Stock for $15,000Debit to Treasury Stock for $15,000

The correct answer is: (D) Debit to treasury stock for $15,000 The treasury stock account is a…

Answered: 19. A company acquires 1,000 shares of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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16. ABC bought 100 common shares of XYZ. The price paid was $ 40, per share, plus he paid $ 280 in brokerage costs. The entry to register this purchase includes: Select one: a. debit to cash for $ 4,000. b. Debit to Investment in shares of $ 4,000. c. Debit to Investment in shares for $ 4,280. d. debit to brokerage expense of $ 280 and a debit to investment in shares of $ 4,000.
Leslie company issued 60,000 shares with a par value of 100 in exchange for a land with fair value of 1,600,000 and a building thereon with a fair value of 5,000,000. What amount of share premium will be credited upon issuance of shares?
An investor purchased 505 shares of common stock, $23 par, for $19,190. Subsequently, 106 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a.$1,166 gain b.$1,590 gain c.$1,590 loss d.$1,166 loss
Assume that a company paid $6 per share to re-purchase 1,100 of its $3 par value common stock. The purchase of this treasury stock: Group of answer choices increased total equity by $6,600 increased total equity by $3,300 decreased total equity by $3,300 decreased total equity by $6,600
A corporation has 71,868 shares of $36 par stock outstanding that has a current market value of $312 per share. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately a.$17,967 b.$9 c.$78 d.$276
Nevada Corporation has 53,200 shares of $18 par stock outstanding that has a current market value of $128. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be a.266,000 b.53,200 c.478,800 d.212,800
An investor purchased 689 shares of common stock, $21 par, for $28,249. Subsequently, 114 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a. $2,280 loss b. $2,280 gain c. $1,596 loss Od. $1,596 gain
If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000
XYZ Company sold 500 shares of treasury stock (from (c)) at $45 per share. DATE Debit Credit X/X
A corporation purchases 41500 shares of its own $30 par common stock for $45 per share, recording it at cost. What will be the effect on total stockholders’ equity? Increase by $1245000 Decrease by $1867500 Increase by $1867500 Decrease by $1245000
32. A company reported the following information on December 31, 2021: Preference share, P100 par P230,000 Share premium – Preference 80,000 Ordinary share, P15 par 525,000 Share premium – Ordinary 275,000 Subscribed ordinary share 5,000 Retained earnings 190,000 Share dividends distributable 40,000 Subscription receivable - Ordinary 40,000 Determine the total shareholders’ equity.
Part A - A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, recording it at cost. What effect does this transaction have on revenue or expense of the period? What effect does it have on stockholders' equity?

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19. A company acquires 1,000 shares of its own $1 par common stock for $15 per share. This purchase would be recorded with a: