Chat with AI
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 30
On December 10, 2014, Smitty Corporation reacquired 2,000 shares of its own $5 par value common stock at a price of $60 per share.n 2015, 500 of the treasury shares are reissued at a price of $70 per share.hich of the following statements is correct
a.he treasury stock purchased is recorded at cost and is shown in Smitty's December 31, 2014, balance sheet as an asset.
b.he two treasury stock transactions result in an overall net reduction in Smitty's stockholders' equity of $85,000.
c.mitty's stockholders' equity was increased by $110,000 when the treasury stock was acquired.
d.mitty recognizes a gain of $10 per share on the reissuance of the 500 treasury shares in 2015.
a.he treasury stock purchased is recorded at cost and is shown in Smitty's December 31, 2014, balance sheet as an asset.
b.he two treasury stock transactions result in an overall net reduction in Smitty's stockholders' equity of $85,000.
c.mitty's stockholders' equity was increased by $110,000 when the treasury stock was acquired.
d.mitty recognizes a gain of $10 per share on the reissuance of the 500 treasury shares in 2015.
Explanation
This question doesn’t have an expert verified answer yet, let Quizplus AI Copilot help.
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
