During the current year, Onal Co. purchased 10,000 shares of its own stock at $7 per share. The stock was originally issued at $6. The firm sold 5,000 of the treasury shares for $10 per share. The firm uses the cost method to account for treasury stock. What amount should Onal report in its income statement for these transactions?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “During the current year, Onal Co. purchased 10,000 shares of its own stock at $7 per share. The stock was originally issued at $6. The firm ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Lew just purchased $67,600 of equipment that is classified as 5-year MACRS property. The MACRS rates are 20 percent, 32 percent, 19.2 percent, 11.52 percent, 11.52 percent, and 5.76 percent for Years 1 to 6, respectively.
Answers (1)
Which of the following is a difference between programmed decisions and nonprogrammed decisions? a. Unlike nonprogrammed decisions, programmed decisions are made in response to recurring organizational problems. b.
Answers (1)
Klassen Toy Company, Inc., assembles two parts: Part 1 is first processed at workstation A for 15 minutes per unit and then processed at workstation B for 10 min. per unit. Part 2 is simultaneously processed at workstation C for 20 min per unit.
Answers (1)
Department S had no work in process at the beginning of the period. It added 12,200 units of direct materials during the period at a cost of $97,600.
Answers (1)
The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labor-hours 8,800 8,600 8,900 8,300
Answers (1)
New Questions in Business
If Q equals the units sold, P is the selling price per unit, V is the variable expense per unit, and F is the fixed expense, then the degree of operating leverage is equal to: a. Q / (P-V). b. F / (P-V). c. F/[ (P-V) / P]. d. [ (P-V) Q]/[ (P-V) Q-F].
Answers (1)
A theater is presenting a program on drinking and driving for students and their parents or other responsible adults. The proceeds will be donated to a local alcohol information center. Admission is $ 2.00 for adults and $ 1.00 for students.
Answers (1)
When it comes to pricing strategies, consumers are generally more sensitive to price increases than price decreases?
Answers (1)
You create a survey and administer it five times under identical conditions. because it yielded completely different results each time, you should conclude that this survey is
Answers (1)
X Corp. realizes the market trends are changing and it needs to come up with a new product. Managers at X Corp. are using the rational decision-making process.
Answers (1)