On January 1, 2020, the stockholders' equity section of Cheyenne Corp. shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 47,000 shares for cash at $15 per share.
July. 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,500 treasury shares for cash at $14 per share.
a. Restate the entry for September 1, assuming the treasury shares were sold at $11 per share.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On January 1, 2020, the stockholders' equity section of Cheyenne Corp. shows common stock ($4 par value) $1,200,000; paid-in capital in ...” 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
Carson had partial ownership of a property. he sold his ownership share for $40,000 and never told the other owners until the closing was complete. carson was a
Answers (1)
Your company currently processes its payroll internally but is considering the use of an external accounting firm. You are in charge of determining whether your company should proceed with this plan. What kind of report would you most likely write?
Answers (1)
The athletics department at your university currently sells 50,000 tickets to football games at an equilibrium price of $40 each. The university administration has asked that the athletic department not sell any tickets below $30.
Answers (2)
Blue Wave Co. predicts the following unit sales for the coming four months: September, 3,700 units; October, 4,800 units; November, 6,900 units; and December, 7,800 units.
Answers (2)
What is a consequence of following the Comparative Advantage Principle? a. Countries only make one kind of good or service. b. Wages scale to exactly match the skill of the wage-earners. c.
Answers (1)
New Questions in Business
With respect to delaying revenue recognition until completion of a long-term contract, it is the case that: Multiple Choice A) Estimated losses on the overall contract are recognized before the contract is completed.
Answers (1)
Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $10,000 of cash and land with an FMV of $55,000. Her basis in the land is $20,000.
Answers (1)
Ross company paid current month's rent, $1300. which accounts are affected
Answers (1)
What are closing costs?
Answers (1)
Fox Co. sold used equipment for a cash amount equaling its carrying amount for both book and tax purposes. Later that year, Fox replaced the equipment by paying cash and signing a note payable for new equipment.
Answers (1)