3. Vance Refrigeration repurchased 1,000 shares of their owncommon stock for $20 per share. They then resell 500 sharesfor $30 per share. How much should APIC be debited orcredited for the resale?a. Credit for $10,000b. Credit for 5,000c. Debit for 5,000d. APIC will not be affected by the resale.

Treasury Stock is a ledger used when a company purchases its own stock on the open market. Treasury…

Answered: 3. Vance Refrigeration repurchased…

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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Lyle white has decided ti incorporate her small lock rekeying business.Cash of 10,000 was invested in exchange for 10,000 common shares.How will this transaction affect the company's accounting equation?
1. Issued $46000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of $21300. 3. Acquired land by issuing common stock of par value $100000. 4. Declared and paid a cash dividend of $2300. 5. Sold a long-term investment (cost $3300) for cash of $8000. 6. Acquired an investment in IBM stock for cash of $14800. What is the net cash provided used by investing activities? $8000 O $30300 O($6800) O $14800
Sid the liquidator has been appointed to wind up Sunk Pty Ltd. He finds that the company has the following assets and liabilities as shown below. Assets Shop $900,000 Stock $ 20,000 ANZ Credit $ 10,000 Car $ 10,000 Total Assets $940,000 Liabilities Mortgage over the shop $910,000 Liquidators Expenses $ 10,000 Wages owing $ 30,000 owing to unsecured creditors $ 40,000 Total Liabilities $990,000 Liarman Bros Bank has the mortgage over the shop and wants to know how much will be distributed to them based on these assets and liabilities.
On July 1, 2020, Martinez Corporation purchased Young Company by paying $259,000 cash and issuing a $128,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,400 Accounts payable $206,000 Accounts receivable 89,500 Stockholders’ equity 238,500 Inventory 105,000 $444,500 Land 41,500 Buildings (net) 75,300 Equipment (net) 70,900 Trademarks 11,900 $444,500 The recorded amounts all approximate current values except for land (fair value of $60,400), inventory (fair value of $126,100), and trademarks (fair value of $15,680). Prepare the July 1 entry for Martinez Corporation to record the purchase. Prepare the December 31 entry for Martinez Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,440
7: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market value of $ 24 comma 000$24,000. The business paid $ 45 comma 000$45,000 cash and signed a note payable to the bank for the remaining amount I'm confused as too which is credit and how to add the answer to the balance sheet etc.
Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming George Company unes (a) the fair value method and (b) the equity method for accounting for its investments in Tiffany Company (a) Fair Value Method. Transaction (b) Equity Method Investment Dividend Investment Investment Account Revenue Account Revenue 1. At the beginning of Year 1. George bought 40% of Tiffany's common stock at its book value. Total book value of all Tiffany's common stock was $1,000,000 on this date. 2. During Year 1, Tiffany reported $50,000 of net income and paid $50,000 of dividends. 3. During Year 2, Tiffany reported $100,000 of net income and paid $20,000 of dividends. 4. During Year 3, Tiffany reported a net loss of $15,000 and paid $5,000 of dividends. 5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.…
Please help me with the blank amounts I don't know what they are and how to find them
Is this what it is supposed to be?
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
JE 1 PizzaPan Inc. sold 1 million shares of their common stock for $1/share (par value of the common stock is $.10) JE 2 PizzaPan Inc. purchased $200,000 inventory from a culinary distributor. PizzaPan inc. had to pay at the point of purchase the full $200,000 (cash). JE 3 PizzaPan Inc. purchased a delivery truck for $40,000 (cash). JE 4 PizzaPan Inc. sold on account 10,000 pizza pans to Domino’s Corporation. They sold the pans for $5/each. The cost of each pan is $3 ($3/each). JE 5 PizzaPan Inc. sold on account 5,000 pizza cutters to PizzaHut Corporation. They sold the pizza cutters for $8/each. The cost of each pizza cutter is $4 ($4/each). JE 6 PizzaPan Inc. paid their employees as follows: Sales staff => $12,000 Administrative staff => $16,000 JE 7 PizzaPan Inc. received $50,000 payment from Domino’s Corporation. I couldnt figure out the retained earnings in the T-account.
Rock Bottom Gold Company recently repurchased 7.09 million shares of its common stock for $56 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign. ) Assets Liabilities Stockholders' equity 2. Prepare the journal entry to record the repurchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet 1 Record the repurchase of common stock for $56 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Hansaben

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