Block Corporation permits key employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 10% discount. During July, employees purchased 36,000 shares at a time when the established market price was $31 per share. Block will record salary expense associated with July purchases of ________. Group of answer choices $1,004,400 $111,600 $1,116,000 $0

Block Corporation permits key employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 10% discount. During July, employees purchased 36,000 shares at a time when the established market price was $31 per share. Block will record salary expense associated with July purchases of ________. Group of answer choices $1,004,400 $111,600 $1,116,000 $0

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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D1.
Darlington Inc., permits any of its employees to buy shares directly from the company. There are no brokerage fees and shares can be purchased at a 10% discount. During May, employees purchased 14,000 shares at a time when the market price of the shares was $10 per share.Prepare the appropriate journal entry for the May purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
kk.2
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on April 22 for the receipt of the divided on the Gilbert Co. Stock? DATE DESCRIPTION PREF DEBIT CREDIT Apr. 22 (?) $2,520 (?) $2,520 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue O000
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $33 per share. Later in the year, the company decides to purchase 100 shares at a cost of $36 per share. Determine the financial statement effects of the purchase of treasury stock. (Amounts to be deducted should be entered with minus sign.) Revenues Assets Income Statement Expenses Balance Sheet Liabilities Net Income Stockholders' Equity
A broker starts a business on January 1 with $ 1,00,000 cash and no other assets and liabilities. He buys shares on January 1 for $ 1,00,000 and sells half of the shares for $ 88,000 on June 30. During the year, general price level has increased by 12.35% (7% in the first 6 months and 5% in the last 6 months of the year). The current cost of shares which were bought on January 1 for $ 50,000 was $ 73,500 on June 30, and $ 84,000 on December 31. From the above information, you are required to prepare the financial statements under alternative accounting methods, viz., historical cost accounts, purchasing power-adjusted accounts, current cost accounts and specific and general price-adjusted accounts.
Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $30 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $33 per share. Determine the financial statement effects of the repurchase of treasury stock. Note: Amounts to be deducted should be indicated by a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field. Assets Revenues Liabilities Income Statement Expenses Balance Sheet Contributed Capital Net Income Stockholders' Equity Retained Earnings Treasury Stock
Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share. Later in the year, the company decides to purchase 100 shares at a cost of $28 per share. Determine the financial statement effects of the purchase of treasury stock. (Amounts to be deducted should be entered with minus sign.)
California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $23 per share. Later in the year, the company decides to purchase 100 shares at a cost of $26 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $28 per share. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)