Blossom Manufacturing Corporation purchased 2600 shares of its own previously issued $10 par common stock for $65000. As aresult of this event,the Common Stock account decreased $26000.O total stockholders' equity decreased $65000.the Paid-in Capital in Excess of Par account decreased $39000.All of these answer choices are correct.

Treasury Stock:Treasury stock is the portion of a company's own stock that it has repurchased from…

Blossom Manufacturing Corporation purchased 2600 shares of its own previously issued $10 par common stock for $65000. As a result of this event, O the Common Stock account decreased $26000. O total stockholders' equity decreased $65000. O the Paid-in Capital in Excess of Par account decreased $39000. All of these answer choices are correct.

Blossom Manufacturing Corporation purchased 2600 shares of its own previously issued $10 par common stock for $65000. As a result of this event, O the Common Stock account decreased $26000. O total stockholders' equity decreased $65000. O the Paid-in Capital in Excess of Par account decreased $39000. All of these answer choices are correct.

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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barney inc, awarded 2000 restricted stock shares. the common stock is $1 par, its fair value is $80000 and there is a 2 year vesting period. if all 2000 shares are forfeited after year one, total shareholders equity tse will change by the following amount. -tse will have a net $-0 charge -TSE will increase by $80,000 -tse will decrease by $80,000 -tse will decrease by $40000
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. Purchased 1,000 shares of Xerox stock at $16 per share. July 20 August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. $2.50 per share cash dividend on the PepsiCo shares. October 1 Received a December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. dividend on the PepsiCo shares. December 31 Received a $1.50 per share cash The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short- term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. Purchased 1,000 shares of Xerox stock at $16 per share. July 20 August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. share cash dividend on the PepsiCo shares. October 1 Received a $2.50 per December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. 2. Prepare a table to compare the year-end cost and fair values of Rose's short-term stock investments. Comparison of Cost and Fair Values for Stock…
4. On January 1, 2021, Evan Co. purchased all of the common stock of Kristopher Corp. by issuing 15,000 shares of $1 par value common stock. Evan’s shares had a $30 per share fair value. On that date, Kristopher reported a net book value of $275,000. However, its equipment (with a five-year remaining life) was undervalued by $60,000 in the company’s accounting records. Any excess of consideration transferred over fair value of assets and liabilities is assigned to an unrecorded patent to be amortized over ten years. During 2021, Kristopher earned net income of $155,000 and paid dividends of $40,000. Kristopher’s net income and dividends for 2022 were $178,000 and $65,000, respectively. Required: Calculate the balance in the investment account on the books of Evan Co. at the end of 2022 under each of the following methods: a. equity method b. partial equity method c. initial value method. .
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Rose Company had no-short investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the PepsiCo shares. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the pepsi shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. Prepare the current asset section of the balance sheet for the fair value adjustment for Rose's short-term investments. Note: Amounts to be deducted should be…
Skysong Manufacturing Corporation purchased 2400 shares of its own previously issued $10 par common stock for $57600. As a result of this event, Skysong's Common Stock account decreased $24000. Skysong's total stockholders’ equity decreased $57600. Skysong's Paid-in Capital in Excess of Par Value account decreased $33600. All of these answer choices are correct.
I am having trouble figuring out if I did my calculations correctly for part A and I'm not sure what to do for part B