b. On September 30, Dynasty repurchased and retire 1,000 shares for $9.00 each,c. What is the balance in the APIC- Retirement account after the September purchase? $Answer the following related to retired stock.a. Retiring stock reduces the number ofb. Retired stock is the same asc. When stocks are purchased and retired common stock and APIC-C/S accounts related tostocksandstockthe shares ared. If the purchase price exceeds the net amount removed from all capital accounts, theexcess is debited first toe. If the purchase price exceeds the net amount removed from all capital accounts, the(not below zero) then toexcess isf. A company'sthe retiring stock.andare always reduced by the amount paid for5. Prepare the following formulas:a. Basic earnings per share (EPS) =b. Price Earnings ratio (PE) =c. Dividend yield =6. Define Preferred stock preferences:a. Cumulative dividendb. Noncumulative dividendC.Callabled. Convertiblee. Nonparticipating dividendf. Participating dividend CyberMaxStockholders' Equity (Before purchase of Treasury Stock)Common stock $10 par, 10,000 shares authorized and issues:Retained earningsTotal stockholders' equity$100.00025,000$125,000On May 1, CyberMax purchases 1,000 of its own shares for $11.50.1. Prepare the journal entry to record the purchase of the treasury stock.2. Prepare the stockholders' equity section after the purchase of the treasure stock.CyberMaxStockholders' Equity (After purchase of Treasury Stock)3. Answer the following questions about treasure stock:Purchase of treasure stock reduces,a.andbut does notreduceor4. Dynasty Corporation had stockholders' equity on January 1 as follows: Common Stock,$5 par value, 1,000,000 shares authorized, 400,000 shares issued; Paid-in Capital inExcess of Par Value, Common Stock, $800,000; Retained Earnings, $3,600,000.Prepare journal entries to record the following retirement transactions:On June 1, Dynasty repurchased and retire 5,000 shares for $4.00 each.a.

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CyberMax Stockholders' Equity (Before purchase of Treasury Stock) $100.000 Common stock $10 par, 10,000 shares authorized and issues: Retained earnings Total stockholders' equity 25,000 $125,000 On May 1, CyberMax purchases 1,000 of its own shares for $11.50. 1. Prepare the journal entry to record the purchase of the treasury stock. 2. Prepare the stockholders' equity section after the purchase of the treasure stock.

CyberMax Stockholders' Equity (Before purchase of Treasury Stock) $100.000 Common stock $10 par, 10,000 shares authorized and issues: Retained earnings Total stockholders' equity 25,000 $125,000 On May 1, CyberMax purchases 1,000 of its own shares for $11.50. 1. Prepare the journal entry to record the purchase of the treasury stock. 2. Prepare the stockholders' equity section after the purchase of the treasure stock.

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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