On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22 per share. OnSeptember 28, 2019, the company sold 270 of these shares in the open market at a price of $25 per share.Required:a. Use the horizontal model to show the effects on Amelia Inc's financial statements of the purchase of the treasury stock on April 10,2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)Balance SheetIncome StatementAssetsLiabilitiesStockholders' EquityNet IncomeRevenuesExpensesb. Use the horizontal model to show the effects on Amelia Inc's financial statements of the sale of the treasury stock on September 28,2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)Balance SheetIncome StatementAssetsLiabilitiesStockholders' EquityNet IncomeRevenuesExpenses+

Accounting equation is based on the concept of double entry system where it assumes that each…

On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22 per share. On September 28, 2019, the company sold 270 of these shares in the open market at a price of $25 per share. quired: Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 10, 19. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22 per share. On September 28, 2019, the company sold 270 of these shares in the open market at a price of $25 per share. quired: Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 10, 19. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22 per share. On
September 28, 2019, the company sold 270 of these shares in the open market at a price of $25 per share.
Required:
a. Use the horizontal model to show the effects on Amelia Inc's financial statements of the purchase of the treasury stock on April 10,
2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Balance Sheet
Income Statement
Assets
Liabilities
Stockholders' Equity
Net Income
Revenues
Expenses
b. Use the horizontal model to show the effects on Amelia Inc's financial statements of the sale of the treasury stock on September 28,
2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Balance Sheet
Income Statement
Assets
Liabilities
Stockholders' Equity
Net Income
Revenues
Expenses
+

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