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Treasury stock is classified as: OA A contra equity account. O B. A contra asset account. OC An asset account. D A liability account

Treasury stock is classified as: OA A contra equity account. O B. A contra asset account. OC An asset account. D A liability account

FINANCIAL ACCOUNTING
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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Question 13 Treasury stock is classified as OAA contra equity account. O B. A contra asset account. OC An asset account, O D.A liability account.
Transcribed Image Text:Question 13 Treasury stock is classified as OAA contra equity account. O B. A contra asset account. OC An asset account, O D.A liability account.
Question 12 Awal Company had 60,000 shares of $10 par value common stock outstanding on March 1. On April 18 when the market value per share was $13, the company declared a 15% stock dividend to stockholders of record on April 28. The stock was distributed on May 6. The entry to record the distribution of May 6 would include a: OA debit to Retained Earnings. OB. credit to Paid-in Capital in Excess of Par Value. Oc credit to Cash OD. debit to Common Stock Dividend Distributable.
Transcribed Image Text:Question 12 Awal Company had 60,000 shares of $10 par value common stock outstanding on March 1. On April 18 when the market value per share was $13, the company declared a 15% stock dividend to stockholders of record on April 28. The stock was distributed on May 6. The entry to record the distribution of May 6 would include a: OA debit to Retained Earnings. OB. credit to Paid-in Capital in Excess of Par Value. Oc credit to Cash OD. debit to Common Stock Dividend Distributable.
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