Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock? Responses Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Treasury Stock 3,600 Cash 3,600 Treasury Stock 3,600 Cash 3,600 Cash 3,600
Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock? Responses Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Treasury Stock 3,600 Cash 3,600 Treasury Stock 3,600 Cash 3,600 Cash 3,600
Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock? Responses Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400 Treasury Stock 3,600 Cash 3,600 Treasury Stock 3,600 Cash 3,600 Cash 3,600
Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock?
Responses
Cash 3,600
Capital in Excess of Cost - Treasury Stock 400
Retained Earnings 400
Treasury Stock 4,400
Cash 3,600 Capital in Excess of Cost - Treasury Stock 400 Retained Earnings 400 Treasury Stock 4,400
Cash 3,600
Capital in Excess of Cost - Treasury Stock 800
Treasury Stock 4,400
Cash 3,600 Capital in Excess of Cost - Treasury Stock 800 Treasury Stock 4,400
Treasury Stock 3,600
Cash 3,600
Treasury Stock 3,600 Cash 3,600
Cash 3,600
Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.
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