INTERM.ACCT.:REPORTING...-CENGAGENOWV2
3rd Edition
ISBN: 9781337909358
Author: WAHLEN
Publisher: CENGAGE L
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Textbook Question
Chapter 15, Problem 10MC
When
- a. an ordinary gain
- b. an increase in additional paid-in capital
- c. income from continuing operations
- d. an increase in
retained earnings
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When treasury stock accounted for by the cost method is subsequently sold for more than its purchase price, the excess of the cash proceeds over the carrying value of the treasury stock should be recognized as:
a.an increase in retained earnings
b.income from continuing operations
c.an ordinary gain
d.an increase in additional paid-in capital
The most important factor to consider when determining the dividends to be declared is
a. the impact of inflation on replacement costs
b. any future planned use of retained earnings
d. the future planned use of cash available at the date of dividend distribution
e. shareholders’ expectation about the firms’ profitability
When treasury shares are resold at a price above cost:
a. Paid-in capital is reduced. b. Paid-in capital is increased.c. Retained earnings is always increased.d. A gain is reported in the income statement
Chapter 15 Solutions
INTERM.ACCT.:REPORTING...-CENGAGENOWV2
Ch. 15 - Prob. 1GICh. 15 - Prob. 2GICh. 15 - What are the three components and the basic...Ch. 15 - List the various rights of a shareholder. Which do...Ch. 15 - What is the meaning of the following terms: (a)...Ch. 15 - Prob. 6GICh. 15 - Prob. 7GICh. 15 - How does preferred stock differ from common stock?Ch. 15 - What amount of the proceeds from the issuance of...Ch. 15 - Prob. 10GI
Ch. 15 - Prob. 11GICh. 15 - Prob. 12GICh. 15 - Prob. 13GICh. 15 - Prob. 14GICh. 15 - Prob. 15GICh. 15 - Prob. 16GICh. 15 - Prob. 17GICh. 15 - Prob. 18GICh. 15 - Prob. 19GICh. 15 - How is a preferred stock similar to a long-term...Ch. 15 - Prob. 21GICh. 15 - Prob. 22GICh. 15 - Prob. 23GICh. 15 - Prob. 24GICh. 15 - Prob. 25GICh. 15 - What additional disclosures about preferred and...Ch. 15 - Prob. 1MCCh. 15 - Cary Corporation has 50,000 shares of 10 par...Ch. 15 - What is the most likely effect of a stock split on...Ch. 15 - Prob. 4MCCh. 15 - Prob. 5MCCh. 15 - Prob. 6MCCh. 15 - Prob. 7MCCh. 15 - When treasury stock is purchased for cash at more...Ch. 15 - Preferred stock that may be retired by the...Ch. 15 - When treasury stock accounted for by the cost...Ch. 15 - Brown Corporation issues 800 shares of its 5 par...Ch. 15 - Heart Corporation entered into a subscription...Ch. 15 - Blue Corporation issues 200 packages of securities...Ch. 15 - Sun Corporation issues 500 shares of 8 par common...Ch. 15 - Next Level Morgan Corporation issues 500 packages...Ch. 15 - Prob. 6RECh. 15 - On January 1, 2019, Phoenix Corporation adopts a...Ch. 15 - On January 2, 2019, Brust Corporation grants its...Ch. 15 - Prob. 9RECh. 15 - Assume Cole Corporation originally issued 300...Ch. 15 - Violet Corporation issues 1,200 shares of 150 par...Ch. 15 - Assume that Lily Corporation has outstanding 1,500...Ch. 15 - Tulip Corporation uses the cost method to account...Ch. 15 - Par Value and No-Par Stock Issuance Caswell...Ch. 15 - Combined Sale of Stock Maxville Company issues 300...Ch. 15 - Sale of Stock with Bonds Pilsen Company issues 12%...Ch. 15 - Issuance of Stock for Land Putt Company issues 500...Ch. 15 - Prob. 5ECh. 15 - Prob. 6ECh. 15 - Prob. 7ECh. 15 - Prob. 8ECh. 15 - Restricted Share Units On January 2, 2019, Dekker...Ch. 15 - Prob. 10ECh. 15 - Convertible Preferred Stock On January 2, 2019,...Ch. 15 - Prob. 12ECh. 15 - Stock Rights with Preferred Stock Nelson...Ch. 15 - Various Journal Entries Lodi Company is authorized...Ch. 15 - Treasury Stock, Cost Method On January 1, Lorain...Ch. 15 - Contributed Capital Adams Companys records provide...Ch. 15 - Prob. 17ECh. 15 - Treasury Stock, Cost and Par Value Methods On...Ch. 15 - Treasury Stock, No Par Propst-Steele Production...Ch. 15 - Subscriptions On August 3, 2019, the date of...Ch. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - Prob. 5PCh. 15 - Prob. 6PCh. 15 - Issuances of Stock Cada Corporation is authorized...Ch. 15 - Issuances of Stock Epple Corporation is authorized...Ch. 15 - Comprehensive Young Corporation has been operating...Ch. 15 - Comprehensive The shareholders equity section of...Ch. 15 - Treasury Stock Analysis Ray Holt Corporation has...Ch. 15 - Comprehensive Byrd Companys Contributed Capital...Ch. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Reconstruct Journal Entries At the end of its...Ch. 15 - Treasury Stock, Cost Method Bush-Caine Company...Ch. 15 - Prob. 17PCh. 15 - Prob. 1CCh. 15 - Prob. 2CCh. 15 - Prob. 3CCh. 15 - Capital Stock Capital stock is an important area...Ch. 15 - Treasury Stock A corporation sometimes engages in...Ch. 15 - Prob. 6CCh. 15 - Prob. 7CCh. 15 - Compensatory Share Option Plan Tom Twitlet,...Ch. 15 - Prob. 9CCh. 15 - Treasury Stock For numerous reasons, a corporation...Ch. 15 - Prob. 11CCh. 15 - Prob. 12CCh. 15 - Prob. 13CCh. 15 - Prob. 14C
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- When treasury stock is purchased for cash at more than its par value, what is the effect on total shareholders’ equity under each of the following methods?arrow_forwardIn preparing a statement of cash flow, sale of treasury shares at an amount greater than cost would be classified as a/an a. operating activity b. investing activity c. financing activity d. share capital activityarrow_forwardPlease explainarrow_forward
- . If common stock is issued for an amount greater than par value, the excess should be credited to Cash. Retained Earnings. Paid-in Capital in Excess of Par. Legal Capitalarrow_forwardUnder the capital maintenance concept, which of the following items should be deducted from the increase or decrease in capital? a. Losses on hedging instruments in a cash flow hedge. b. Increase in revaluation surplus. c. Actuarial loss on remeasurement on defined benefit liability. d. Reacquisition of treasury shares.arrow_forwardIn discounted cash flow valuation, which of the following amounts is subtracted from the value of the firm in order to estimate the value of common equity? Unearned revenue Accounts receivable O Deferred tax assets Preferred stockarrow_forward
- Which is a correct statement below? A. Equity is the residual interest in the liabilities of the entity after deducting all of its assets.B. Subscriptions receivable shall preferably be reflected as a deduction from the related subscribed share capital.C. Share premium is also known as capital stock.D. A deficit is a credit balance in retained earnings.arrow_forwardAn investor has a long-term investment in stocks. Regular cash dividends received by the investor are recorded as Fair Value Method Equity Method A reduction of the investment Income Income Income Income A reduction of the investment A reduction of the investment A reduction of the investmentarrow_forwardHow does the declaration of a cash dividend affect a company’s assets, liabilities, and equity?a. It results in an increase to liabilities and a decrease to stockholders’ equity, while assetsremain the same.b. It results in an increase to liabilities and a decrease to assets, while stockholders’ equityremains the same.c. It results in an increase to assets and a decrease to liabilities, while stockholders’ equityremains the same.d. It results in an increase to stockholders’ equity and a decrease to assets, while liabilitiesremain the samearrow_forward
- The excess of the sales price of treasury stock over its cost should be credited to: Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock Extraordinary Gain None of thesearrow_forwardRevaluation surplus of a company will be shown in a. Statement of cash flows b. iIt will be shown only in current liabilities c. It will not be shown anywhere d. Statement of changes in equity Which of the following effect is Correct for the payment of dividend by the company on Irredeemable preference shares? a. Increase Bank balance b. Increase Current liability c. Decrease Current liability d. Increase Retained earningsarrow_forwardWhich of the following will reduce Retained Earnings? a. Declaration of a stock dividendb. Payment of a cash dividendc. Profit for the periodd. None of thesearrow_forward
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