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WINSTONCH [101]
3 years ago
14

On December 2, Coley Corp. reacquired 1,400 shares of its $4 par value common stock for $20 each. On December 20, Coley Corp. re

issued 1,000 shares for $11 each. Which of the following is correct regarding the journal entry for the reissued shares?
Credit Additional Paid-in Capital $7,000

Credit Treasury Stock $20,000

Debit Cash $15,400

Credit Treasury Stock $11,000
Business
1 answer:
NISA [10]3 years ago
8 0

Answer:

Credit Treasury Stock $20,000

Explanation:

Treasury shares are those share which is bought back by the company. Treasury stock account is the contra equity account which is deducted from the equity value.

Journal Entry for Re-issuance of treasury stock

Dr.     Cash ( 1,000 x $11 )                    $11,000

Dr.     Add-in capital Treasury stock   $9,000

Cr.    Treasury Stock ( 1,000 x $20 )   $20,000

Due to debit nature of treasury stock it is credit to reduce the balance of treasury stock.

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2 years ago
Bank customers try to reduce uncertainty of using a service by drawing inferences from the ________, such as the design of the b
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3 years ago
The spaghetti sells 340 units per week at $12 per plate. The steak sells 212 units at $16 per plate. Which has the higher
stepan [7]

Answer:

a) Spaghetti

Explanation:

Dollar value means the actual amount raised from selling. In this case,

spaghetti will have  dollar sales of:

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2 years ago
Weiland Co. shows the following information on its 2016 income statement: sales = $162,500; costs = $80,000; other expenses = $3
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Answer:

The 2016 operating cash flow is $56,905

Explanation:

The computation of the operating cash flow is shown below:

Operating cash flow = Sales - costs - other expenses - depreciation expenses  - taxes + depreciation expense

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= $56,905

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