Regis One Company has outstanding 10,000 shares of $10 par common stock which had been issued at

Question:

Regis One Company has outstanding 10,000 shares of $10 par common stock which had been issued at $42 per share. Regis One then entered into the following transactions.

1. Purchased 1,000 treasury shares at $45 per share.

2. Resold 100 of the treasury shares at $42 per share.

3. Resold 200 of the treasury shares at $47 per share.

Instructions

Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Regis One Company uses the cost method: I = Increase; D = Decrease; NE = Noeffect.

Regis One Company has outstanding 10,000 shares of $10 par

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...