When shares are repurchased at more than their original issue price, then held in treasury or cancelled,
Question:
When shares are repurchased at more than their original issue price, then held in treasury or cancelled, the journal entry potentially includes which of the following components?
Transcribed Image Text:
Account Debit to share capital Debit to contributed surplus Debit to treasury shares Debit to loss on share retirement Debit to retained earnings Debit to accumulated other comprehensive income (AOCI) Transaction potentially affects this account in the manner indicated (Yes/No)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
When shares are repurchased and cancelled at more than their original issue price, the journal entry to record the retirement potentially includes which of the following components? Account Debit to...
-
Which of the following components is not used in determining the upper limit on misstatements? a. Basic allowance for sampling risk. b. Incremental allowance for sampling risk. c. Projected...
-
Which of the following components of the audit risk model is most closely associated with attributes sampling? a. Audit risk. b. Control risk. c. Detection risk. d. Inherent risk.
-
To some U.S. manufacturers and labor unions, a cheap yuan value gives China's advantage in the global economy. bankers exports importers subsidies an unfair
-
An experiment was set up to compare the effects of different soil pH and calcium additives on the increase in trunk diameters for orange trees. Elemental sulfur, gypsum, soda ash, and other...
-
Find parametric equations for the line. The line through (4, 1, 2) and (1, 1, 5)
-
Explain how insurance works like a bank.
-
Details about a companys liabilities appear in a number of places in the annual report. Use Amazon.coms financial statements, including Note 1, to answer the following questions. Amazons financial...
-
b. Suppose you are valuing a company in the UK. Would you include cash in your definition of working capital in order to compute cash flows? Explain your answer in detail
-
Write the mesh-current equations for the circuit in Fig. 3.117. 10 10 10 V 1) 10 15 V (+ 10 10 V 10 10 (+ 10 4 10 10 15 V (+ 10 +) 10 V
-
When shares are repurchased and held in treasury, and the purchase is at more than the original issue price, the journal entry to record the repurchase potentially includes which of the following...
-
Below are details relating to balances for the equity accounts of Marks Photography Company and changes to those balances (note that AOCI is accumulated other comprehensive income). Required: Prepare...
-
Solve the quadratic equation. Check your answers. 0 = 91 + x8
-
Low Desert Pottery works makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to...
-
ASSESSMENT CPCCBC5002A Monitor costing systems on medium rise building and construction projects Please provide answer to Part 2 - Monitor expenditure for a medium-rise project as per below...
-
Questions 6-8 refer to the same problem A sinusoidal wave with wavelength 2 m and amplitude 5 mm is traveling along the x axis. The wave is traveling in the -x direction at a speed of 2m/s At t = Os,...
-
Consider a circuit where one or more capacitors is discharged through a light bulb filament with a resistance of 3.0 0.3 . Assume that the resistance of the filament is constant (to within the stated...
-
3. For a vibrating string of length with fixed ends, each mode of vibration can be written as where wk ux(x, t) = M* sin(wxt + k) sin(x) and Mk, Ok are determined by initial conditions. For all k >...
-
Pollard Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $86,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3....
-
Bobbie Singh provides writing services for small businesses. He blogs for companies that need professionally written content. His business records at November 15, 2023, are shown below: During the...
-
Multi-Earnings Company' had the following different patterns of net income based on different accounting policies and estimates/assumptions. These differing net incomes were the result of using...
-
In the federal budget delivered on February' 18, 2003, finance minister John Manley announced that the federal government will use full accrual accounting according to Canadian GAAP , as recommended...
-
Below are several events that occur after your companys year-end but before the completion of the audit. a. There is a fire at the companys only warehouse; the company' has insufficient fire...
-
QUESTION 3 A business owns seven flats rented out to staff at R500 per month. All flats were tenanted Ist january 21 months rent was in arrears and as at 31st December 14 months' rent wa Identify the...
-
1. 2. 3. Select the Tables sheet, select cells A6:B10, and create range names using the Create from Selection button [Formulas tab, Defined Names group]. Select cells B1:F2 and click the Name box....
-
Tropical Rainwear issues 3,000 shares of its $18 par value preferred stock for cash at $20 per share. Record the issuance of the preferred shares. (If no entry is required for a particular...
Study smarter with the SolutionInn App