Bevins Company issued 10,000 shares of ($ 20) par value common stock at ($ 24) per share.

Question:

Bevins Company issued 10,000 shares of $\$ 20$ par value common stock at $\$ 24$ per share. Bevins reacquired 1,000 shares of its own stock at a cost of $\$ 30$ per share. The entry to record the reacquisition is:

image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

See More Books

Question Posted: Jun 16, 2024 04:25 AM

See More Questions

4. on 2nd June 2020, the management of Sunlight Co. authorizes a write-off of the $7,700 balance owed by R. A. Furniture. The entry to record the write-off under the allowance method is
The pack of your favorite gum has decreased in price from $2 to $1. As a result of the price change, the quantity demanded increases from 95 to 100. The price elasticity of demand, using the midpoint...
The pack of your favorite gum has decreased in price from $2 to $1. As a result of the price change, the quantity demanded increases from 95 to 100. The price elasticity of demand, using the midpoint...
Describe how you plan to allocate your budget to each promotional activity. Provide a brief rationale. First, when developing a marketing budget plan, you want to start with the total budget...
Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm has the production function Q = 30K0.67 L0.33, where Q is the hours of edited footage. The wage is...
In the report Audit Quality in Australia, released by the Treasury in March 2010, the following was noted: Treasury proposes to encourage focused discussion with key stakeholders including ASIC, the...
Go to the website for the Childrens Advertising Review Unit (CARU), one of the major self-regulatory bodies for childrens advertising, at www.asrcreviews.org. Click on CARU and then About UsCARU and...
Kool-Ray is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow: Sales are 20% cash and 80% on credit....
V. A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $5,000 to start each quarter. Table V Required: 1. Fill in...
If the company reissues 500 shares of the treasury stock in (2) for $\$ 36$ per share, the entry is: a. Cash Treasury Stock Paid-In Capital- Treasury Stock Transactions 18,000 15,000 3,000 b. Cash...
Which of the following is not included in paid-in capital? a. Common Stock. b. Paid-In CapitalDonations. c. Stock Dividend Distributable. d. Appropriation per Loan Agreement.
Continuing from the data in Problem 11.11, the research group selects another random sample for observation. This time the participants had to record if they had coffee, tea, or neither two hours...
Refer to Figure 11.2: Is it more costly to build in Los Angeles or in Washington DC? What is the cost difference? Figure 11.2 Location Factors Costs shown in RSMeans Square Foot Costs are based on...
Suppose the prism in Figure P33.27 is immersed in a liquid in which the speed of light is lower than the speed of light in glass. Describe what happens to the light shown entering at normal...
Each year, the AICPA issues a general audit risk alert document and a number of industry audit risk alerts. If you can obtain access to a current copy of either the general alert or one of the...
The multieffect distillation system shown in Figure 11-4 appears to be able to cut energy use in half; however, the reduction is not this large. Explain why. Figure 11-4 F PL D, D Reflux B PH
Schemes 11-6E and 11-6F accomplish the same task of removing and purifying an intermediate component. a. What factors enter into the decision to use scheme $11-6 \mathrm{~F}$ instead of \(11-6...
Explain how a walkthrough would help the auditor understand and document the adequacy of controls in an accounting application.
Give the structural formulas of the alkenes that, on ozonolysis, give: a. (CH3)2C=O and CH2=O b. Only (CH3CH2)2C=O c. CH3CH=O and CH3CH2CH=O d. O=CHCH2CH2CH2CH=O
Berbice Inc. has a new project, and you were recruitment to perform their sensitivity analysis based on the estimates of done by their engineering department (there are no taxes): Pessimistic Most...
#3) Seven years ago, Crane Corporation issued 20-year bonds that had a $1,000 face value, paid interest annually, and had a coupon rate of 8 percent. If the market rate of interest is 4.0 percent...
I have a portfolio of two stocks. The weights are 60% and 40% respectively, the volatilities are both 20%, while the correlation of returns is 100%. The volatility of my portfolio is A. 4% B. 14.4%...

Bevins Company issued 10,000 shares of ($ 20) par value common stock at ($ 24) per share.

Question:

a. Premium or Treasury Stock Treasury Stock 10,000 20,000 Cash 30,000 b. Premium on Treasury Stock 6,000 Treasury Stock 24,000 Cash 30,000 C. Treasury Stock 30,000 Cash 30,000 d. Treasury Stock 20,000 Paid-In Capital- Treasury Stock Transactions 10,000 Cash 30,000

Step by Step Answer:

Financial Accounting A Business Perspective

Students also viewed these Business questions