Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bernie's Deli The stockholders' equity section of the December 31, 2009, balance sheet for Bernie's Deli appeared as follows. Common Stock, $30 par, 20,000 $

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Bernie's Deli The stockholders' equity section of the December 31, 2009, balance sheet for Bernie's Deli appeared as follows. Common Stock, $30 par, 20,000 $ 600,000 shares issued and outstanding Additional Paid-in Capital -- 240,000 Common Stock Retained Earnings 700,000 Total Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of Bernie's stock that was issued as of December 31, 2009, was issued for $42 per share. On March 1, 2010, Bernie reacquired 4,000 shares of its common stock for $50 per share. Question 30 (3 points) Refer to the information presented above for Bernie's Deli, Inc. How much should be reported on Bernie's March 31, 2010. balance sheet for treasury stock? Question 30 (3 points) Refer to the information presented above for Bernie's Deli, Inc. How much should be reported on Bernie's March 31, 2010, balance sheet for treasury stock? $ 32,000 $128,000 $168,000 $200,000 Question 31 (3 points) Refer to the information presented above for Bernie's Deli, Inc. What is the total amount of stockholders' equity that will be presented on Bernie's March 31, 2010, balance sheet? $1,340,000 O $1,372,000 O $1,708,000 $1,740,000 Question 32 (3 points) Refer to the information presented above for Bernie's Deli, Inc. Suppose that Bernie reissued 1,000 shares of its treasury stock on June 1, 2010, for $44 each. Which of the following is true regarding the entry required to record this transaction? O A debit to treasury stock is required for $44,000. O A credit to treasury stock is required for $50,000. O A credit to retained earnings is required for $6,000. A debit to Additional Paid-in Capital, Treasury Stock is required for $6,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Security And Audit Field Manual

Authors: Alex Meyer, Mark Polino

1st Edition

B0B72Q3V4M, 979-8841258483

More Books

Students also viewed these Accounting questions