Answered step by step
Verified Expert Solution
Question
1 Approved Answer
NICK CO.s Retained Earnings balance at December 31, 2015 is; NICK CO.s Treasury Stock balance at December 31, 2015 is; NICK CO.s Stockholders Equity balance
NICK CO.s Retained Earnings balance at December 31, 2015 is;
NICK CO.s Treasury Stock balance at December 31, 2015 is; NICK CO.s Stockholders Equity balance at December 31, 2015 is;
NICK Co. stockholders' equity account balance at December 31, 2014 were as follows: Common Stock 800,000 Additional Paid-in capital 1,600,000 Retained Earnings 1, 845, 000 The following 2015 transactions and other information relate to the stockholders' equity accounts: 1. NICK CO. had 400,000 authorized shares of P5 par common stock, of which 160, 000 shares were issued and outstanding. II. On March 5, 2015, NICK CO. acquired 5, 000 shares of its common stock for P10 per share to hold as treasury stock. The shares were originally issued at P15 per share. NICK CO. uses the cost method to account for treasury stock. Treasury stock is permitted in NICK CO.'s state of incorporation. III. NICK CO.'s net income for 2015 was P240,000. NICK CO.'s Additional Paid-in capital balance at December 31, 2015 is; Answer pattern: 1,000,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started