Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 31 (7 points) 31. USE THE FOLLOWING INFORMATION FOR QUESTIONS 31 AND 32: On 3/1/14 Fox Corp bought back 1,000 shares of their common
Question 31 (7 points) 31. USE THE FOLLOWING INFORMATION FOR QUESTIONS 31 AND 32: On 3/1/14 Fox Corp bought back 1,000 shares of their common stock for $15 per share. There were no shares in the treasury prior to that. On 5/23/14 they sold 200 of those shares for $17 each. On 6/19/14 they sold another 400 shares of those shares for $10 per share. Consider writing out all of your entries on scratch paper to assist you in answering questions 31 and 32. What will the remaining balance in the treasury stock account be after all of the above transactions have been recorded? O A. $15,000 OB. Zero OC. $4,000 OD. $6,000 Question 32 (7 points) 32. At some point in these transactions, retained earnings would have been impacted. What will the total impact on retained earnings be? O A. Debit of $2,000 OB. Credit of $3,400 OC. Credit of $1,700 OD. Debit of $1,600
Step 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