Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Remaining Time: 1 hour, 20 minutes, 26 seconds. Question Completion Status: In March, Justin Company acquired 2,000 shares of treasury stock for $18 per share.

Remaining Time: 1 hour, 20 minutes, 26 seconds. Question Completion Status: In March, Justin Company acquired 2,000 shares of treasury stock for $18 per share. In April, it reissues 400 shares at $20 per share. The entry to record the reissue would include which of the following? a. a gain of $800 Oba credit to Paid-in Capital From Treasury Stock of $800 ca credit to Treasury Stock of $8,000 Od a credit to Retained Earnings of $800 QUESTION 24 Under which of the following circumstances may a stockholder be personally liable? Ca if stock was bought below its par value Ob.if the corporation goes bankipt c if stockholders become bankrupt Od if stock is bought above its stated value QUESTION 25 Justin Organics Corp. began business in 2019 by issuing 50,000 shares of $54 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $12. On its December 31, 2019 balance sheet, Justin Organics would report a. Common Stock of $600,000. Paid-In Capital in Excess of Par common stock of $400,000. Oc Paid-In Capital in Excess of Par common stock of $200,000 a. Common Stock of $400.000. Click Save and Submit to save and at Click Save All Anners to save all as MacBook Pro 0.8 points Save Answer 0.8 points Save A Aller Save and Subt

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

Secrets Of Restraurant Accounting With Quickbooks

Authors: Andrei Besedin

1st Edition

B07BH591FQ

More Books

Students also viewed these Accounting questions

Question

What entry barriers does your industry pose to possible entrants?

Answered: 1 week ago

Question

Is what good for the individual always good for society?

Answered: 1 week ago