Uncle Fred's Pizza Co. charter provides for the issuance of 200,000 shares of common stock at $25 par. If 75,000 shares were originally issued and 6,700 shares were re-acquired as Treasury Stock, how many shares of common stock are currently outstanding?

6,700

68,300

81,700

125,000

The accounting equation is

assets - liabilities = owners' equity.

no longer viable.

owners' equity - retained earnings = liabilities.

depreciation - liabilities = owners' equity.

On March 20, Atta Boy Dog Food Co. acquired land in exchange for 15,000 shares of $20 par common stock with a current market price of $57 per share. What are the entries to record this transaction?

Debit: Common Stock $300,000, Credit: Land $300,000

Debit: Common Stock $300,000 and Paid-in Capital in Excess of Par- Common Stock $555,000, Credit: Land $855,000

Debit: Land $300,000 and Credit: Common Stock $300,000

Debit: Land $855,000, Credit: Common Stock $300,000 and Paid-In Capital in Excess of Common Stock $555,000

Which of the following statements is not a reason for a company to purchase another company's stock?

developing or maintaining business relationships.

gaining control of another company's operations.

sustain the other company's stock price.

earning a return on excess cash.

Huff and Puff Co. owns 81% of the outstanding stock of Wolff Enterprises. Wolff Enterprises is referred to as the

	subsidiary company.
	parent company.
	affiliate partner.
	minority interest.