Discount Center Furniture, Inc. completed the following treasury stock transactions in 2014: Dec. 1 Purchased 1,400 shares
Question:
Discount Center Furniture, Inc. completed the following treasury stock transactions in 2014:
Dec. 1 Purchased 1,400 shares of the company’s $ 1 par value common stock as treasury stock, paying cash of $ 5 per share.
15 Sold 400 shares of the treasury stock for cash of $ 8 per share.
20 Sold 800 shares of the treasury stock for cash of $ 2 per share. (Assume the balance in Paid- In Capital From Treasury Stock Transactions on December 20 is $ 2,000.)
Requirements
1. Journalize these transactions. Explanations are not required.
2. How will Discount Center Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2014?
Common StockCommon stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Related Book For 
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ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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