Question: On its December 31, 2016, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000

On its December 31, 2016, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000 shares of ABC Corp. stock that Durango purchased during 2016 at $25 per share, excluding $500 in commissions to buy the shares.
Required
Determine the amount of cash Durango received from the sale of the ABC stock.

Step by Step Solution

★★★★★

3.48 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

If Durango paid 25 per share to buy the 2000 shares ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

966-B-C-A-C-A (933).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet: Compute the asset turnover ratio for 2016. $440,000 Dec. 31, 2016 26,000 56,000 79,000...

Select the best answer for each of the following. 1. On January 1, 2016, Weaver Company purchased as held-to-maturity debt securities $500,000 face value of Park Corporations 8% bonds for $456,200....

1. On July 14, Peterman Corporation exchanged 1,000 shares of its $8 par value common stock for a plot of land. Petermans common stock is listed on the NYSE and traded at an average price of $21 per...

On its December 31, 2012, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000 shares of ABC Corp. stock that Durango purchased during 2012...

On its December 31, 2017, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000 shares of ABC Corp. stock that Durango purchased during 2017...

On its December 31, 2014, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000 shares of ABC Corp. stock that Durango purchased during 2014...

Am... Chapter #16 - Quiz i Saved Help Save & Exit Subm Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did...

QUESTION ONE RATIO ANALYSIS (20 Marks) TRANSFORMATION LTD Information extracted from the Statement of Comprehensive Income Statement for the past two years: 2020 (R) 2019 (R) Sales 2 600 000 2 000...

ANSWER THE QUESTIONS IN THE PHOTO BELOW For the year ended December 31, 2016, Tootsie Roll Industries reported net earmings of $67,319 thousand, yet it included $67,510 thousand in retained earnings...

For the year ended December 31, 2016, Tootsie Roll Industries reported net earnings of $67,319 thousand, yet it included $67,510 thousand in retained earnings. 1. Explain what the difference...

Manatee Corporation, a retailer, is owned equally by twelve unrelated individuals. Its taxable income this year is $100,000 and its regular federal income tax liability is $21,000. The company claims...

Sherwood A. Schwarzenegger, III is married to Sheronda B. Schwarzenegger and they file a joint return. They have been married for 36 years and have filed a joint return each of those years. At...

In early 2 0 1 8 , Coca - Cola Company ( KO ) had a share price of $ 4 3 . 5 8 $ 4 3 . 5 8 , and had paid a dividend of $ 1 . 4 4 $ 1 . 4 4 for the prior year. Suppose you expect Coca - Cola to raise...

What is the difference between a leader of the PMO and the project manager? What are the similarities?

What is the difference between comparability and consistency as they relate to the use of accounting information?

How does the concept of materiality relate to the size of a company?

Does the IASB recognize a comparable qualitative characteristic to the concept of conservatism in the United States? If so, what is that concept?

Consider the cash flows of a certain project given in Table P7.25. The project's i*s are computed as 10% and 100%, respectively. The firm's MARR is 8%. Show why this investment project fails the...

Question 1 Consider a $ 5 0 0 , 0 0 0 mortgage loan with 3 0 years of maturity and 7 % of interest rate ( monthly paid ) . What is the monthly payment on the mortgage? How much of the monthly payment...

Assume that you are on the financial staff of Vanderheiden Inc., and you have collected the following data: T he yield on the companys outstanding bonds is 7.75%, its tax rate is 40%, the next...