When shares are repurchased at more than their original issue price, then held in treasury or cancelled,
Question:
When shares are repurchased at more than their original issue price, then held in treasury or cancelled, the journal entry potentially includes which of the following components?
Transcribed Image Text:
Account Debit to share capital Debit to contributed surplus Debit to treasury shares Debit to loss on share retirement Debit to retained earnings Debit to accumulated other comprehensive income (AOCI) Transaction potentially affects this account in the manner indicated (Yes/No)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
When shares are repurchased and cancelled at more than their original issue price, the journal entry to record the retirement potentially includes which of the following components? Account Debit to...
-
Which of the following components is not used in determining the upper limit on misstatements? a. Basic allowance for sampling risk. b. Incremental allowance for sampling risk. c. Projected...
-
Which of the following components of the audit risk model is most closely associated with attributes sampling? a. Audit risk. b. Control risk. c. Detection risk. d. Inherent risk.
-
To some U.S. manufacturers and labor unions, a cheap yuan value gives China's advantage in the global economy. bankers exports importers subsidies an unfair
-
An experiment was set up to compare the effects of different soil pH and calcium additives on the increase in trunk diameters for orange trees. Elemental sulfur, gypsum, soda ash, and other...
-
In Exercises write an equation for the specified line. Through (- 2, - 3) and perpendicular to 3x - 5y = 1
-
SWIGART v. BRUNO CALIFORNIA COURT OF APPEALS 13 CAL. APP. 5TH 529 2017 According to the American Endurance Ride Conference, endurance riding is a highly competitive and demanding sport. It is...
-
OBrian Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies....
-
Cash equivalents 8,000 Deposits 100,000 Mortgage loans 100,000 Shareholders' equity 8,000 Total assets 108,000 Total liabilities and equity 108,000 Interest income 5,000 Interest expense 1,000 Net...
-
Cedargrove Cider processes and bottles apple cider for sale through retail and big box grocery outlets. It had no work in process on May 31 in its only inventory account. The company started 19,100...
-
When shares are repurchased and held in treasury, and the purchase is at more than the original issue price, the journal entry to record the repurchase potentially includes which of the following...
-
Below are details relating to balances for the equity accounts of Marks Photography Company and changes to those balances (note that AOCI is accumulated other comprehensive income). Required: Prepare...
-
Calculate S for the reaction 3H 2 (g) + N 2 (g) 2NH 3 (g) at 725 K. Omit terms in the temperature-dependent heat capacities higher than T 2 /K 2 .
-
Lohr bought a mobile home from Larrys Homes. The home was damaged during delivery and never fully set up on Lohrs property. Larrys Homes attempted some repairs, but they were insufficient. An...
-
What is the fundamental fact that drives the new growth theory perpetual motion machine and keeps it in motion?
-
What is the difference between an assignment and a negotiation of an instrument?
-
What special protection is given to a holder in due course?
-
Describe the Feds assets and liabilities. What is the monetary base and how does it relate to the Feds balance sheet?
-
A rule of thumb for estimating the distance in kilometers between an observer and a lightning stroke is to divide the number of seconds in the interval between the flash and the sound by 3. Is this...
-
Separate variables and use partial fractions to solve the initial value problems in Problems 18. Use either the exact solution or a computer-generated slope field to sketch the graphs of several...
-
Multi-Earnings Company' had the following different patterns of net income based on different accounting policies and estimates/assumptions. These differing net incomes were the result of using...
-
In the federal budget delivered on February' 18, 2003, finance minister John Manley announced that the federal government will use full accrual accounting according to Canadian GAAP , as recommended...
-
Below are several events that occur after your companys year-end but before the completion of the audit. a. There is a fire at the companys only warehouse; the company' has insufficient fire...
-
After a company resolved an incident, the management wanted a report describing what happened to identify what changes would help mitigate future incidents. What kind of report can a company prepare...
-
Identify two financial concepts that were discussed in the video. Explain these two concepts --use our textbook and other academic resources to provide a thorough explanation of the concepts.Be sure...
-
Prepare the Statement of Financial Position of Sherwin's Delivery Services using the information of their first month of operation for the month of November 2019. The business had the following...
Study smarter with the SolutionInn App