Answered: A gain or loss from one of the…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 11CYBK

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A gain or loss from one of the following transactions should not be included in determining income:

a. receipt of interest from bank deposits
b. sale of treasury shares
c. sale of plant and equipment
d. sale of product

T Corporation’s retirement of its treasury shares resulted in the par value exceeding the cost. The difference should be:

a. debited to APIC to the extent of the credit when the stock was issued
b. debited to retained earnings
c. credited to APIC from previous treasury stock transactions
d. credited to APIC relating to the same issue

Which of the following should be reported for capital stock?

a. the shares authorized
b. the shares issued
c. the shares outstanding
d. all of these

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