Question

Q. question 4

On February 22, Brett Corporation acquired 230 shares of its $4 par value common stock for $23 each. On March 15, the company resold 63 shares for $27 each. What is true of the
entry for reselling the shares?
Multiple Choice
Credit Treasury Stock $1,701
Debit Treasury Stock $1,449
Credit Cash $1,449
Credit Additional Paid-in Capital $252
Expand
Transcribed Image Text

On February 22, Brett Corporation acquired 230 shares of its $4 par value common stock for $23 each. On March 15, the company resold 63 shares for $27 each. What is true of the entry for reselling the shares? Multiple Choice Credit Treasury Stock $1,701 Debit Treasury Stock $1,449 Credit Cash $1,449 Credit Additional Paid-in Capital $252

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Accrued business income (except rent) $464,200 Accrued business expenses (except rent) 348,150 R...

A: Net income of a business refers to the total earning of a company after deducting all the expenses i...

Q: Concord Corporation owns equipment that cost $64,200 when purchased on January 1, 2017. It has been ...

A: Straight line method of calculating depreciation is a strategy for computing deterioration and amort...

Q: Stellar Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was...

A: Prepare a schedule to determine the total units available for sale and cost of goods available for s...

Q: Problem 9-97BEntries for and Financial Statement Presentation of a Note Griddley Company borrowed $2...

A: Click to see the answer

Q: At the end of the current year. Accounts Receivable has a balance of $4,375,000; Allowance for Doubt...

A: a.Detremine the amount of adjusting entry for uncollectible accounts.

Q: What financial statement are the following posted on? 1) Net cash flows from operations 2) Sales 3) ...

A: Financial Statements are reports that convey the business activities and financial performance of th...

Q: During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,00...

A: Income statement is a financial statement which is prepared to show the net loss or profit for the y...

Q: company's inventory records report the following in November of the current year:        Beginn...

A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed ...

Q: Exercise 9-02 Adama Company incurred the following costs.Indicate to which account Adama would debi...

A: Rules of Debit and Credit:  Debit an increase in asset account, increase in expense account, decreas...

Q: Following is the stockholders' equity section from the Abercrombie & Fitch Co. balance sheet. ...

A: a. Calculate the amount of yield reported in common stock.

Q: 1-7  Please identify each type of business 1) Jean Johnson's home health care business does not have...

A: Types of BusinessThere are three main types of business organizations:Sole ProprietorshipPartnership...

Q: so I was able to calculate the break-even sales due to the formula of break-even revenue but how wou...

A: Note: The calculation of gross profit, revised profit, and revised gross margin require information ...

Q: Contribution Margin and Contribution Margin Ratio For a recent year, Wicker Company-owned restaurant...

A: Contribution margin is calculated by subtracting variable expenses from the sales revenue of a compa...

Q: Target ROI is 17% Invested Capital is $513,941 Full Cost per unit $1,570 Expected sales volume is 93...

A: Return on Investment is computed by dividing the net profit by the total investment. 

Q: Equivalent Units of Conversion Costs The Filling Department of Eve Cosmetics Company had 3,800 ounce...

A: Calculate total equivalent units for conversion costs under FIFO method:

Q: John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a quali...

A: Qualified adoption expenses: - Adoption fees- Court and attorney fees- Travelling expenses- Other ex...

Q: Number 1 An analysis of the accounts of Williams Company reveals the following manufacturing cost da...

A: (a)Prepare cost of goods manufactured schedule: 

Q: Martin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens ...

A: a-1. Allocation of joint cost to the joint products: Results of formulas used in excel sheet is as f...

Q: 3. Homework Chapter 10

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the liabi...

Q: E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of reven...

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of ...

Q: By December 31, 2017, Culver Corporation had performed a significant amount of environmental consult...

A: Calculate the present value of note at the time of due (2019).

Q: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absor...

A: a. Calculate the cost of finished goods inventory under absorption costing concept.

Q: Please solve and explain in steps how you came to your answer. Revenues for 2028 $5000 Dividends dec...

A: Statement of Retained Earning is a financial statement that represents the changes to the retained e...

Q: Margin of Safety a. If Canace Company, with a break-even point at $386,900 of sales, has actual sale...

A: Margin of Safety represents the value of sales over and above the break-even point.Margin of Safety ...

Q: Income StatementThe revenues and expenses of Sentinel Travel Service for the year ended August 31, 2...

A: Prepare an income statement:

Q: Current Attempt in Progress Marigold Corp. has two divisions; Sporting Goods and Sports Gear. The sa...

A: Compute total contribution margin using sales mix for the two divisions as shown below:

Q: What is the unit volume increase ? What is the x contribution margin per unit ? what is the Increase...

A: Contribution Margin:Contribution margin defined as selling price minus variable cost, is a measure o...

Q: Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash bud...

A: A cash budget is prepared to ensure the sufficiency of cash in the company. It is prepared to calcul...

Q: During 2020, Metlock, Inc. reported net sales of $2,850,900 and net income of $1,550,000. Its balanc...

A: Asset turnover ratio calculates how much the company was able to generate revenue using it's assets....

Q: During 2019, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable m...

A: The product cost per unit has been calculated by adding the variable and fixed manufactring cost per...

Q: Analyze your company’s liability section of the comparative balance sheets.  Has the composition of ...

A:  Change in the composition of current and long-term liabilities of Walmart’s balance sheet over a pe...

Q: Prepare a balance sheet

A: Balance sheet for Grid Iron Prep (GIP) Incorporation is as follows as on January 31:

Q: Joint Operation for 2018 Debit: Nov. 6 Mercandise-Peter ₱8,500                    8 Mercandise-Neil ...

A: Hence gain is ₱ 5,970 which is calculated by deducting income from expenses.

Q: Katherine, a biology major at the University of Texas, wants to run for office one day and pretends ...

A: Calculation of EAUW for option 1:Given,n = 4 yearsSalvage Value = $2,000

Q: Break-Even Sales and Sales Mix for a Service Company Zero Turbulence Airline provides air transporta...

A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero i.e. No ...

Q: Are revenue and expenses equity accounts  that cash and land are to assets?

A: Statement of Retained Earning is a financial statement that represents the changes to the retained e...

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are incu...

Q: Journalizing

A: Journal entries are as follows:

Q: Martha has a 3-year-old child and pays $10,000 a year in day care costs. Her salary is $45,000. ...

A: Qualified person for Child and department care credit can be either of these: Any child who is your ...

Q: Exercise 8-07 On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of...

A: Click to see the answer

Q: Which of the following is not a tax preference or adjustment item for the individual alternative min...

A: Alternative minimum tax (AMT) is the compulsory minimum tax which an individual or corporate has to ...

Q: Salt Company manufactures products J, K, and L in a joint process. The company incurred $480,000 of ...

A: Joint Cost represent the value of cost incurred till the products are spilt. These costs are allocat...

Q: b-2. Calculate the gross margin for each product. (Round your intermediate calculations and final an...

A: Click to see the answer

Q: Support Department Cost Allocation—Direct Method Christmas Timber, Inc., produces Christmas trees. T...

A: Cost allocation:Cost allocation refers to the process of allocating the cost associated with the pro...

Q: Sanchez's Men's Shop deposits all receipts in the bank each evening and makes all payments by check....

A: a. Prepare a bank reconciliation statement.

Q: The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on...

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: The net income reported on the income statement for the current year was $128,000. Depreciation reco...

A: Click to see the answer

Q: Decision on Accepting Additional Business Down Home Jeans Co. has an annual plant capacity of 63,500...

A: A technique which is used when the decision regarding choosing one of the alternatives is to be take...

Q: A consulting firm enters into a contract to help a small family owned business design a marketing st...

A: Click to see the answer

Q: Number 6 Tasty Time Cafeteria operates cafeteria food services in public buildings in the Midwest. T...

A: Requirement A: Compute the degree of operating leverage of Tasty Time Cafeteria for both personnel s...