Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
A corporation reacquires 18,000 shares of its Own $50 par common stock for $2,250,000, recording it at cost.
a. What effect does this transaction have on revenue or expense of the period?
b. What effect does it have on stockholders’ equity?
Concept Introduction:
Stocks (Common Stock and Preferred Stock):
There are two types of the share capital of a company. Common Stock represents the Common shares issued to the shareholders and preferred stock represents the preference shares issued. Preference shares are given preference in payment of dividends and repayment of capital. Common shareholders get the inbuilt right to vote in decisions of the company and preference shareholders generally do not get this right but they may get voting rights with special provisions.
Requirement-a:
To Indicate:
The effect of the given transaction o the revenue and expense
There are two types of the share capital of a company. Common Stock represents the Common shares issued to the shareholders and preferred stock represents the preference shares issued. Preference shares are given preference in payment of dividends and repayment of capital...
Concept Introduction:
Stocks (Common Stock and Preferred Stock):
There are two types of the share capital of a company. Common Stock represents the Common shares issued to the shareholders and preferred stock represents the preference shares issued. Preference shares are given preference in payment of dividends and repayment of capital. Common shareholders get the inbuilt right to vote in decisions of the company and preference shareholders generally do not get this right but they may get voting rights with special provisions.
Requirement-b:
To Indicate:
The effect of the given transaction on the stock holder's equity
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