Denny's Deli, Inc The stockholders' equity section of the December 31, 2011, balance sheet for Denny's Deli appeared as follows: Common stock, $20 par, 40,000 shares issued and outstanding $ 800,000 Additional paid-in capital 320,000 Retained earnings 600,000 Total stockholders' equity $ 1,720,000 Assume that all of the 40,000 shares of Denny's stock that was issued as of December 31, 2011, was
issued for $35 per share. On March 1, 2012, Denny reacquired 5,000 shares of its common stock for $43 per share. Refer to the information presented above for Denny's Deli, Inc Suppose that Denny reissued 1,500 shares of its treasury stock on June 1, 2012, for $50 each. Which of the following is true regarding the entry required to record this transaction?
A) A debit to treasury stock is required for $64,500.
B) A credit to treasury stock is required for $49,000.
C) A debit to cash is required for $75,000.
D) A debit to additional paid-in capital from treasury stock transactions is required for $10,500.
C
You might also like to view...
LiteFeet Inc., a footwear company, has developed a marketing plan for its target market. Budgets, sales, and profit expectations have been chalked out. Now, LiteFeet has begun to implement its specific plans and is anticipating great success in its chosen market. Which of the following phases of the international marketing process is LiteFeet currently in?
A. phase 5 B. phase 3 C. phase 4 D. phase 1 E. phase 2
(Available time) × (utilization) × (efficiency) is called:
A) demonstrated capacity. B) effectiveness. C) work time. D) useful capacity. E) rated capacity.