Foley Manufacturing Corporation purchased 3,000 shares of its own previously issued $10 par common stock for $69,000. As a result of this event,
a. Foley's Common Stock account decreased $30,000.
b. Foley's total stockholders' equity decreased $69,000.
c. Foley's Paid-in Capital in Excess of Par Value account decreased $39,000.
d. All of the above.
Answer: b. Foley's total stockholders' equity decreased $69,000.
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Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of $5,000 for $10,000 with terms of 4/15, n/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance
On April 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion. A) Cash 7,680 Sales Discount 320 Accounts Receivable 8,000 B) Cash 8,000 Accounts Receivable 8,000 C) Accounts Receivable 8,000 Sales 8,000 D) Cash 8,000 Sales Discount 320 Accounts Receivable 7,680
To achieve above-average levels of profitability, low-share niche businesses need to focus on their products and ________
A) keep their market share high B) divest for cash flow C) keep expenses low D) harvest for cash flow E) expand their product line