The stock was subsequently sold for 12000 the 8000

Assignment Help Accounting Basics
Reference no: EM13453494

Porter Corp. purchased its own par value stock on January 1, 2010 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from

a. additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.

b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein.

c. retained earnings.

d. net income.

Reference no: EM13453494

Previous Q& A

  On july 1 2010 finley corporation reacquired 1000 shares of

in january 2010 finley corporation a newly formed company issued 10000 shares of its 10 par common stock for 15 per

  Discuss what is meant by a letter of intent why do you

1. discuss what is meant by a letter of intent. why do you think it may be important?2. discuss the evaluation

  Explain why do some economists tend to reject the concept

why do some economists tend to reject the concept of need as the sole determinant of use in favor of the concept of the

  Which of the following isnt a legal restriction related to

which of the following is not a legal restriction related to profit distributions by a corporation?a.the amount

  Explain minimum of two ethical and two legal issues of

in november 2011 the us immigration and customs enforcement agency seized 150 web sites accused of selling counterfeit

  If the price of medical care were set to zero for everyone

if the price of medical care were set to zero for everyone would individual demands for medical care still differ?

  Describe an instance where you were involved in a situation

linking motivation and performance please respond to the following1.describe an instance where you were involved in a

  When corporation issues its capital stock in payment for

when a corporation issues its capital stock in payment for services the least appropriate basis for recording the

  The accounting problem in the lump sum issuance is

the accounting problem in a lump sum issuance is the allocation of proceeds between the classes of securities. an

  Show how a raise in the quantity of medical care consumed

show how an increase in the quantity of medical care consumed can be achieved through either a demand or supply

Reviews

Write a Review

 

Similar Q& A

  Cost of goods sold and ending inventory

Explain how the perpetual and periodic inventory systems differ, especially in determining Cost of Goods Sold and Ending Inventory?

  Describe what a consolidated profit and loss statement and

explain what a consolidated profit and loss statement and balance sheet is and why is necessary to create such

  Information about common stockholders

Common stockholders are most concerned with the spread between the return generated onnew investments and the investors required rate of return

  Tax consequences of the liquidation

In a liquidation subject to section 332, Rose distributies assets to Pheasant and Crystal in accordance with their ownership intersts. Discuss the tax consequences of the liquidation for Rose, Pheasant, and Crystal.

  Obtain one 1 peer-reviewed scholarly article that is

obtain one 1 peer-reviewed scholarly article that is uniquenbspfrom your teammates and relevant to the business

  Explain the guidance that you believe is needed

"Financial Instruments and Derivatives and Hedging." Assume that you are preparing to submit responses to the FASB Exposure Draft related to Derivatives and Hedging. Please respond to the following.

  Basics related to internal auditors

Early in January 2011, the internal auditors for Arkansas Inc. discovered these errors and omissions in their review of the 2010 financial records. Arkansas Inc. has not yet closed its books for 2010.

  Basics of perpetual inventory system

You are at a company picnic and the company president starts a conversation with you. The president says, "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the pre..

  Computing the predetermined overhead rate

Budgeted machine hours are 120,000 hours, and budgeted labor hours are 15,000 hours at a rate of $20.00 per hour. Compute the predetermined overhead rate based on:

  Drives costs at salem data services

Drives costs at Salem Data Services

  Calculate the issue price of the bonds

a. Calculate the issue price of the bonds. b. Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.

  Accounting principle and financial statements

Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd