User Account

All Pages

What amount should cyan report as retained earnings

Assignment Help Financial Accounting
Reference no: EM131876393

Cyan Corp. issued 20,000 shares of $5 par common stock at $10 per share. OnDecember 31, year 1, Cyan's retained earnings were $300,000. In March year 2, Cyan reacquired 5,000 shares of its common stock at $20 per share. In June year 2, Cyan sold 1,000 of these shares to its corporate officers for $25 per share. Cyan uses the cost method to record treasury stock. Net income for the year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?

Reference no: EM131876393

Questions Cloud

What would be the balance in the paid-in capital : Victor used the par value method to record the purchase of the treasury shares. What would be the balance in the paid-in capital from treasury stock account at
How do you find out version number of your operating system : What is the name given to the command and its options and arguments? How do you find out the version number of your operating system?
What control limits should the operator use : To check if the process is in control, the operator plans to take samples where each sample consists of 25 chocolate bars.
Prepare a pension worksheet for the pension plan : The interest (settlement) rate applicable to the plan is 10%. Prepare a pension worksheet for the pension plan for 2013 and 2014
What amount should cyan report as retained earnings : Net income for the year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?
Find out the commands are internal or external echo and date : Enter a : and press [Enter]. Next run type :. What do you conclude? Find out whether these commands are internal or external: echo, date, pwd, and ls.
What amount should rama show in notes to financial statement : what amount should Rama show in notes to financial statements as a restriction of retained earnings as a result of its treasury stock transactions?
Discuss green supply chain strategies and tactics : Some Green Supply Chain strategies and tactics are at odds with each other. For example, Just In Time inventory reduces the waste of materials.
Write a program that accepts a filename : Write a program that accepts a filename and the delimiter string as arguments, and then displays each line with its fields reversed.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is chens federal income tax withholding

Bella Chen’s weekly gross earnings for the present week were $2,600. Chen has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $70 standard withholding allowance for each exemption, what is Chen’s federal income tax withho..

  The cost objects of the departmental overhead rate method

The cost object(s) of the departmental overhead rate method is:

  What financial statement does it show up on

What is the Cost of Goods Sold? What financial statement does it show up on? How does it relate to the “Matching Principle” in accounting?

  The related cost drivers for indirect production costs

The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs.

  Investigate the listing for unusual transactions

Upon receipt of customers' checks in the mailroom, a responsible employee should prepare a remittance listing that is forwarded to the cashier

  Determine the over head cost from the given datavariable

determine the over head cost from the given data.variable and absorption costing unit product costs and income

  Preparing common-size statements analyzingprofitability

preparing common-size statements analyzingprofitability making comparisons with the industrytop managers of mcdonough

  Cash in advance of performing work for amina jordan

Costanza Company experienced the following events and transactions during July.

  Cost volume profit analysis can plan many different roles

Cost Volume Profit Analysis can plan many different roles in the overall management decision making process. Describe cost volume profit analysis and how management can use it in more than just financial analysis. Explain the main differences between..

  Are these policies expensive

The group of key personnel has an important impact on an organization. Some companies carry director and officers liability insurance. Are these policies expensive? Why are they necessary?

  Prepare a statement of cash flows using the direct method

Prepare a statement of cash flows using the indirect method. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.

  Prepare the adjusting journal entry

Determine whether the assembly line is impaired, and if so, the amount of the impairment. If there is an impairment, prepare the adjusting journal entry.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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