Moony Corporation Had 20,000 Shares of $4 Par-Value Common Stock

question 15

Multiple Choice

Moony Corporation had 20,000 shares of $4 par-value common stock outstanding on January 1, 2012. On January 10, 2012, the firm purchased 2,000 of its outstanding shares for $18 per share. On July 22, 2012, it reissued 1,000 shares at $22 per share. Given this information, the entry to record the reissuing of the remaining 1,000 shares on August 17, 2012, at $12 per share would probably include a

• A) Credit to Treasury Stock of $4,000
• B) Debit to Retained Earnings of $2,000
• C) Debit to Paid-In Capital, Treasury Stock of $6,000
• D) Debit to Loss on Sale of Stock of $6,000

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Definitions:

Ethical Principles

Fundamental guidelines that dictate the conduct of individuals and organizations based on notions of right and wrong.

Disturbance Handler

A role within management responsible for addressing and solving unexpected issues or disruptions that occur within the organization.

Interpersonal Role

A set of expectations or duties one has to fulfill in relation to others within a social or work context.

Decisional Roles

Roles associated with methods of decision-making, including problem-solving and strategizing within an organization.