The Following Information Was Drawn from the Year-End Balance Sheets

question 40

Multiple Choice

The following information was drawn from the year-end balance sheets of White,Inc. $\begin{array}{l}\begin{array}{|l}\hline\\\hline \text { Bonds payable}\\\hline \text {Common stock}\\\hline \text {Treasury stock}\\\hline \text {Retained earnings}\\\hline\end{array}\begin{array}{|l}\hline 2014 \\\hline \$ 200,000 \\\hline 112,500 \\\hline 17,500 \\\hline 35,000 \\\hline\end{array}\begin{array}{|l|}\hline 2013 \\\hline \$ 275,000 \\\hline 87,500 \\\hline 12,500 \\\hline 27,500 \\\hline\end{array}\end{array}$ White,Inc.uses the cost method to account for treasury stock.No treasury stock was sold during the year.What is the amount of cash outflows for the purchase of treasury stock?

• A) $7,500
• B) $17,500
• C) $25,000
• D) None of these answers is correct.

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