Describe How the Following Transactions Affect the Balance Sheet, Income

question 111

Essay

Describe how the following transactions affect the balance sheet, income statement, and statement of cash flows of Askins, Inc.:
a) On 2/1/12, Askins purchased for cash, in the open market, 1,000 shares of its own common stock at $40 per share.
b) On 7/1/12, 200 of the shares purchased on 2/1/12 were sold at $43 per share.

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