10. If a company repurchases its stock and holds it as treasury stock, how does it appear on the balance sheet?

2. ABC Corp. issues 1,000 shares of $1 par value common stock at $20 per share. What is the journal entry’s total increase to paid-in capital in excess of par?

7. When a company pays a previously declared dividend, the effect on financial statements is:

Company sold 100 units during the year. The following data applies:Beginning inventory: 60 units @ $10 eachPurchases: 40 units @ $12 eachEnding inventory: 20 unitsUsing LIFO, what is the cost of goods sold?

When a corporation repurchases its own shares and holds them as treasury stock, the effect is:

Fill-in-the-Blank Income Statement (10 pts)Complete the missing amounts for BrightPath Tutoring Services for the year ended December 31.RevenuesTutoring Revenue$ 45,200ExpensesSalaries Expense$ 18,300Software Subscription Expense$ 2,400Utilities Expense$ 1,100Total Expenses__________Net Income__________

3. Which of the following best describes a reason a company might repurchase its own stock?

10. You plan to give your niece $1,000 a year for 4 years. What’s that gift worth in today’s dollars? What is the present value of receiving $1,000 annually for 4 years, if the interest rate is 5% compounded annually?

5. You’re evaluating whether to accept $10,000 in three years or a smaller amount today. What is the present value of $10,000 to be received in 3 years if the discount rate is 4% compounded annually?

6. You’re saving up for a car and want to compare your options using present value. What is the present value of $5,000 to be received in 5 years if the discount rate is 6% compounded annually?