Salon company originally issued 4,000 shares of $10 par value common stock for $120,000 ($30 per share). salon subsequently purchases 400 shares of treasury stock for $27 per share and resells the 400 shares of treasury stock for $29 per share. in the entry to record the sale of the treasury stock, there will be a

(a) credit to common stock for $10,800.
(b) credit to treasury stock for $4,000.
(c) debit to paid-in capital in excess of par of $12,000.
(d) credit to paid-in capital from treasury stock for $800.

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.

As a result of a thorough physical inventory, waterway company determined that it had inventory worth $320200 at december 31, 2020. this count did not take into consideration the following facts: walker consignment currently has goods worth $47400 on its sales floor that belong to waterway but are being sold on consignment by walker. the selling price of these goods is $75900. waterway purchased $21900 of goods that were shipped on december 27, fob destination, that will be received by waterway on january 3. determine the correct amount of inventory that waterway should report.

Mystic bottling company bottles popular beverages in the bottling department. the beverages are produced by blending concentrate with water and sugar. the concentrate is purchased from a concentrate producer. the concentrate producer sets higher prices for the more popular concentrate flavors. a simplified bottling department cost of production report separating the cost of bottling the four flavors follows: