Suppose Bill's credit card is stolen and he notifies his credit card company of this fact. Which of the following is true regarding the amount of unauthorized charges made before Bill notified his credit card company?
A. Bill is not responsible for any of the unauthorized charges.
B. Bill is responsible for the first $50 of unauthorized charges.
C. Bill is responsible for the first $100 of unauthorized charges.
D. Bill is responsible for half of the unauthorized charges.
Answer: B
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Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1 for $5,000. On July 1, it reissued 50 of these shares at $52 per share. On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2?
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