XACC 291 Week 6 CheckPoint - Stocks and Transactions

XACC 291 Week 6 CheckPoint - Stocks and Transactions
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Answer each scenario a-d with one of the choices below:

Chen, Inc. purchases 1,000 shares of its own previously issued $5 per common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity?

The treasury stock purchased in the above question was resold by Chen, Inc. for $15,000. What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity?

When working on your Week Six Checkpoint - Stocks and Transactions, please note that each scenario has questions lettered a-d. You will have 2 sets of answers when completed, one for each scenario.
Please answer each letter with the following choices
No effect
Decrease
Increase

Make sure you put the appropriate letter with your choice so I will know which one you are referring to. You are not required to have a word count or APA format. Any questions please let me know. There is a template available that I require you use.
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