A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost of P26 per share on December 31, 2022. The balances of stockholder's equity accounts before recording the retirement of the treasury stock are Common stock 1,080,000 Additional paid-in capital 1,500,000 Retained earnings 1,800,000 Treasury stock, at cost 1,300,000 The company should report common stock outstanding in the December 31,2022 balance sheet of
A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost of P26 per share on December 31, 2022. The balances of stockholder's equity accounts before recording the retirement of the treasury stock are Common stock 1,080,000 Additional paid-in capital 1,500,000 Retained earnings 1,800,000 Treasury stock, at cost 1,300,000 The company should report common stock outstanding in the December 31,2022 balance sheet of
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost of P26 per share on December 31, 2022. The balances of
Common stock 1,080,000
Additional paid-in capital 1,500,000
Treasury stock, at cost 1,300,000
The company should report common stock outstanding in the December 31,2022
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education