The following items were shown on the balance sheet of Westwind Corporation on December 31, 2020:Stockholders’ Equity Paid-In Capital Capital Stock Common stock, $5 par value, 400,000 sharesauthorized; ______ shares issued and ______ outstanding $1,850,000 Additional paid-in capital In excess of par 165,000 Total paid in capital 2,015,000 Retained Earnings 750,000 Total paid-in capital and retained earnings 2,765,000 Less: Treasury stock (18,000 shares) 180,000 Total stockholders’ equity $2,585,000 Complete the following statements.(a) The number of shares of common stock issued was shares(b) The number of shares of common stock outstanding was shares(c) The sales price of the common stock when issued was $ (d) The cost per share of the treasury stock was $ per share(e) The average issue price of the common stock was (Round to 2 decimal places, e.g. 5.25) $ per share(f) Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be $

Common Stock is Amount of Stock purchased by the owner of the Company when the common stock is…

Answered: (a) The number of shares of common…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following items were shown on the balance sheet of Westwind Corporation on December 31, 2020:

Stockholders’ Equity
	Paid-In Capital
		Capital Stock
			Common stock, $5 par value, 400,000 shares authorized; ______ shares issued and ______ outstanding	$1,850,000
		Additional paid-in capital
			In excess of par	165,000
				Total paid in capital	2,015,000
	Retained Earnings	750,000
			Total paid-in capital and retained earnings	2,765,000
	Less: Treasury stock (18,000 shares)	180,000
			Total stockholders’ equity	$2,585,000

Complete the following statements.

(a)	The number of shares of common stock issued was		shares
(b)	The number of shares of common stock outstanding was		shares
(c)	The sales price of the common stock when issued was	$
(d)	The cost per share of the treasury stock was	$	per share
(e)	The average issue price of the common stock was *(Round to 2 decimal places, e.g. 5.25)*	$	per share
(f)	Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be	$

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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