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Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51, 200 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.

Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51, 200 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.

FINANCIAL ACCOUNTING
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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7 O ts eBook Hint C raw ill Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req A and B Req C Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Beginning balance Req D 1. 2. 3. Ending balance Assets Cash JAE CORPORATION Accounting Equation for the Year 1 = Liabilities + Common Stock + + + + + $30,800 12, 100 51,200 + + + + + Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock < Prev + 7 of 12 Treasury Stock Next > ***** + + + + + + Retained Earnings
Transcribed Image Text:7 O ts eBook Hint C raw ill Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req A and B Req C Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Beginning balance Req D 1. 2. 3. Ending balance Assets Cash JAE CORPORATION Accounting Equation for the Year 1 = Liabilities + Common Stock + + + + + $30,800 12, 100 51,200 + + + + + Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock < Prev + 7 of 12 Treasury Stock Next > ***** + + + + + + Retained Earnings
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